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Watching the death of the EU Carbon Market
Watts Up With That? ^ | April 17, 2013 | Anthony Watts

Posted on 04/17/2013 5:41:02 PM PDT by Ernest_at_the_Beach



The close today at 2.80 rebounded from another record low earlier at 2.46. Over the past two days, the EUA lost 1.92

From the GWPF:

Europe’s New Anti-Green Majority Scores Huge Victory EU Parliament Refuses To Save Its Dying Carbon Market

The European Union’s climate change policy is on the brink of collapse today after MEPs torpedoed Europe’s flagship CO2 emissions trading scheme by voting against a measure to support the price of carbon permits. The price of carbon crashed up to 45 per cent to a record-low €2.63 a metric ton (and later to €2.46 – Anthony), after the European Parliament rejected a proposal to change the EU emissions-trading laws to delay the sale of 900m CO2 permits on the world’s biggest carbon markets. –Bruno Waterfields, The Daily Telegraph, 16 April 2013
Given the manifest reluctance of the world’s big emitters to accept any legally binding carbon targets and in face of our deepening economic crisis, Europe should undertake a comprehensive review of its economically damaging carbon targets and — in the absence of an international agreement — should consider the suspension of all unilateral climate policies that threaten Europe’s economic recovery. –Benny Peiser, National Post,  25 November 2011
“The decision means the end of a European approach to climate policy.” –Felix Matthes, Spiegel Online, 17 April 2013

A vote against backloading will in effect be interpreted as a vote in favour of delay and inaction and be leapt on as supporting evidence by the climate sceptics who oppose any action on climate change on ideological grounds. –-Bryony Worthington, The Guardian, 16 April 2013

The European Union’s flagship program to fight global warming suffered a major blow Tuesday when lawmakers rejected a proposal aimed at shoring up the region’s carbon-emissions trading system, putting its survival in doubt. Germany’s Minister of Economic and Technology Philipp Rösler welcomed the rejection of the backloading plans as an “excellent signal” for an continuing economic recovery. –Sean Carney, The Wall Street Journal, 16 April 2013

The EU has been the global laboratory testing the green agenda to see how it works. Yesterday’s story means that the guinea pig died; the most important piece of green intervention in world history has become an expensive and embarrassing flop.  It’s hard to exaggerate the importance of this for environmentalists everywhere; if the EU can’t make the green agenda work, it’s unlikely that anybody else will give it a try. –Walter Russell Mead, Via Meadia, 16 April 2013

EUROPE’S flagship environmental policy has just been holed below the water line. On April 16th the European Parliament voted by 334 to 315 to reject proposals which (its supporters claimed) were needed to save the emissions-trading system (ETS) from collapse. Carbon prices promptly fell 40%. Some environmentalists fear that the whole edifice of European climate policy could start to crumble. The real question now is whether the scuppering of the ETS will lead to the dismantling of the EU’s climate policies more generally. –The Economist, 16 April 2013

Tory MEPs are planning to defy David Cameron in a tense vote at noon on one of Europe’s flagship climate policies, the emissions trading scheme(ETS). Former Tory environment ministers Tim Yeo and John Gummer intervened on Tuesday, calling for the MEPs to vote in favour of the reforms. Yeo told Guardian partner EurActiv that Margaret Thatcher, who died last week, would have been in favour of the reform because she “favoured market mechanisms” as a way of addressing environmental problems. –Fiona Harvey, The Guardian, 16 April 2013

SWISS banking giant UBS says the European Union’s emissions trading scheme has cost the continent’s consumers $287 billion for “almost zero impact” on cutting carbon emissions, and has warned that the EU’s carbon pricing market is on the verge of a crash next year. --The Australian, 23 November 2011

The unresolved question is policy on climate change. The Prime Minister has not spoken on climate issues since the election. Many Tory MPs share the scepticism of Lord Lawson about the science of global warming. Even more believe that the UK, which accounts for less than 2 per cent of global emissions is already doing enough – at a considerable short term cost to business and voters – while other countries are doing very little. For the moment the UK is sticking to its commitments within the EU, but resisting the idea of even higher target reductions. A open debate about climate change would be divisive (not least within the coalition ) and there is genuine uncertainty about public reactions. The denial of climate change did nothing to help the Republicans in the US. The conclusion for the moment therefore seems to be to let a sleeping dog lie. –Nick Butler, Financial Times, 15 April 2013


Again, as I frequently point out when one of these markets dies, a 20lb bag of charcoal briquettes is worth more than a ton of EU carbon:


Readers may recall this from WUWT in 2009, still valid today:


TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: carbonmarket; climatechange; globalwarming; globalwarminghoax

1 posted on 04/17/2013 5:41:02 PM PDT by Ernest_at_the_Beach
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To: SunkenCiv; Marine_Uncle; Fred Nerks; Carry_Okie; blam; Lorianne; Twotone; bigbob; NormsRevenge; ...


2 posted on 04/17/2013 5:41:59 PM PDT by Ernest_at_the_Beach ((The Global Warming Hoax was a Criminal Act....where is Al Gore?))
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To: Ernest_at_the_Beach

So long, farewell:

3 posted on 04/17/2013 5:44:19 PM PDT by EEGator
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To: Ernest_at_the_Beach
Oh WOE is me... whys everybody always pickin on me???

listen... warming, cooling, it was 50/50. so i took a shot!!!

4 posted on 04/17/2013 5:45:14 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: Chode


5 posted on 04/17/2013 5:56:35 PM PDT by Ernest_at_the_Beach ((The Global Warming Hoax was a Criminal Act....where is Al Gore?))
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To: Ernest_at_the_Beach

"Excuse me now, I'm on my way to the bank"

6 posted on 04/17/2013 7:09:14 PM PDT by Baynative (Lord, keep your arm around my shoulder and your hand over my mouth.)
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To: Ernest_at_the_Beach; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks Ernest.

7 posted on 04/17/2013 7:31:09 PM PDT by SunkenCiv (Romney would have been worse, if you're a dumb ass.)
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To: Ernest_at_the_Beach

Seems like the global warming crowd is having a bit of a problem of lately. :)

8 posted on 04/17/2013 8:03:33 PM PDT by Marine_Uncle (Galt level is not far away......)
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