The plunge in the cost of wind and solar power that bankrupted more than two dozen manufacturers is forecast to spur a tripling of investment in renewables by 2030 and to reduce the grip fossil fuels have on world energy supply.
Canadian Prime Minister Stephen Harper has vilified political opponents who support a tax on carbon-dioxide emissions. The oil-sands industry, Canada’s fastest growing CO2 polluter, says he’s out of step.
Global carbon markets will grow 15 percent in 2011, the most in three years, on higher prices and increased demand for emission allowances from energy companies, analysts at Bloomberg New Energy Finance said.
The value of global carbon market transactions plunged 36 percent last year as European Union permit prices fell and United Nations emission credits dropped to records, according to Bloomberg New Energy Finance.
The U.K.’s efforts to build a shale gas industry will fail to unleash the decline in prices that has benefited U.S. fuel consumers as its cost of extraction will be too high and output too slow, Bloomberg New Energy Finance said.
The European Union proposed a ban from the start of 2013 on tradable credits linked to certain industrial gases, prompting exchanges to begin creating new futures contracts to reflect a change in emissions regulation.
The European Union proposal to ban some United Nations-sponsored carbon offsets from use in the EU emissions-trading system will have only a “very slight” impact on European permits, according to Bloomberg New Energy Finance.