Welcome to the bizarro world of EU carbon. First off this report is only on "affected industries", not total emissions. Secondly, the Europeans have a few different ways that they measure, so you really can pick a measurement to fit your politics, e.g. the Brits can exclude shipping (and other industries) and show numbers 12% better than they would be otherwise. Thirdly, one perverse result is that the warmer the weather, the lower the emissions, conversely the more effective the EU is in dialing the global thermostat down, the higher the emisssions and the price of carbon. Alrighty then.
Two takes from Reuters:
As expected, the data also showed that emissions were less than industry's quotas of permits to emit the greenhouse gas carbon dioxide, under an EU climate change scheme meant to drive emissions cuts through permit shortages.
Brussels has defended that flaw in its emissions trading scheme by taking a robust future stance...MORE
And:
Here's the bit we were looking for yesterday*:European Union industry emissions were roughly flat in 2007, preliminary analysis of EU emissions trading scheme data suggested on Wednesday.
Carbon emissions by affected companies in the six highest-emitting countries were up 1.2 percent above 2006 levels and for all member states could be about 25
million tons carbon dioxide (CO2) higher, Fortis estimated...
EUAs for 2008 delivery were up 88 cents at 23.4 euros in mid-afternoon trading on Wednesday.
*EU 2007 CO2 data release "may well be" April 2 (so buy the carbon credits April 1)
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