Global Warming Hysteria: Carbon Prices Plunge in Europe

The artificial market in carbon dioxide imposed on Europe by global warming hysterics, plunged after the Copenhagen debacle. From the story:

Carbon prices plunged yesterday in the aftermath of the Copenhagen conference on climate change, dealing a blow to the credibility of the European Union’s carbon-trading scheme. Prices for carbon permits for December 2010 delivery, the benchmark contract for pricing European permits, dropped nearly 10 per cent in early trading, before recovering to end the day 8.3 per cent lower at €12.41. Lower prices give companies less incentive to invest in cutting their greenhouse gas output. Analysts estimate that prices of more than €40 a tonne are required to stimulate investment in new low-carbon technologies.

Carbon traders blamed the price fall on the Copenhagen conference, which produced an accord among the world’s biggest developed and developing countries to limit their greenhouse gas emissions, but omitted details on what those limits would be. Governments now have a month to submit formal pledges on how far they will reduce their carbon output.

Well, then just impose the higher price: After all, these guys want to control the world.

It’s all so coo coo: The UK in particular, but much of the world, is in the grip of a stiff recession and these hysterics are upset because economic activity won’t be even further stifled.  This is why the US must never pass “cap and trade:” All it will do is hurt the economy while making certain favored anti-industrialists like Al Gore green-rich.