- "The real loser though will be the UN's clean development mechanism (CDM). With a surplus of European credits on the market, there will be very little call for certificates of dubious provenance, from grubby little third-world operators, except at a huge discount."...(This happens when the tail wags the dog).
- The effect is mainly due to the recession, although the increased use of gas rather than coal and fuel oil for electricity generation has contributed to the downturn in emissions.
- costing electricity users about £1.5 billion.
With little immediate demand for the extra, these firms can save their credits for an upturn in the economy, to offset against future emissions. That, much to the chagrin of the greenies, means that
- the way is clear for them to increase their emissions over current levels without incurring penalties.
- Clearly, they have missed a trick here as they should have given the scheme to the officials running the CFP – that would guarantee a shortage of permits (and the destruction of the industries needing them).
What will now happen, of course, is that for the next round of certificate giving, the EU will try to set a lower "cap", which will have all the
- industrialists threatening to offshore their production – which they are largely doing anyway, ending up in a token cut which satisfies no one.
- which seem not to have lost their will to live.
- T'was ever thus and will remain so until we rise up and slaughter our tormentors – a prospect which is becoming ever more attractive by the day."