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Carbon trading ready for its next act?
Date:22 Nov 2011
Slump in carbon trade bad for CCS says thinktank
Gone are the days when carbon trade was seen as a vital policy tool to cut emissions at the cheapest cost, and not many people talk about its prospects for overtaking the oil market in terms of traded value anymore. Its reputation has been battered by a 50 million euro ($68 million) scandal over permit thefts and a 5 billion euro fraud in the EU's emissions trading scheme, the world's largest. The slump has prompted an exodus of brokers and traders and means few companies will now switch from coal to cleaner power generation or invest in zero-emissions technology, such as carbon capture and storage.