• The whole concept of carbon trading, seen as a saviour by the European Union and the British government to solve the whole carbon 'problem' is likely to fall apart as it becomes collateral damage in the European Financial Crisis.
"It is becoming obvious even to policy makers that their artificial market in carbon credits is in their favourite word, 'unsustainable'," said Godfrey Bloom MEP, the UKIP Energy Spokesman.
The European slowdown is having an impact that echoes that of traditional climate policies. As factories close then the market is glutted by empty factories thus it is glutted with carbon permits.
"Those who came up with the daft idea of carbon permits didn't reckon on the economic slowdown. So it turns out that the system designed to prevent carbon emissions actually needs people to emit carbon," said Bloom.
"The self same people who came up with the bad idea of faking a market in carbon using our taxes to underwrite their system can only see one solution. More intervention; but of course done in a way to disguise the chaos."
Daniel Kluge, a spokesman for Germany’s BEE renewable energy lobby, told Bloomberg, "The emissions trading system needs to be adjusted to be able to react better to the expansion of renewables and short-term economic developments. The UK is one country that is looking at ways to remove carbon-price uncertainty from investment decisions. Britain, which plans to install more than 8,000 offshore wind turbines by 2020, has proposed a range of measures including a carbon floor price of 16 pounds ($24.50) a ton starting in 2013, rising to 30 pounds by 2020."
Bloom went on, "In other words, the carbon market has failed to deliver the incentive to low-carbon energy developers, and now the EU is to step in to guarantee money to them. This proves the non-viability of 'renewable energy'. And it also show the lengths to which this government will go to pursue their failing EU Enviro-dreams."