It’s the coal boss. It’s the oil boss. It’s the natural gas boss. We have allowed industry to control this country for decades and now we reap the profits. Congratulations America.
UPDATE 1-Carbon market puts brave face on headwinds
* Japanese, U.S. cap and trade schemes on hold
* Attendance down at flagship industry conference
* Global carbon price seen at about 30 euros in 2020
(Recasts, adds background, analyst quotes)
AMSTERDAM, March 1 (Reuters) – Carbon trading firms remain optimistic about a European market, after a 50 million euros cyberattack, but have given up hope on a U.S. cap and trade scheme, they told an industry conference on Tuesday.
Perhaps indicative of the problems facing carbon markets, attendance was well down on previous years at the Point Carbon conference, at nearly 800, compared with 1,700 in 2008.
The reputation of carbon markets has faced headwinds following the hacking in January of electronic emissions permits from a European scheme, the hub of global trade, as well as dimming expectations of a federal U.S. market.
In addition, hopes are fading that the world will agree on an extension after 2012 to the Kyoto Protocol, which sets binding emissions targets for industrialised nations and so drives demand for international carbon offsets.
“It did not impact trading volumes as much as it damaged credibility and that is the big problem,” said Stig Schjolset, a senior analyst at Point Carbon, of the thefts.
“But that problem can be solved.”
A European Union official said on Tuesday that its executive Commission was working on boosting security. [ID:nLDE7201RE]
The thefts were a jolt to the market which recently suffered a 5 billion euros ($6.91 billion) tax fraud, as well as a scandal involving the re-sale of used carbon credits and a phishing scam. [ID:nLDE70J1KT]
“It’s very, very clear that emissions trading has lost a bit of momentum,” said Ruben Benders, head of carbon markets at the trading firm Mabanaft.
Nevertheless, carbon market practioners felt the European scheme, which was launched in 2005, was still solid, said Point Carbon’s Endre Tvinnereim