The plunge in European Union carbon permits is putting prices on course for their longest-ever decline and shows no sign of ending as member states wrangle over curbing a glut in the market. “It’s a big challenge to re-design the ETS and make it a system that would reward both energy efficiency and pure emission reductions, but you can’t avoid it. It’s like being on the Titanic and seeing the iceberg in front of you; either you make a U-turn or crash,” said Jan Pravda, director of Prague-based Pravda Capital Trading. --Ewa Krukowska, Bloomberg, 30 March 2012
