UPDATE: it’s worse than we thought, see below.
Carbon has closed below $4 a ton in a new record low while Deutsche Bank bails
From Reuters:
Deutsche Bank quits carbon market: board member
31 Jan 2013 12:42 Last updated: 31 Jan 2013 15:04
LONDON, Jan 31 (Reuters Point Carbon) – Deutsche Bank has shut its global carbon trading operations, a member of the investment bank’s board of directors said on Thursday. Source: http://www.pointcarbon.com/news/1.2162216
In addition to the price dropping to below the price of a bag of charcoal briquettes, it may have something to do with this investigation:
Deutsche Bank co-chief named in carbon tax investigation
Two board members at Deutsche Bank, including the lender’s co-chief executive, have been drawn into a police investigation into tax evasion related to the group’s carbon trading business.
Source: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9740904/Deutsche-Bank-co-chief-named-in-carbon-tax-investigation.html
Meanwhile, carbon closed yesterday at a new record low, losing about 8% of its value yesterday.
It looks like that by the close of trading today, EUA carbon will have lost about half its value since the peak in early January.
New Zealand’s experiment in carbon trading isn’t looking good either:
NZ carbon finds new record lows amid stable supply
31 Jan 2013 09:59
BEIJING, Jan 31 (Reuters Point Carbon) – Spot permits in the New Zealand Emissions Trading Scheme (ETS) fell 6.5 percent week-on-week to close Thursday at NZ$2.45 ($2.05), the lowest weekly closing price ever recorded as fresh supply continued to find its way to the market.
Source: http://www.pointcarbon.com/news/1.2161391
UPDATE: the market has closed today, with another record loss, for a nearly 50% drop in value in January 2013.
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They’re gonna need a bigger boat.
What does WUWT think about Paris going back to the Dark Ages by turning city lights out, after 7.30pm, to decrease carbon emissions! WTF?
timbrom replied:
“. . . the boys in blue are looking to feel his collar . . ,” and you may be right. However, Mr. Strong recently appeared in Canada before Rio + 20, and there have been no reports of the RCMP falling over themselves to apprehend him. And doesn’t the United States have an extradition treaty with our neighbors north of the border?
http://www.canadafreepress.com/index.php/article/46420
I think Paris is claiming they’re turning lights off to reduce emissions, but in fact they’re turning the lights off because they’re broke and they’re scared to death to admit it.
Detroit’s been doing the same thing, but everyone knows they’re broke so they haven’t had to lie about why.
I am sure someone over there will also be shocked when they discover that there has been a sudden increase in crimes in the evening hours after the lights go out.
Larry
But how’s the Tulip Market doing?
As I’m a simple soul, what I want to know is this:
How does all this fit in with Germany (the ‘poster boy’ of all things Green) building 21 new coal-fired power stations..? Are we supposed not to notice, or something..?
(Not even coal, it seems, but lignite – brown coal – which is the most polluting fossil fuel on the planet..)
They can always find their way by the light of burning cars
Gordo FTW.
Someone tell the Australian government will you please!
I thought it was supposed to be ‘the city of light” (or “lights”)
Now it’s the city of lights-out.
I expect everyone knows that in summer, it is light in Paris until about 9.45 pm sometimes as it is in UK. Or rather England, up north they are in the land of a midnight sun, and longer daylight hours. They are saving on electricity prices and also of course they don’t want to put extra work for their nuclear reactors in hot weather, that happened during a heat wave twenty years ago. They nearly had to shut one older one down, as it was during a drought, and the water cooling system was stretched so much it nearly reached danger levels.. What about Germany eh, building 21 coal generators, brown coal of course. And two wind turbines collapsing in Devon and Cornwall, the authorities reckon it was sabotage. Others reckon these structures collapsed in only 50 mph wind. Less than gale force. They want to come to Aussieland we have cyclones here.