the supply crisis facing the scheme unless it is a prelude to more permanent reforms," Damien Morris, a policy adviser to the group, said in an e-mail. The Emissions Trading System is the cornerstone of EU climate policy, imposing curbs on discharges at more than 11,000 carbon-emitting factories and power plants. Carbon permits touched a record low of 5.99 euros ($7.70) in April as supply exceeded demand.