The New York Times reports:
The European Parliament approved on Wednesday a measure designed to revive sagging prices and confidence in the European Union’s emissions trading system, the centerpiece of Europe’s effort to cut greenhouse gases and a model for similar systems around the world.
The vote had taken on symbolic importance because the Parliament had shot down a similar proposal in April. That earlier vote meant the carbon trading system, which has been emulated globally as a way of using markets to curb greenhouse gases, was on life support.
The measure passed on Wednesday 344 to 311 after intense lobbying by the European Commission and some national governments. It also gained greater backing from liberal and socialist groups.
Wow. Germany starts shutting down their nuclear power plants and all of a sudden coal use shoots up. Why is anyone surprised?
Also, if no one is bidding for carbon credits, thus causing the price to drop, it’s because none are needed. And why? Maybe because industry is moving out of the country to other places. So, the result of raising the price of carbon credits will only force more companies to make the painful decision to leave Germany or just shut down altogether.
Caption should read: EU approves move to destroy it’s economy
1. Any policy based on the word “carbon” is presumptively wrong.
2. Any market in a phony commodity like “emissions credits” is a black hole for wealth. I dunno who’s making money on it, but any money made in this market is wrongfully earned. I do hope none of my mutual funds are involved.
3. Ponzi was great in his day, but I’m sure he looks on from the afterlife and wonders at the gall of carbon traders. “Why, they’re nearly as good as the Social Security Administration!”, I imagine his ghost says to himself.
Russia wins, 60 years later, communist takeover of Europe
Except that the siege was from West to East in Europe, not East to West