From the I’ve been telling you so for some time now department comes this headline from Bloomberg.
And it is getting desperate in the carbon market. Readers may recall last week I reported two new record lows on the EU carbon price, where Friday saw a 10% drop in a single day to add to the long slide:
I called it “end times for carbon trading“. The US CCX Carbon market collapsed two years ago, it was only a matter of time for the EU market. Today, there was a new record low according to Reuters “point carbon” where the price closed .10 lower than Friday.
EU carbon recovers from new low below 5 euros
Watch the stampede to sell tomorrow.
Dr. Roger Piekle Jr. said today in a tweet that:
So with EU ETS carbon “worthless” Aussie gov’t linkage to EU ETS now looking like a cost-free bit of political genius with no policy effect
BTW, the EU Carbon Price is now in “charcoal briquette” territory, which is what happened just before the Chicago Climate Exchange collapsed. A ton of EU carbon is worth less than the smallest bag of charcoal briquettes: