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🛢💸 The real deal about Carbon Pricing: Difference between revisions
🛢💸 The real deal about Carbon Pricing (view source)
Revision as of 17:57, 19 March 2020
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source: https://ec.europa.eu/clima/sites/clima/files/ets/auctioning/docs/auction_revenues_report_2017_en.pdf</ref>, and no mandatory agreement to re-invest it in Green policies. Thankfully, according to European Commission report on auction revenues use, between 2013 and 2015, 82% of the revenues were used for climate and energy purposes, with a focus on support of renewable energy and energy efficiency programmes.<ref>Analysis of the use of Auction Revenues by the Member States, European Commission, 2017. | source: https://ec.europa.eu/clima/sites/clima/files/ets/auctioning/docs/auction_revenues_report_2017_en.pdf</ref>, and no mandatory agreement to re-invest it in Green policies. Thankfully, according to European Commission report on auction revenues use, between 2013 and 2015, 82% of the revenues were used for climate and energy purposes, with a focus on support of renewable energy and energy efficiency programmes.<ref>Analysis of the use of Auction Revenues by the Member States, European Commission, 2017. | ||
source: https://ec.europa.eu/clima/sites/clima/files/ets/auctioning/docs/auction_revenues_report_2017_en.pdf</ref> This was for carbon trading in EU, but if you consider carbon taxes that are levied nationally, it becomes more difficult to follow the revenues use.<ref>As citizens, nobody would like to learn that carbon pricing revenues are used to refund national debt or subsidy companies that are already thriving.</ref> | source: https://ec.europa.eu/clima/sites/clima/files/ets/auctioning/docs/auction_revenues_report_2017_en.pdf</ref> This was for carbon trading in EU, but if you consider carbon taxes that are levied nationally, it becomes more difficult to follow the revenues use.<ref>As citizens, nobody would like to learn that carbon pricing revenues are used to refund national debt or subsidy companies that are already thriving.</ref> | ||
[[File:Carbon-Market-Watch_cement-industry-report-cover.png|thumb|Thumbnailed image|Carbon Market Watch cement industry report cover, in 2016.]] | |||
[[File:Cement-profit-euets_2016_Cement-windfall-from-the-ETS_CarbonMarketWatch.png|thumb|Thumbnailed image|Cement companies profit from their pollution under the EU ETS. 2016 Cement windfall from the EU ETS, CarbonMarketWatch, p.02.]] | |||
Despite the goodwill of governments, some frauds have been spotted, like the case of French cement producer Lafarge who benefited of an overestimated CO2 emissions permit, while shutting down plants; thus being able to sell its extra allowances on the carbon market for a total exceeding €1100M in 5 years. Between 2008 and 2014, the cement sector might have made €2,7B of windfall profit from this allowances surplus.<ref>Carbon Market Watch & Sandbag are 2 NGOs who contributed to unveil this scandal. | Despite the goodwill of governments, some frauds have been spotted, like the case of French cement producer Lafarge who benefited of an overestimated CO2 emissions permit, while shutting down plants; thus being able to sell its extra allowances on the carbon market for a total exceeding €1100M in 5 years. Between 2008 and 2014, the cement sector might have made €2,7B of windfall profit from this allowances surplus.<ref>Carbon Market Watch & Sandbag are 2 NGOs who contributed to unveil this scandal. | ||
source: https://carbonmarketwatch.org/wp-content/uploads/2016/11/Cement-windfall-from-the-ETS_4page_final.pdf</ref> No surprise the EU decided to decrease the share of free allowances since 2013: some industries were literally paid to pollute! | source: https://carbonmarketwatch.org/wp-content/uploads/2016/11/Cement-windfall-from-the-ETS_4page_final.pdf</ref> No surprise the EU decided to decrease the share of free allowances since 2013: some industries were literally paid to pollute! | ||