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EU slashes carbon permits, increasing cost of pollution

Posted on 07 April 2014

The European Union’s move to prop up the price of carbon pollution in its greenhouse gas trading market could result in significant increases in carbon prices. The EU slashed in half the amount of carbon permits it will auction off this year, and the smaller supply could force prices up by 34% this year, according to a median survey of analysts put together by Bloomberg.
The EU will take the extra permits and “backload” them, or reintroduce them into the carbon market at the end of the decade. The EU carbon market, the world’s largest, is valued at about $47 billion. Around 13,000 factories and utilities are required to participate. They must obtain enough permits – each equivalent to the right to emit one metric ton of carbon pollution – to offset their annual emissions………………………………………..Full Article: Source


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