A moment's silence for the EU carbon market which is all but dead after the EU parliament declined to prop it up.
EU votes against carbon market fix - FT.com
Meanwhile the Irish carbon tax is €20/tonne and likely to increase in subsequent budgets. Following tradition a eurofudge may be in the works, though:In what some analysts fear will be a significant setback for global efforts to tackle climate change by putting a price on carbon emissions, members of parliament voted 334-315 on Tuesday against a measure known as “backloading”. This would have temporarily removed some 900m allowances from the over-supplied emissions trading system.
The EU carbon price fell more than 40 per cent to a new record low of €2.63 a tonne as news of the result filtered out.
Carbon industry figures said they were deeply disappointed by the result.
“The carbon market in Europe has suffered a real blow today,” said Baroness Worthington, founder of the Sandbag carbon market monitoring group.
The EU's Irish Presidency said member states would keep working on a deal to support the carbon market.