CO2: EU carbon credits discredited
6 October 2010
"Buying carbon credits is like throwing money out the window,” headlines the Danish paper Information, summing up the report released on October by the Danish NGO Økologiske Råd (Ecological Council). The report says the EU Emission Trading Scheme (EU ETS) isn’t working. When the system first got going, too many credits were sold to companies for a song: €15 per tonne of CO2 emissions – which is no real incentive for businesses and households to cut down on emissions. And the economic crisis is only adding fuel to the carboniferous fire. Økologiske Råd recommends completely overhauling the cap and trade system – and for starters, reducing the current quotas.