BRUSSELS/LONDON (Reuters) – European Union carbon prices collapsed 40 percent to a fresh record low on Thursday after politicians opposed plans to prop up the market, raising concerns prices could soon slump to zero, likely signaling the death of the market.
Prices in the European Union’s Emissions Trading Scheme (ETS) collapsed to 2.81 euros a metric ton (1.1023 tons) after a vote in the European Parliament’s energy and industry committee opposing a scheme known as “backloading” to support prices by extracting allowances from the market and reinjecting them later.
LONDON, Jan 23 (Reuters) – The benchmark European Union
carbon contract fell to a new record low on Wednesday, extending
declines seen earlier in the week, mostly fuelled by indecision
by EU governments on a plan to boost prices, traders said.
The EU carbon price fell 16 percent to 4.60 euros,
before recovering slightly to 4.71 euros by 1653 GMT. Prices had
already been falling this week, hitting a previous record low of
4.79 euros on Monday.
LONDON, Jan 21 (Reuters) – British scientists seeking to tap
more efficient forms of solar power are exploring how to mimic
the way plants transform sunlight into energy and produce
hydrogen to fuel vehicles.
They will join other researchers around the world studying
artificial photosynthesis as governments seek to cut greenhouse
gas emissions from fossil fuels.
LONDON (Reuters) – The world could avoid much of the damaging effects of climate change this century if greenhouse gas emissions are curbed more sharply, research showed on Sunday.
The study, published in the journal Nature Climate Change, is the first comprehensive assessment of the benefits of cutting emissions to keep the global temperature rise to within 2 degrees Celsius by 2100, a level which scientists say would avoid the worst effects of climate change.
LONDON/BRUSSELS, Jan 11 (Reuters) – The future of the
European Union’s emissions trading scheme, meant to be a
cornerstone of the bloc’s climate policy, is in the balance this
year as traders look to Germany to back a plan to boost low
Launched in 2005, the EU Emissions Trading Scheme (ETS) has
been beset by problems ranging from overestimating the number of
permits required by Europe’s industry, to fraud, to a glut of
permits generated by low demand during recession.
LONDON, Dec 20 (Reuters) – Global temperatures are forecast
to be 0.57 degrees above the long-term average next year, making
2013 one of the warmest years on record, Britain’s Met Office
said on Thursday.
“It is very likely that 2013 will be one of the warmest 10
years in the record which goes back to 1850, and it is likely to
be warmer than 2012,” the Met Office said in its annual forecast
for the coming year.
LONDON, Dec 20 (Reuters) – Europe’s carbon market is set to
lose a third of its value this year as an oversupply of permits
worsened, battering average prices and increasing pressure on
European governments to provide support.
The world’s biggest carbon scheme, the European Union’s
Emissions Trading System (ETS), was valued at a record $148
billion last year by The World Bank but analysts say that is
likely to have fallen to around $100 billion, a level not seen
LONDON, Dec 14 (Reuters) – International climate scientists
are more certain than ever that humans are responsible for
global warming, rising sea levels and extreme weather events,
according to a leaked draft report by an influential panel of
The early draft, which is still subject to change before a
final version is released in late 2013, showed that a rise in
global average temperatures since pre-industrial times was set
to exceed 2 degrees Celsius by 2100, and may reach 4.8 Celsius.
LONDON (Reuters) – The European Union’s leadership in the fight against climate change, already under fire at U.N. talks in Qatar, suffered a further setback on Friday as the carbon market it created to help spur a switch to greener energy tumbled to a record low.
The $148 billion EU Emissions Trading Scheme is core to Europe’s efforts to prompt utilities and industry to go green but carbon prices are currently far too low to provide that incentive.
LONDON, Nov 30 (Reuters) – Europe’s carbon market, aimed at
spurring industry to switch to greener energy, tumbled to a
record low on Friday after the European Commission put off a
decision on reducing its oversupply of carbon permits.
A cornerstone of its policies on tackling climate change,
the EU’s $148 billion Emissions Trading Scheme (ETS) is
languishing as carbon prices remain far too low to encourage
industry to switch to cleaner energy.