The Head of the European Carbon Exchange admits what we’ve known for some time, that Europe’s cap-and-trade scheme has not reduced greenhouse-gas emissions since it began in January 2005:
The Commodities and Futures Trading Commission even believes that within five years, carbon could surpass crude oil as the world’s most traded commodity. Mr Birley is the first to admit that the European system “hasn’t actually reduced emissions” so far.
This complete failure to meet its supposed objective comes at a high cost. The Taxpayers Alliance in the U.K. estimates that cap-and-trade cost European consumers around $140 billion last year, and possibly much more. That’s a high price to pay for not actually reducing emissions. Just wait till it starts actually working, then we’ll see real money being spent!