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The European Union's carbon emissions trading scheme is under huge pressure at the moment and there are many who believe that the market-based system of carbon pricing has effectively collapsed.
- There is a fundamental over-supply of carbon permits in the market - on some estimates, an excess of supply of over 840 million permits (one permit = one tonne of CO2)
- This has caused a sharp fall in the market price of carbon to below Euro 5 per tonne
- At such low prices there is an incentive to use coal rather than cleaner natural gas for electricity generation
- Latest figures show that greenhouse gas output in Europe fell in 2012 by 1.4% - but this is largely the result of very weak economic growth in the EU
(Source: The Economist) - click here
Extension reading and supporting videos:
EU parliament rejects plan to boost carbon trading (BBC) - Click Here
International cap-and-trade markets expanding – but still contentious (Guardian) - click here
Guardian news articles on carbon emissions trading - click here
Carbon trading scheme in crisis (BBC news, April 2013)
Carbon capture and storage (CCS)
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