Posted by: Grant | November 22, 2013

EU ETS – FAIL – Aussie ALP Clings On

The Australian Labor Party are blocking the repeal of the Carbon Tax with their radical Green partners in the Senate because they are insisting on an ETS . (They still think they are running the country, but, with counselling, they will eventually come to terms with their sad loss)

DaDayDaMusicDied

FT
FINANCIAL TIMES
November 18, 2013 7:24 pm
London banks quit carbon trading
By Jim Pickard and Ajay Makan
http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=3&cad=rja&ved=0CEAQqQIwAg&url=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fcbb749ba-506b-11e3-9f0d-00144feabdc0.html&ei=bVKOUsDOC63xiAfsoYDACw&usg=AFQjCNGVkYRknuLkH0JXSUXwDcXfsh4rJQ&sig2=g0X8eK8Km8y9NldQ6aoyaQ
http://www.ft.com/cms/s/0/cbb749ba-506b-11e3-9f0d-00144feabdc0.html#ixzz2lJ4sGkpJ

At least 10 London banks have scaled back or closed their carbon trading desks amid turmoil in the European emissions trading scheme.”

” …The instability surrounding the ETS and the resulting crisis in demand for traded units . . . has jeopardised jobs in a number of banks and financial institutions,” it says.

Barclays has sold its carbon trading business, Deutsche Bank has closed its global carbon trading operations and UBS has closed its climate change advisory practice, according to the report.

It says that JPMorgan has scaled back its environmental markets team and Morgan Stanley has reduced its carbon desk from full-time to part-time.

Meanwhile much of the activity in carbon trading has switched to China, California and Australia.

“Most of the new activity is taking place in Asia but London could excel once again if the ETS is fundamentally reformed,” said Will Straw of the IPPR.

Other banks reducing their London operations include EcoSecurities, Camco Clean Energy, Nedbank, Sindacatum and TFS Green, the report adds…

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