Malta ‘won’t oppose’ EU carbon permit auction delays - Bloomberg

Malta will not oppose the European Union proposal to delay auctions of some carbon permits to curb record oversupply, Stefan Cachia, an EU affairs director at Malta's permanent representation in Brussels.

"From the outset, Malta believes that, ideally, markets should be left to operate unhindered without shifting goal posts," Cachia told Bloomberg news agency in e-mailed statement.

"However, from a climate change perspective, there is no objection for Malta to allow market intervention by the Commission to retain the market price of carbon, on the understanding that this would encourage investors to invest in clean energy and ensure environmental integrity," he said.

Cachia added that Malta understands that delay in carbon permit auctions will be a "one-off" intervention.

The Decision on carbon-permit back-loading should be taken as soon as possible, Cachia said, adding that the European Commission proposed last year to delay sales of carbon permits from 2013-2015 to 2019-2020.

The EU strategy, known as back-loading, needs approval from member states and EU Parliament to be implemented.