After hitting record lows back in January, there was a plan to prop up the EU carbon market. That worked…for a while. Then the backloading plan was rejected, and the real market forces took over.
From: Environmental leader: EU Carbon Prices Plunge to Record Lows
Carbon prices hit record lows today after the European Parliament rejected an emergency plan to boost the ailing EU carbon market.
In a 334-315 vote, with more than 60 abstentions, lawmakers rejected a proposal to postpone — or backload — the auctioning of 900 million EU Emissions Trading Scheme allowances from the years 2013-2015 to 2019-2020. This measure was intended to rebalance supply and demand, and reduce price volatility.
European commissioner for climate action Connie Hedegaard said the plan will now go back to the Parliament’s environment committee for further consideration.
And more headlines:
Story here: http://www.environmentalleader.com/2013/04/16/eu-carbon-prices-plunge-to-record-lows/
- Carbon in Worst Quarter Since 2011 Set for Rescue Vote (bloomberg.com)
- Why Europe’s Carbon Market is Crashing (businessweek.com)