“EUROPE’S flagship environmental policy has just been holed below the water line. On April 16th the European Parliament voted by 334 to 315 to reject proposals which (its supporters claimed) were needed to save the emissions-trading system (ETS) from collapse. Carbon prices promptly fell 40% (see chart). Some environmentalists fear that the whole edifice of European climate policy could start to crumble.”
This is another piece of news you would never hear on the Biased BBC!!
Rated “below junk bonds”:
1) Junk bonds
2) Crap credits
Not only the EU either. Our Aussie carbon tax was supposed to be linked to the EU ETS in 2015. We are currently paying A$23/t which is about 8 times the current EU price. Which makes our Federal Government look more than a trifle silly, not least because of the aluminium smelters which were forced to close or cut back production, sacking union members, because of this stupid tax.
On the other hand if the federal opposition wins the upcoming election as expected they promise to completely repeal the carbon tax, whereupon we’ll be paying zero.
In true Euro faux democracy, the scumbag bureaucrats refused to accept the no vote, this apparently is the wrong answer to the vote, so they will keep voting until they get “the correct” yes vote:
http://www.economist.com/blogs/schumpeter/2013/04/carbon-trading
In theory the proposal is not quite dead. In a fit of back-pedalling after the vote, the MEPs decided to send the issue back to the environment committee. From there it could come back to the full parliament again.
What exactly is the value of fraud?