Rules for auctioning carbon permits have been agreed by European Union governments. A central platform will be created to enable the selling of carbon permits, however member states will still be allowed to opt out of this and hold their own auctions. The United Kingdom are understood to be keen to do so. Details of individual auctions are to be published almost a year in advance.

"I am satisfied to see that member states have found a compromise that will provide a basis for a solid common auction platform and that member states can opt out of this common platform provided they meet certain criteria that ensure the proper functioning of auctions and the carbon market," said Connie Hedegaard, European Commissioner for Climate Action.

The draft rules have been handed to the European Parliament for a three-month scrutiny period. The venue for the central platform has yet to be decided.

For further information, click here.