Europe’s phony hot air market slowly sputtering to a halt

It’s actually a surprise the socialist bloc have managed to hold it together this long.

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More downside risk seen for hard-hit EU carbon market – Prices of European Union carbon permits have shed a third of their value since the start of the year and could fall further as the euro zone crisis, a glut of carbon permits and an aviation spat depress market sentiment, analysts said on Friday. Hard times have affected the EU emissions trading scheme, the bloc’s main policy tool to fight global warming by capping emissions on some 11,000 carbon-intensive power stations and industrial plants in 30 countries. (Reuters)