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EU Carbon Market RIP


cimon9999

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Jun 27, 2009
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A moment's silence for the EU carbon market which is all but dead after the EU parliament declined to prop it up.

EU votes against carbon market fix - FT.com

In what some analysts fear will be a significant setback for global efforts to tackle climate change by putting a price on carbon emissions, members of parliament voted 334-315 on Tuesday against a measure known as “backloading”. This would have temporarily removed some 900m allowances from the over-supplied emissions trading system.

The EU carbon price fell more than 40 per cent to a new record low of €2.63 a tonne as news of the result filtered out.
Carbon industry figures said they were deeply disappointed by the result.

“The carbon market in Europe has suffered a real blow today,” said Baroness Worthington, founder of the Sandbag carbon market monitoring group.
Meanwhile the Irish carbon tax is €20/tonne and likely to increase in subsequent budgets. Following tradition a eurofudge may be in the works, though:

http://www.reuters.com/article/2013/04/16/eu-ets-vote-idUSL5N0D31ZM20130416

The EU's Irish Presidency said member states would keep working on a deal to support the carbon market.
 


rash mulligan

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Great news, yet our government plans on placing 10 euro per ton on heating fuels on the 1st of May.

It is currently trading at less than 5 euro per tonne.

NO CARBON TAX INCREASE !!!!!!!!!!!!
 

EoinMag

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Where does the carbon tax money go? Just into the general Irish gov kitty?

The notes are used in a top secret process to clean the carbon emissions out of the air......or something.

Fukkin stupid idea from the outset, a total scam.
 

Analyzer

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Presumably, the EU will however remain in the methane business for years to come......
 

Asparagus

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Apr 7, 2010
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Money Tree planting and prosthetic unicorn horns I believe.
Some of the money goes into researching electric eels, actual horse power and gas craic as alternative power sources
 

Pat Gill

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Great news, yet our government plans on placing 10 euro per ton on heating fuels on the 1st of May.

It is currently trading at less than 5 euro per tonne.

NO CARBON TAX INCREASE !!!!!!!!!!!!
Yet still no interest in the real scandal, the hundreds of millions in extra profits being made by large emitters who received free allowances but charge their customers the full whack for carbon emissions ?

Once again rash, carbon taxes are an entirely different animal to ETS certificates.
 

Trainwreck

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Yet still no interest in the real scandal, the hundreds of millions in extra profits being made by large emitters who received free allowances but charge their customers the full whack for carbon emissions ?

Once again rash, carbon taxes are an entirely different animal to ETS certificates.
What are you talking about?

That is the whole point of the scheme, to increase the price of energy (or fossil fuel energy) to consumers so they use less.


That is the true dishonesty in all this. To reduce fossil fuel use governments put in place policies to increase the price of energy derived from fossil fuels.

Then there is ganshing and wailing of poltiicians' teeth about the high price of energy and invariably finger pointing at energy companies. Dishonest, lying knaves.
 

ibis

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Welp, I can see where this is going.
 

dagenict

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Remember the greens sending two electric cars to an isleland to demo, how good they were, and the charging stations on the moter ways,where you could pull in and have a cup of tea and cake while they were charging the battery. what a load of crap, they backed the carbon tax big time. Now we are spending 21 million on smart travel . i dare any journilist to look into the waste of money spent on this project to date.
 

Pat Gill

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What are you talking about?

That is the whole point of the scheme, to increase the price of energy (or fossil fuel energy) to consumers so they use less.


That is the true dishonesty in all this. To reduce fossil fuel use governments put in place policies to increase the price of energy derived from fossil fuels.

Then there is ganshing and wailing of poltiicians' teeth about the high price of energy and invariably finger pointing at energy companies. Dishonest, lying knaves.
Ah I can see there is a bit of education required here, especially on the bit where large companies take full advantage of the sweeteners extended to them and then extend those sweeteners into true rent seeking behaviour.

From the point of view of these companies the present situation is a case of, "it ain't broke dont fix it".

Amazingly that was also the view of a handful of MEP's supposed to be representing the interests of consumers.

Mega fail on the part of the UK tories.
 

Pat Gill

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Remember the greens sending two electric cars to an isleland to demo, how good they were, and the charging stations on the moter ways,where you could pull in and have a cup of tea and cake while they were charging the battery. what a load of crap, they backed the carbon tax big time. Now we are spending 21 million on smart travel . i dare any journilist to look into the waste of money spent on this project to date.
It was actually ten EV's, the trial comes to an end in about a years time and the fleet will then be bought by the local energy co-op.

I spoke to one man last week who drove one of these cars for two years, he told me that his annual fuel bill for the EV was circa €180 for a full years driving when charged by night rate electricity, last week he was back driving his old car and the first fill of diesel cost him €80, that will last him three or four weeks.

If any journalist does want to do an article let him venture forth and I will introduce him to the trial participants.

By the way I am not now or ever was a member of the Green Party.
 

sauntersplash

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Forgive my ignorance, but is this related to the recently spoken of "EU carbon price floor" (as piloted by the UK), or is it a different initiative?
 

riven

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Ah I can see there is a bit of education required here, especially on the bit where large companies take full advantage of the sweeteners extended to them and then extend those sweeteners into true rent seeking behaviour.

From the point of view of these companies the present situation is a case of, "it ain't broke dont fix it".

Amazingly that was also the view of a handful of MEP's supposed to be representing the interests of consumers.

Mega fail on the part of the UK tories.
THe free credits were given to companies at the start of the scheme to get them to sign up. The amount of free credits given was set by the ETS scheme and the people running them. However the companies still had to buy credits to cover their emissions and some companies bought more than they required.

What we are now seeing is that the ETS got the market completely wrong and instead of the carbon price increasing, the price has gone down. Instead of accepting their mistake, they tried to change the system, which was supposed to be market regulated.

The high price of the ETS credits was to drive these companies to invest in lower emission technologies.
 

Pat Gill

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Forgive my ignorance, but is this related to the recently spoken of "EU carbon price floor" (as piloted by the UK), or is it a different initiative?
sauntersplash,

Its a different initiative, to be used as a structural component of the new UK Contracts for Difference based electricity market, designed to enable the financing of the new fleet of nuclear power stations to be subsidy free.
 

sauntersplash

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...The high price of the ETS credits was to drive these companies to invest in lower emission technologies.
...and to encourage new companies to enter the market fro renewables presumably.

So will the EU ETS go the way of the Chicago Climate Exchange? Is this really the end of the scheme? What will happen to the money people invested in "credits" if it collapses?
 

Pat Gill

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THe free credits were given to companies at the start of the scheme to get them to sign up. The amount of free credits given was set by the ETS scheme and the people running them. However the companies still had to buy credits to cover their emissions and some companies bought more than they required.

What we are now seeing is that the ETS got the market completely wrong and instead of the carbon price increasing, the price has gone down. Instead of accepting their mistake, they tried to change the system, which was supposed to be market regulated.

The high price of the ETS credits was to drive these companies to invest in lower emission technologies.
riven,

Yep I agree, the designers of the ETS apparently did not ever envisage the collapse of growth in the economy of the EU, ETS credits were trading at €35 in 2006.

Also many companies received free credits well in excess of their actual emissions, which has perfectly legally, enhanced their profits ever since.
 

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