Well duh! Invest in these climate scams and you’ll do your dough.
A group representing many of Europe’s largest institutional investors have written to EU energy and climate change ministers ahead of a crucial meeting in Brussels later today, urging them to take urgent action to restore the credibility and effectiveness of the bloc’s emissions trading scheme (ETS).
Ministers are expected to again discuss whether to hold back carbon allowances in order to tackle chronic over supply in the market that has resulted in the price of carbon set by the ETS reaching record lows of under €7 a tonne.
Previous attempts to reach an agreement have been blocked by a handful of countries opposed to reforming the scheme, and green businesses and campaigners remain fearful that the price could fall further if action is not taken to restrict oversupply during the next phase of the scheme, which runs from 2013 to 2020.
However, in one of the most significant interventions to date the Institutional Investors Group on Climate Change (IIGCC), a coalition representing around 80 investment firms and pension funds that combined boast €7.5tr in assets under management, yesterday issued an open letter to ministers calling on them to reform the ETS and force up the price of carbon.