The European Commission said Wednesday that it will push European governments to implement further measures to prop up security in the European Carbon market and it will propose tweaks to existing rules to provide more legal certainty, after it was forced to shut it down a month ago because of repeated thefts worth tens of millions of euros.

The commission, which has executive powers in the European Union and oversees the functioning of the Emissions Trading System, the market to trade allowances to emit CO2, said it will later Wednesday recommend government representatives to review more thoroughly the accounts of market operators and increase screening of new ones.

The EU executive will propose a modification to the rules applicable in running the market "to give a stronger legal basis for measures to protect the integrity of the carbon market and uphold the reputation of the EU ETS," it said in a statement.

The commission also said it will "pursue options" for addressing the problems raised by the thefts of the allowances, but didn't elaborate further.
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