Calls are being made by the Corporate Leaders Group on Climate Change for MEPs to reform the current EU Emissions Trading Scheme (EU-ETS) that will ensure new carbon management mechanisms for the eurozone are put in place ahead of the present schedule.

The group hopes to see a fast-tracking of the implementation of a new Market Stability Reserve (MSR) that is currently set to come into play by the end of the decade, but the group wants to see this timeline moved up to 2017 at the latest, Business Green reports.

Philippe Joubert, chair of the Corporate Leaders Group, stated: "The EU-ETS is the cornerstone of EU climate policy, so we have to get it right – it must be reformed to drive forward green growth sooner rather than later."

Indeed, the group is hoping MSR will now be approved alongside plans to introduce a further 900 million EU emissions allowances, which have been held back to date but were planned to be released to the market by 2019.

MSR's introduction and the release of these allowances will have far-reaching impact for businesses across Europe in the years ahead, with the associated costs of carbon emissions to becoming increasingly burdensome, prompting more firms to embrace low-carbon measures.

Price issues have dogged EU-ETS in recent years, but it is hoped these proposed reforms will get the system back on track to promote real benefits in terms of incentives towards more low-carbon economies in the future.

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This story was posted by Daniel Crosby, Assistant Marketing Executive at the Fuel Card Group.