The aussie ALP/Green Government are faking up their trivial 5% emission reduction by 2020 target by heavily relying on buying “carbon credits” and have linked it to the EU price.
Fortunately for us the EU carbon price is now a total joke, as these UK greenies complain! GOOD.
EUACTIV DOT COM
European companies ‘using emissions trading to subsidise overseas rivals’
Published 21 November 2012
Tags cap and trade, carbon market, CO2 emissions, CO2 targets, ETS
” …Rob Elsworth, policy officer at Sandbag, said: “Offsetting was supposed to be a price containment measure to ensure that carbon prices didn’t rise too high, but carbon prices have remained low due to excess supply in the market. Offsets are contributing significantly to this oversupply and are now depressing prices so low that the EU ETS almost ceases to have a function.”… “
Environment Minister Combet Linking AUS to the EU ETS – FAIL
THE ECONOMIST Carbon markets – Complete Disaster in the Making The world’s only global carbon market is in need of a radical overhaul Sep 15th 2012 | from the print edition http://www.economist.com/node/21562961