I mentioned a couple of days ago the failure of Europe's cap-and-trade system to reduce pollution back in 2007. Whoops! It is now incentivizing carbon dioxide production! Or so this article by Julian Glover in the February 23, 2009 Guardian says. (And remember that the Guardian is a left of center British paper, heavily identified with the Labour Party.)
'Roll up for the great pollution fire sale, the ultimate chance to wreck the climate on the cheap. You sir, over there, from the power company - look at this lovely tonne of freshly made, sulphur-rich carbon dioxide. Last summer it cost an eyewatering €31 to throw up your smokestack, but in our give-away global recession sale, that's been slashed to a crazy €8.20. Dump plans for the wind turbine! Compare our offer with costly solar energy! At this low, low price you can't afford not to burn coal!"
Set up to price pollution out of existence, carbon trading is pricing it back in. Europe's carbon markets are in collapse.
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