Price of carbon in the European emissions trading market has collapsed

[Ghost Dog]

The price of carbon in the European emissions trading market – the world-leading scheme that will link with the Australian scheme in 2015 – has collapsed after a key vote to shore up the scheme failed overnight.

European Union parliamentarians voted 334 to 315 to reject a short-term fix to the trading scheme's woes caused by a surplus of emissions permits, putting into doubt the future of the scheme.

The vote triggered a 40 per cent crash in the carbon price to around $3.20 per tonne, before rebounding slightly by the close of trading.

By comparison, Australia's carbon price is fixed at $23 a tonne, and will rise over the next two years...

/... http://www.nationaltimes.com.au/opinion/political-news/carbon-price-collapse-could-hit-australian-budget-20130417-2hzg1.html?rand=1366162290362

[Celebration]

1. The worst idea ever

And the single biggest reason for all the skepticism over global warming.