EU's von der Leyen defends carbon market after leaders' criticism

The ​European Union's emissions ​trading system (ETS) has "clear ‌benefits" and ​existing safeguards to modulate the carbon price if ‌it rises too high, European Commission President Ursula von der Leyen said on Thursday, after ‌some government leaders called for the ‌system to be revised.

"The emission trading system has clear benefits...The ETS has also elements that if ⁠the ​price ⁠for whatever reason is going too high, or ⁠the economic circumstances are tough, that you ​can with the 'market stability reserve', modulate the ⁠price," von der Leyen told a news conference ⁠after ​a summit of EU government leaders.

The EU will look into these elements ⁠in its review of the ETS, planned for ⁠the ⁠third quarter of the year, von der Leyen added.