Wednesday, January 2, 2008

EU cracks down on carbon emissions trading

From the Times of London:

The European Union launched a new, tougher emissions trading scheme this morning which is set to lead to a significant increase in the per tonne price of carbon paid by polluters, according to City analysts.

Futures markets are already pricing in a price of €20 to €25 per tonne of carbon. Analysts at Deutsche Bank expect carbon prices could rise to as much as €35 per tonne under the new regime while UBS predicts a rise to €30 per tonne.

Last month, Andrei Marcu, president of the International Emissions Trading Association, claimed the market for trading in carbon emissions was likely to rise to as much as $70 billion last year....MORE