The European Unions climate change policy is at the point of collapse, the carbon floor price has crashed through the floor to an all time low of €2.63 a metric ton, after MEPs voted against “backloading” the EU Emissions Trading Scheme (ETS).
The EU ETS has been in crisis for years, there was a huge €5bn VAT fraud, then the computer systems were hacked and down for weeks, the price of carbon globally has been in free fall and backloading was the last ditch attempt to save the ETS.
Backloading is essentially withholding from sale 900 million carbon permits in an attempt to drive up the price of carbon which continues to fall due to the economic problems and decline in manufacturing in the EU.
Commissar Connie described backloading as “no brainer”, ignoring the obvious irony of such a statement, Hedegaard had put her all her political clout behind backloading, the rejection by the EU Parliament is a decisive blow to Hedegaard and the Green Agenda she relentlessly pushes. Read the rest of this entry