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.
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.