Emissions Trading is not working

If there was ever any real indication of the failure of the use of market mechanism in an attempt to reduce carbon dioxide emissions it is the news that carbon emission brokers have been laid off in large numbers by their broking firms. The recession has cut the amount of emissions being created, rather than measures, and the artificiality of carbon markets has left, in these circumstances a surfeit of carbon saving instruments on the market with very few buyers. Continue reading

The United Kingdom’s Emission Savings Transition Plan

It is extremely easy to criticise Governments for not doing enough about climate change. They have to balance the various competing demands of voters and wealthy industries and commerce against the prospect of people and businesses suffering real damage, but perhaps in many years time. Inaction is always easier than taking action when the action to be taken will be generally unwelcome and will cause inconvenience and perhaps loss of short term quality of life. Governments also have to cope with another trait of humanity; they generally do not like change. Continue reading

Climate Change – Mr Stern and the fundamental failure of markets

Nicholas Stern economist and famed author of “the Stern Review: the Economics of Climate Change” claimed yesterday that “the problem of climate change involves a fundamental failure of markets: those who damage others by emitting greenhouse gases generally do not pay. Climate change is a result of the greatest market failure the world has seen.”  Continue reading