|Image: Larry Pickering|
Under the full arrangement businesses will be allowed to use carbon units from the Australian emissions trading scheme or the European Union Emissions Trading System for compliance under either system.
"Starting today, Australian liable entities can purchase EU allowances for future compliance in Australia," Mr Combet said. (link)Greg (You're so wrong, Greg) Combet says that Australia will link to the European Scheme.
The Australian Minister for Climate Change and Energy Efficiency, the Hon Greg Combet MP, and the European Commissioner for Climate Action, Ms Connie Hedegaard announced today that Australia and Europe will be linking their emissions trading systems. (link)And the price, Mr You're so Wrong?
Mr Combet repeated he was confident of the Treasury modelling, which predicts a $29 a tonne carbon price in 2015/16.But, in reality, the price has fallen to around 20% of that: (link)
THE European carbon market, which Australia has agreed to join, has been plunged into crisis with the price falling below E5 ($6.30) a tonne for the first time.
The European price is now less than a quarter of Australia's fixed carbon price and has lost 70 per cent of its value since mid-2011.UPDATE:
Prices in the EU's Emissions Trading Scheme (ETS) on Thursday dropped to 2.81 euros a metric ton (1.1023 ton) after a vote in the European Parliament's energy and industry committee opposing a scheme known as "backloading" to support prices by extracting allowances from the market and reinjecting them later.That's less than 10% of the Green Gillard Government and Mr Combet's $29 a tonne.
And here's another little bit of info for Mr You're so wrong Combet. The Mafia are involved in the European Reneable Energy Scheme.
“Uncle Vincenzo,” implored the businessman, Angelo Salvatore, using a term of affection for the alleged head of Sicily’s Gimbellina crime family, 79-year-old Vincenzo Funari. According to a transcript of their wiretapped conversation, Salvatore continued, “for the love of our sons, renewable energy is important. . . . it’s a business we can live on.”
And for quite awhile, Italian prosecutors say, they did. In an unfolding plot that is part “The Sopranos,” part “An Inconvenient Truth,” authorities swept across Sicily last month in the latest wave of sting operations revealing years of deep infiltration into the renewable energy sector by Italy’s rapidly modernizing crime families.