Environmentalists and green bureaucrats have watched in shock as the coronavirus global shut down has now caused carbon credit markets to crash.
The European Union’s carbon credits price has fallen by 40% this year so far. This market was worth $215 billion last year, according to Bloomberg Environment. The price drop has rubbed out two years of EU carbon market gains.
It turns out that if there are extremely low levels of carbon dioxide emissions, as is the case currently with businesses and industries shuttered, the companies doing the carbon emitting don’t have to buy any carbon credits to make up for it.
And if no one is buying carbon credits to offset emissions, well, then the so-called “market” for carbon dies.
Wait a minute, isn’t the whole idea of these carbon credits to reduce CO₂ emissions; what climate campaigners refer to as horrible pollution?
As Luke Skywalker said when approaching the Death Star for the first time in Star Wars Episode IV: A New Hope, “I have a very bad feeling about this.” more