More signs Australia is leaping onto a burning ship as it starts carbon taxing, just as the largest carbon markets are winding up:
(Reuters) – Bavaria’s stock exchange will abandon its carbon emissions certificate trading operations in the EU-traded CO2 market on June 30 after volumes in Europe “plunged to practically zero” in recent months, it said on Tuesday.
The EU’s emissions trading scheme (EU ETS) limits the carbon dioxide emissions of the 27-nation bloc’s factories and power plants and covers nearly half of EU emissions.
EU prices are down 60% over the last 12 months
“Emissions trading will never find its feet again without radical political action,” said Christine Bortenlaenger, the head of the exchange…
[Source: Reuters]
The Borse management claim they were closing because of the fraud and hacking as well as the market downturn:
Bayerische Borse listed a number of other contributory factors in its decision to quit the carbon market, including current macroeconomic and policy uncertainty and the instances of VAT fraud and hacking attacks on national emissions registries between 2009 and 2011 that tarnished the image of emissions markets.
A Bayerische Borse spokesman Tuesday told Platts that it held less than a 1% share of the European carbon market. [Source: Platts]
The Industry Group IETA hit back at the German Bourse, and tried to salvage something:
The International Emissions Trading Association Wednesday denied that Europe’s carbon trading system is broken, dismissing suggestions by a German exchange operator Tuesday that industry does not support the scheme.
But the fact that they are even talking about whether it is “broken” or not says all you need to know.
Meanwhile — one of the suspended trading schemes (ICE Futures) will remain suspended. 16 months and counting…
Yeah, I’d be laughing if I wasn’t an Aussie. Ha Ha Ha. Three cheers for Mr Flannery and his “water drought.” All dams full. Baa Baa blacksheep.We’re looking for the wolf.