European Parliament's backloading vote a disappointment for the climate

FORTUM CORPORATION, PRESS RELEASE 16 April 2013

Fortum considers today’s rejection of the "backloading" of carbon emissions
allowances in the European Parliament as a disappointment and a setback for a
common European climate policy. The Commission will not withdraw the proposal
and will refer it back to the leading ENVI Committee.

Although a final conclusion to the matter still awaits, the decision entails a
serious threat for the existence of the most cost-efficient climate policy
instrument, emissions trading (ETS). Almost all market-based investments are
currently on hold in Europe because of the uncertainty regarding the future
climate and energy policy frameworks. The rejection of backloading increases
this uncertainty significantly and, now, several years are likely to pass
before any further clarification on the future of the climate policy will be
achieved in Europe.

Fortum fears that the EU emissions trading scheme may be replaced alternative,
more expensive national policies, which will fragment the internal energy
market further. If the ETS is watered down, we believe Europe will allow each
country take their own course towards introducing carbon taxes and other
climate measures. This development would not benefit the society nor consumers.

Fortum is highly committed to climate change mitigation and supports emissions
trading as the main climate policy instrument in Europe. Emissions trading
effectively promotes the competitiveness of low-carbon energy production and
technologies and, at the same time, enables reaching the climate goals in a
cost-efficient way.


Fortum Corporation
Corporate Communication


Further information:
Esa Hyvärinen, Vice President, Corporate Relations, tel. +358 40 82 62646


Fortum

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