European politicians are expected on Tuesday to vote through an amendment that could pave the way for direct intervention in the EU carbon market, which has sunk to record lows.
Businesses and environmentalists have heaped pressure on the European Commission to bolster the EU Emissions Trading Scheme.
It should be the bloc's flagship tool for cutting carbon emissions, but it has collapsed under the burden of a sovereign debt crisis and oversupply, which the amendment would look to tackle by reducing availability of allowances.
With prices of less than 7 euros ($9) per tonne, it is far below the levels deemed necessary to encourage investment in green energy, estimated at anything from 20 to 50 euros.
"We have not voted yet, but I expect broad, cross-party support for the compromise amendment," Dutch Green Member of the European Parliament Bas Eickhout told Reuters.
"A broad majority in the parliament is really concerned about what's going on with the carbon price."
The vote is not binding. If passed, it would require a further vote next year and debate by member state governments.
But it would "send a strong signal," Eickhout said, and could help to overcome deadlock within the Commission, which has stalled for months on the issue. The Commission would comment "in due course," a spokesman said.
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