They waited until well after the debate over Lieberman-Warner in the Senate was over, but the New York Times finally reported today that Europe’s carbon capping scheme is not working. James Kanter writes:
This week, the European Environment Agency reported that emissions from factories and plants that trade pollution permits rose 0.4 percent in 2006 over the previous year, and 0.7 percent in 2007, the first two years of the system’s operations.
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European Union officials acknowledge that establishing such a vast market has been more complicated than they expected.
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During the three years in which they participated in the first phase of the market, carbon emissions in the iron and steel sector in Britain alone rose more than 10 percent while emissions in the cement industry rose more than 50 percent, according to transcripts from the British Parliament.
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Meanwhile, poorer countries in the union, led by Hungary, are clamoring to overturn emissions allowances that they say are too stingy and risk undermining their economic growth.
Higher energy prices, weakened industries, and lost jobs … all for the benefit of increases in carbon emissions. Where do we sign up!
