The world’s biggest carbon market was left in disarray yesterday, with prices crashing almost 40 per cent in minutes, after European politicians rejected a plan to prop up prices.
The cost of permits in the EU carbon emissions trading system, a key part of the bloc’s cap-and-trade plan to tackle global warning, fell to a record low of €2.81 a tonne after a vote in the European parliament.
The eight-year-old market has seen two record low prices in the past four days, with some analysts saying carbon permits are essentially “worthless”.
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