From Carbon Trade Watch:
…a new report shows that the problems of the EU ETS are systemic and unresolvable. Keeping this failed system in place would further delay real action for reducing emissions in Europe. The report “EU ETS myth busting: why it can’t be reformed and shouldn’t be replicated”, has been published by several signatory organisations from the “Time to scrap the ETS” declaration. It looks at a number of claims made in defence of the EU ETS and shows why they are not valid.
Amusingly, for any readers foolish enough to swallow the Liberal Party’s baloney about their “Direct Action” alternative “solution” to the “problem” of man-made climate change, the report calls for … wait for it … direct action alternatives to emissions trading.
Meanwhile, the EU carbon price has collapsed, after a vote to try and reform the EU ETS failed to pass. This has ugly ramifications for the already hideous Federal budgeting performance of the Labor party:
LABOR will revise down its carbon tax revenue estimates following a crash in the European carbon market, at a likely multi-billion dollar cost to the federal budget.
The EU’s carbon price sank to 2.55 euros ($A3.24) in trading overnight, as legislators rejected a proposal to save the market from collapse.
The federal budget currently assumes a $29 carbon price in 2015, when Australia’s carbon trading scheme is linked to the EU carbon market.
True to form, and apparently unable to recognise that they are deep deep deep in a hole of their own making, the pig-headed public trough-swillers in the Labor party choose to keep right on digging:
Climate Change Minister Greg Combet told the ABC: “We will continue with our plans to link with the European emissions trading scheme from 1 July 2015, which is still over two years away.”
The bankers, speculators, traders, and assorted financial parasites will be pleased.
In the rigged casino of global financial markets, Volatility = Profit potential