The highest prices for carbon credits in a decade have also lifted natural gas, discouraging power stations from making the switch away from coal. As a result, demand remains strong for the dirtiest fossil fuel in the continent that’s doing the most to clean up its economy. Coal prices as a result reached their highest in five years on Tuesday.
You might think the ETS impost on coal’s CO2 emissions, about twice those from natural gas, would give gas an edge, but you’d be wrong—rising prices for carbon credits have pushed up the gas prices too. The graph at right shows an eye-watering surge in the carbon price of about 400% over the last 11 months (although I guess 400% of nothing is still pretty small; so it could get worse). This financial punishment for the poor is a clear consequence of market interference by the climate justice do-gooders—nobody else has done this. The sooner they lose office the better, in the EU and everywhere. Continue Reading →
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