3 million equivalent barrels oil per day or 5He is at home the American flag on his houseSince then it is the permanent guerrillaVipi The pronunciation English initials ofIt is not restricted to the massacred valuesWhen less oil need ideas of substitutionBecause Picasso is not a monolithic beingAccording to the Financial Times News CorpFinally we focus on the hero of the story6 the month previous but less did the consensus 0Gloom in the financial markets won the CO2 market. Despite a historic political agreement obtained last December by the Governments on the package climate-energy which sets emission reduction targets, energy efficiency and renewable energy production for the coming years, the price per ton of CO2 collapsed by 70 since July 2008 where he had reached 31 euros. In anticipation of a strong decline in production and therefore a decrease in their own because of the economic crisis CO2 emissions, industrial experience not the need to purchase rights to issue on the market to meet the requirements of Brussels. And no speculator presented to buy, even if the quotas can be kept for one period on the other. Result, yesterday, per ton of CO2 exchanged at 9.30 euros. But this decline is also explained by the race to liquidity of certain companies which are no longer what fund their cash with banks. Therefore, they decided to sell in the market for cash of allowances received free of charge. The volumes on the Bluenext platform went from 1 to 14.6 million tons since last October.
A major political risk
Mark Lewis, Director of carbon research which had already sounded the alarm early February by the European Commission, yesterday published a study in the vitriol of some forty pages entitled "review of the CO2 market: an unfinished work." The analyst said that the European Commission can continue to cross your fingers that the market is not collapsing and persist in refusing to intervene to reverse the trend. But he says that it takes a major political risk while the Copenhagen meeting on the future of international climate negotiations to be held next December. "CO2 market is the symbol of the European political voluntarism in the fight against climate change," he says. And add: "everyone believes in what passed in the first period (2005-2008), where prices have finished to almost zero, but no one wants to believe that history can repeat itself." It would be a disaster example at the same time where other countries are preparing to adopt such a system. The Australians, which have ratified the Kyoto Protocol in 2008, planned to start their own market of CO2 in 2010, and US President Barack Obama, he also promised the establishment of a market system ("cap and trade"). Finally, the decline in the European market is established by the Kyoto Protocol flexibility mechanisms that allow Western industrialists to invest in emission reduction projects in developing countries to achieve part of their own reduction targets.
Sensitive subject
Difficult to push the India, China or the Brazil to commit if the price of emission reductions are low, which consumes all the assistance provided by the West. "The Commission must have a plan B". "Be revising directive quotas and said today that the rate of emission reduction from 2020 will be rendered more severe, which would give more value to the quotas currently sold on the market", explains Mark Lewis. Politically, the subject is sensitive knowing that the adoption of the European climate-energy package last December is passed to two fingers of the disaster. The Polish refused any constraint for their electrical sector and the Germans wanted to defend their heavy industry. The study is to consider that it set a minimum price for CO2 quotas that electric industrial will buy from 2013. A proposal which is neither more nor less to fix a carbon tax. What give buttons to European manufacturers.
