22 Feb '13, 8pm

Crisis in European Carbon Trading System: Despite recent attempts at correcton, the ETS is not getting the job done

Crisis in European Carbon Trading System: Despite recent attempts at correcton, the ETS is not getting the job done

In a series of articles this week and last, the Wall Street Journal and the Financial Times have reported that carbon prices in the European Trading System (ETS) are falling so low, there is no longer any real incentive for big economic players to cut greenhouse gas emissions (GHG) and some players are cancelling plans to adopt lower-carbon technologies. The Journal reports for example that utilities in the Czech Republic, Poland and Germany are reconsidering plans to phase out coal generating plants . Since reaching a high of 28.70 euros a tonne (around US $40/t) before the world financial crisis, the price of a carbon emission allowance has dropped back to as low as 3 euros per tonne--about $4/t--a fraction of what would be needed to spark GHG-reducing investments. A decision by the European Parliament to withhold 900 million emission allowances over the next five years ...

Full article: http://spectrum.ieee.org/energywise/energy/policy/crisis-...

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