Maintaining the trend of recent times.
LONDON, Jan 24 (Reuters Point Carbon) – European carbon prices went into freefall on Thursday, dropping 40 percent at one point to a record low 2.81 euros, after members of the EU Parliament’s industry committee voted against a plan to rescue the ailing market.
Some recovery by the end of the day, still, looking a lot like Fairfax!
Supplementary:
A great series of posts at Watts News.
And a string of posts at Jo Nova, including the return of Christoper Monckton.
You could have got the Monckton news from Andrew Bolt but you would have had to wait longer. You get it sooner at the Cat.
Spot the oxymoron. This sentence neaty explains why the various attempts to create ‘markets’ for carbon-dioxide based securities have failed.
Dr Faustus
25 Jan 13 at 11:22 am
Well done the Cat! But Bolt does refer to Combet as mendacious; is that a synonym for being a prick?
cohenite
25 Jan 13 at 12:04 pm
And a new oil find in South Australia puts us within reach of Saudi Arabia’s reserves.
Peak Oil?? Ha! Cheap carbon-based fuels, roll on! Carbon price in an artificial market – through the floor. The EU exchange can go the way of Chicago.
JohnA
25 Jan 13 at 12:54 pm
The main problem with Andrew’s blog is that the untimely moderation (if any) is now killing much of the debate.
James of the Glens
25 Jan 13 at 1:58 pm
Why was an “abated(?)” carbon dioxide molecule ever going to be worth anything?
Even Marxism wasnt quite this dumb.
Bill
25 Jan 13 at 2:18 pm
Actually AGW is pure Marxism; with the government redistributing the CO2 abatement, in effect the community’s wealth, across the community.
cohenite
25 Jan 13 at 3:55 pm
Not quite that pure cohenite, carbon trading was also designed to put redistribute a fair bit of wealth to the Goldman Sachs bonus pool.
Bill
25 Jan 13 at 4:42 pm
I agree Bill, but as Orwell said, some animals are more equal than others.
cohenite
25 Jan 13 at 5:06 pm
Will go the way of Chicago.
It’s boring being proved right when the cost is measured in the billions, probably trillions if you did a greenpeace-spec report that counted everything you can think of.
You can not synthetically force a market into being by writing on bits of paper. It might work for a while in a locality until technology finds a way around it. But for a global market ? Forget it, never going to happen.
brc
25 Jan 13 at 5:15 pm
Doesnt the ETS collapse take Australia’s carbon tax with it?
I think our carbon tax payees can buy credits in Europe, cant they? If so, the Oz carbon tax could soon be $2, not $23. Abbot doesnt even have to bother repealing it.
Bill
25 Jan 13 at 5:51 pm
Nice work guys, another tax that could fail to collect any revenue! And a good thing too.
Poor Old Rafe
25 Jan 13 at 11:55 pm
Rafe, a green tax does not aim to collect revenue.
a green tax aims to reduce pollution. if demand or supply is elastic, there will be large reductions in pollution but little in the way of revenue.
Jim Rose
26 Jan 13 at 12:03 am
Oh bullshit.
wreckage
26 Jan 13 at 12:26 am
Yes I suppose it is meant to be revenue neutral, with the take balanced by the compensation payments. But if the take does not eventuate…
Poor Old Rafe
26 Jan 13 at 8:03 am