- SID MAHER
- From:The Australian
- November 23, 2011 12:00AM
SWISS banking giant UBS says the European Union’s emissions trading scheme has cost the continent’s consumers $287 billion for “almost zero impact” on cutting carbon emissions, and has warned that the EU’s carbon pricing market is on the verge of a crash next year.
In a damning report to clients, UBS Investment Research said that had the €210bn the European ETS had cost consumers been used in a targeted approach to replace the EU’s dirtiest power plants, emissions could have been reduced by 43 per cent “instead of almost zero impact on the back of emissions trading”.
Describing the EU’s ETS as having “limited benefits and embarrassing consequences”, the report said there was fading political support for the scheme, the price was too low to have any significant environmental impact and it had provided windfall profits to market participants, paid for by electricity customers.
The report’s criticism of the EU’s ETS follows Barack Obama’s confirmation last week that the US would not have a cap-and-trade scheme and Canada’s refusal to implement an ETS.
Full story: :The Australian
Jo Nova’s take: http://joannenova.com.au/2011/11/australia-picks-last-possible-moment-to-leap-onto-burning-ship/
Tallbloke's Talkshop 
No matter. Your pols have the bit in their teeth and won’t be stopped, short of a pistol shot to the brain. Which would require putting up with a nasty spill onto the roadway.
>;p
Looks like there’s trouble for the carbon market in the antipodes too
http://www.stuff.co.nz/business/6081834/Carbon-credits-pricing-crashes-and-burns
[…] planet while reaping tax and doing nothing. If the co2 emissions really were a serious threat, the 287 Billion Euro used to prop up the ‘carbon market’ which disappeared into the fat cats pockets could […]
[…] to return to properly organised science decoupled from the politics of the Green Agenda, and the money juggling behind the Carbon […]
[…] had said that Europe had invested 47 billion in alternative energy and pointed out to him that the UBS report I had read says the European Union has spent 270 billion propping up the price of carbon, when it […]
[…] To see that this has cost taxpayers billions beyond license fees, see this earlier post about a UBS report on the European Carbon […]
Reblogged this on Climate Ponderings and commented:
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don’t like to barge in here but there is a tiny negative sunspot just under its north pole – – a rare sighting that some people here might like to see (and record as souvenir).
sdo image date 2012-11-30 06:16:12 UT
[Reply] Thanks Bill I’ll cover it. Please paste the link – no need for tags – TB
[…] Bill McIntyre on UBS Report: Europe’s $28… […]
[…] year, Swiss investment house UBS released a damning report about the $287 Billion wasted propping up the ETS, the European Carbon Cred Scheme. They pointed out at that time that if the money had been used to […]