The world’s biggest carbon market could have up to four times as many excess permits by 2020 than some analysts currently estimate, according to an EU draft document, raising the prospect of further price write-downs. A European Commission draft working paper, seen by Point Carbon News, says the EU Emissions Trading Scheme (ETS) will have 2.4 billion surplus emission permits over 2008-2020 because of lower CO2 output as a result of the economic and financial crisis.
“(The crisis) resulted in ... significant emissions reductions and a build up of a large buffer of banked allowances and unused international emissions reduction credits in the EU ETS,” said the draft, which outlines the costs to member states of deepening the EU’s 2020 emission reduction target.
Read more: http://www.thegwpf.org/the-climate-record/4811-eu-draft-reveals-carbon-credits-junk-.html
“(The crisis) resulted in ... significant emissions reductions and a build up of a large buffer of banked allowances and unused international emissions reduction credits in the EU ETS,” said the draft, which outlines the costs to member states of deepening the EU’s 2020 emission reduction target.
Read more: http://www.thegwpf.org/the-climate-record/4811-eu-draft-reveals-carbon-credits-junk-.html
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