This is a big victory for European consumers. Looks like the big foolish rain dance for a better climate is off, at least for the time being.
The Wall Street Journal reports:
The European Union’s flagship program to fight global warming suffered a major blow Tuesday when lawmakers rejected a proposal aimed at shoring up the region’s carbon-emissions trading system, putting its survival in doubt.
After the European Parliament’s surprise afternoon vote, spooked investors drove the price of emissions permits down by nearly half. Benchmark electricity prices also fell.
The legislature derailed—at least temporarily—a plan to push up permit prices by postponing issuance of new permits”…continue reading.
German Environment Minister Peter Altmaier tweeted:
ETS-vote was serious setback for Climate Protection. We will have to encourage a public debate on the best way to reduce CO2 emissions.
— Peter Altmaier (@peteraltmaier) April 16, 2013