EU carbon price collapses
Yesterday, the European Parliament voted against the backloading proposal which was aimed at increasing the price of carbon permits.
After the vote, the price of carbon permits dropped by about 40% to its lowest ever price of €2.63. New Energy Finance predicts that it might fall as low as €1.
Speaking on the BBC World Service, Tamra Gilbertson of Carbon Trade Watch welcomed the rejection of backloading, saying that, “Perhaps this can be a signal to the rest of the world that emissions trading and market-based solutions are not the solution to climate change.” The full transcript of the BBC World Service programme is posted below.