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.
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 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.
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.
Barclays Capital raised its estimate for European Union carbon prices for 2012 by 17 percent on speculation there will be tighter emissions limits through 2020 and a shortage of permit supply over the next two years.