The European Commission, the body overseeing Europe's carbon market, has given an early indication of support for Australia's plan to accelerate the move to a floating price for emissions by a year.

Under existing arrangements, Australia's carbon price was to have been linked to Europe's market when it converted from a fixed price to a floating one on July 1, 2015. Climate Change Minister Mark Butler said this week's announcement by Prime Minister Kevin Rudd that the government would seek to expedite that shift by 12 months has won approval in Europe.

Europe has indicated it is comfortable with Australia adopting its carbon price early, says Climate Change Minister Mark Butler. Credit:Alex Ellinghausen

“The European Commission has indicated that it is comfortable with Australia bringing forward emissions trading,” Mr Butler said.

The European Union's Commissioner for Climate Change, Connie Hedegaard, offered personal backing for the move on the social media site, Twitter: