Good Thing The Climate is Cooling

It's amazing that setting up an artificial market for products that don't really exist to solve a problem that isn't really there doesn't really work for very long. And strangely enough, whether it's esoteric financial derivatives or CO2 emission permits, the result is pretty much the same- the worker drones at the bottom of the food chain get shafted.

From Andrew Bolt:

The world’s only multinational emissions trading scheme has fallen through the floor, and falling with it is the scheme’s ability to actually slash emissions:

The price of carbon has collapsed. In only three months, life has become a lot cheaper for polluters. The financial cost of warming the planet has plummeted in Europe’s emissions trading system (ETS) and the effectiveness of such a volatile market mechanism in curbing carbon is being questioned…

Europe’s larger companies are allocated permits to emit CO2, and these allowances, called EUAs, can be traded on exchanges… In July, the right to spew out one tonne of CO2 from a chimney would have cost a power generator E29.33, but yesterday it could be bought for only E18.25 ($34.14)...

Carbon’s falling price spells companies going bust, the loss of jobs and the shredding of political reputations. Over the next year, no politician with re-election hopes will back a policy that would triple the price of carbon for industry and raise consumers’ energy costs.

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