Portuguese website Ecotretas here informs us that the European carbon market, the EU Emissions Allowances, has crashed over 20% last week alone, see the following chart.
Carbon price per ton in euros over the last one year. Graphic source: http://www.eex.com
Read more about what is behind the crash at Ecotretas
In the scheme, carbon emission allowances, called EU Allowances (EUAs), are allocated to specific industrial sectors and cap the total level of emissions at levels which reduce over time. There are just over two billion allowances on issue, which are traded between emitters and other market participants on exchanges and via brokers.
The European Union started the market in carbon dioxide emissions in 2005.
The EU trading acheme applies to 7300 companies and 11,500 installations in sectors with high carbon dioxide emissions across the 27 nations of the EU. These include: energy utilities, oil refineries, iron and steel producers, the pulp and paper industry as well as producers of cement, glass, lime, brick and ceramics. Aviation. The scheme is regulated by the European Commission (EC).
First the science crumbles, then the costs explode, the illusions melt away, and finally the markets crash. But don’t expect Europe to change course. In socialist Europe it’s: “Let no economic suicide go unfinished!”
No wonder China doesn’t want any part of this scam, and so refuses to buy any Airbus planes from bossy Europe.
The “consensus” still stands, unbowed, unyielding, oblivious to overwhelming contrary evidence. Michael Mann still claims the Hockey Stick has been vindicated. None of the “scientists” behind the hysteria have been indicted, fired, nor even retired. Science still refuses to consider the rampant incompetence in its ranks (academics still teach that Venus proves the greenhouse effect, when I have definitively shown it disproves it alltogether), and no one of any recognized standing will face their own ignorance, much less their own incompetence in judging the critical evidence. It is all just a tempest in a teapot to those in positions of power, when it should be the end of them in those positions. The Wall Street stock market routinely goes up and down 100, 200, or even more points in a day; it means almost nothing. It is a time of gambling — that they can ride it out, of avoiding admitting anything or of learning fundamental new knowledge. This “carbon market downturn” may signal something, a turning point reached and passed, but likely not; too much damage has been done, too little responsibility taken, too little truth being recognized by all, too many differences of opinion being maintained sacrosanct.
In other words, “stupidity” is the “rule of the day”!
The theory was that by making the permits scarcer over time the EU would have a license to print money, but as they are too short-sighted, incompetent, cash-strapped and unable to understand markets, they themselves flood the market with permits, keen to make a quick dime, and ruin the price.
In other words, it’s a waiting game. The companies for sure have the better economists and the better nerves, willing to sit it out or acquire some shady UN CDM credits. Basically, through the CDM mechanism they let China produce even our carbon credits…
Maurice String is in China, still helping them to do “conversation projects”, producing CDM credits; Maurice is at the source, printing the CDM currency that European industry buys cheaper than some bloody credit from Greece…
Latest news from Maurice
http://www.jejuweekly.com/news/articleView.html?idxno=1623
The wikipedia sketches his scheme
http://en.wikipedia.org/wiki/Clean_development_mechanism#The_risk_of_false_credits
“As the CDM is an alternative to domestic emission reductions, the perfectly working CDM would produce no more and no less greenhouse gas emission reductions than without use of the CDM. However, it was recognized from the beginning that if projects that would have happened anyway are registered as CDM projects, then the net effect is an increase of global emissions as those “spurious” credits will be used to allow higher domestic emissions without reducing emissions in the developing country hosting the CDM project. Spurious credits may also occur because of overstated baselines. Such an inclusion is termed a “false positive”.”
He’s a smart guy; create a crisis and use it.
Maurice Strong, not Maurice String, of course,… psychomotoric reflexes…
DirkH
Are you sure it wasn’t a freudian slip – as in ‘string ’em up’ !?
🙂 – yes i am. I don’t hate con men; in a way i admire them. As a programmer, i simply have to type the word “string” frequently.