As Eurozone Crisis Deepens, Fight to Save Emissions Trading Scheme Begins

Prices in Europe’s carbon emissions trading scheme have collapsed this year, in part because there were too many allowances in the system starting off, threatening the future of the whole market.

“Without intervention … Europe’s climate policy is over,” one analyst said. Some of Europe’s biggest energy and manufacturing firms also wrote a letter to the European Commission that called for Europe to take “decisive action now” to raise the price of carbon and fix the scheme.

The European Parliament’s environment committee voted in favor of temporarily cutting the number of emissions permits to be issued.

This year, the price of permits has fallen about 50 percent. Emissions allowances are now about 6 euros per ton—a four-year low, and about

DON'T MISS THE REST OF THIS STORY!
Create a free account to continue and get unlimited access to hundreds of Nat Geo articles, plus newsletters.

Create your free account to continue reading

No credit card required. Unlimited access to free content.
Or get a Premium Subscription to access the best of Nat Geo - just $19
SUBSCRIBE

Go Further

Subscriber Exclusive Content

Why are people so dang obsessed with Mars?

How viruses shape our world

The era of greyhound racing in the U.S. is coming to an end

See how people have imagined life on Mars through history

See how NASA’s new Mars rover will explore the red planet

Why are people so dang obsessed with Mars?

How viruses shape our world

The era of greyhound racing in the U.S. is coming to an end

See how people have imagined life on Mars through history

See how NASA’s new Mars rover will explore the red planet

Why are people so dang obsessed with Mars?

How viruses shape our world

The era of greyhound racing in the U.S. is coming to an end

See how people have imagined life on Mars through history

See how NASA’s new Mars rover will explore the red planet