Free Republic

The European Parliament has approved three climate laws that form the heart of EU efforts to reduce greenhouse gas emissions by at least 55 percent by 2030. […] The first law up for adoption was the updated version of the Emission Trading System (ETS) on industry, increasing industry emission-reduction targets to 62 percent by 2030. […] To keep EU industries competitive, a carbon border levy (CBAM) directed at goods coming into Europe was also adopted by a broad majority in parliament, making up the second leg of the so-called holy trinity. The levy will apply to imported steel, fertilizer, aluminum,...

In the perfect world of economic liberals, every commodity has its price. Limited supply makes goods more expensive and vice versa. That's how markets work—at least in theory. In practice, things often look different, and this is especially true when it comes to emissions trading, a business subject to a very different mechanism: laws dictated by the European Union. Economists have generally praised the trading scheme as a nearly ideal instrument for reducing harmful carbon dioxide emissions. … But for the last half year, prices for CO2 certificates have dropped almost continuously, decreasing by about half, to around €8 ($10.60)...

The Australian Senate has rejected Legislation to impose an Emissions Trading Scheme in an attempt to limit the emissions of carbon dioxide greenhouse gas. This is the second time this Legislation has been placed before the Senate and the second time it has been rejected. Could Australia be the first domino in an attempt to bring some truth into this debate?

You couldn't make it up: in the middle of the most serious recession for decades, with banks bailed out with billions of pounds of taxpayers' money, the denizens of the City have sniffed out what they think is the next big money spinner: trading thin air. Of course, the traders aren't heckling over 50 tonnes here or there of bargain basement London smog or Somerset meadow fresh. It's carbon dioxide which is now big business – and could become even bigger if the government gets its way at the UN climate talks in Copenhagen this December. At talks happening this...