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Meanwhile, the French government has urged the European Commission, the Union's executive arm, to rethink its plans to include airlines in the Emissions Trading Scheme.ДЄgainst this backdrop, the Commission has said it will bring forward proposals to reform the ETS sometime this year. National governments are divided on the issue, however, with nations such as Poland, which relies heavily on fossil fuel power generation, resistant to setting more challenging targets for emissions reductions. In an 'informal' debate, they will discuss the future of the ETS, according to a report from Reuters. The oversupply figures cited by the IIGCC therefore suggest that the current stock of permits, instead of forcing a 20% reduction, could actually permit up to a 6% rise in annual emissions over the years to 2020.Д®nvironment and climate change ministers from among the EU's 27 national governments are due to meet this lunchtime under the auspices of the Danish government, since that country currently holds the EU's rotating presidency. This has held steady since the ETS scheme began in 2005. The IIGCC says the current oversupply of permits must be addressed, however, citing estimates from carbon analysts that suggest enough permits currently exist to allow EU companies to emit between 1.4bn and 2bn tonnes of additional carbon dioxide between 20.ДЇor comparison, the EU's total emissions of the gas are only about 4bn tonnes per annum, according to a report prepared last year for the European Commission - available here on page 11. The proposed caps for the third phase foresee a total reduction in EU carbon emissions of 20% from 2005 levels, by 2020. The ETS was originally set up in 2005, with a first phase that lasted until the end of 2007 and a second which lasts until the end of 2012.

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The investor group, whose full name is the Institutional Investors Group on Climate Change or IIGCC, is calling on the EU to raise the price by cancelling a substantial number of carbon-permits, 'in order to remove oversupply from the system'. At under seven euros per tonne, the carbon price is not even high enough to support a switch from coal to gas.' In a statement yesterday, the coalition's executive director, Stephanie Pfeifer, explained: 'Carbon credit prices have fallen dramatically as a result of oversupply in the system. There are too many permits, and as a result the carbon price is too low, they believe. But the 80-strong coalition of investors, which includes BlackRock, the world's biggest fund manager, and leading pension-fund investors such as the Netherlands' ABP and PGGM, and the UK's Universities Superannuation Scheme, says the ETS is not working as intended.

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