June 11, 2012. The European Union will present a report on its emissions trading system and a proposal to delay auctions of some carbon permits before the summer recess that starts in August, EU climate Commissioner Connie Hedegaard said. The report, which is being brought forward by a year, will include some long-term options to improve the EU cap-and-trade program. The price of permits in the European carbon market dropped to a record low earlier this year due to oversupply caused by the economic slowdown.