Carbon [dioxide] market "stalled"

Not worth the paper it's printed on

The Australian reports:

THE World Bank has revealed the global market for trading in carbon permits has stalled, just weeks out from the federal government’s release of its detailed plans to shift to an emissions trading scheme.

But while the opposition and miners demanded Julia Gillard slam the brakes on her carbon pricing plans in light of the latest World Bank review of the international carbon market, the Prime Minister’s climate change adviser Ross Garnaut urged her to press on with her reforms. [No surprise there – Ed]

“This should be the best of times for structural change in Australia,” he told a policy forum yesterday. [That’s code for “economic suicide” by the way – Ed]

The World Bank report found that after five consecutive years of robust growth, the total value of the global carbon market had stalled at $142 billion last year, despite a continued rise in emissions.

The value of the primary Clean Development Mechanism market fell by double digits for the third year in a row, ending lower than it was in 2005, the first year of the Kyoto Protocol.

It also remained dominated by Europe, which accounts for 97 per cent of total trades, defying efforts to make the market a truly global affair.

Opposition climate action spokesman Greg Hunt yesterday said the level of volatility in carbon markets in Europe and America was of concern. “I think the government must explain how a market which can be changed at the whim of international players will provide certainty,” he said.

The Chicago Climate Exchange collapsed last year, with carbon credits trading for cents.

Read it here.

Comments

  1. the companies involved are only there for profit. when they hit the sharemarket watch the prices of carbon credits go through the roof

  2. SOYLENT GREEN says:

    Yes, but it’s even crazier. The world Bank’s development arm is trying to get its hand on about $28 trillion in various pension funds to INVEST in the very market they know is tanking.
    As I noted here:

    http://cbullitt.wordpress.com/2011/06/01/right-hand-youd-better-keep-an-eye-on-left-hand/

  3. I didn’t realise that “stalled” was a synonym for “completely collapsed and died a horrible death”.

  4. Baldrick says:

    The volcanic ash emitted into the Earth’s atmosphere in just four days by that volcano in Iceland, has totally erased every single effort, every single human has made to reduce the evil beast, carbon dioxide and there are around 200 active volcanoes on the planet.

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