Marketplace helps you stay financially responsible all year, now we need YOUR help to keep our budget on track.
Donate NOW to help us hit our target of 2,500 Marketplace Investors by June 30!
TEXT OF STORY
Bill Radke: European markets have been reacting to the outcome of last week’s climate change summit in Copenhagen. As Marketplace’s Stephen Beard tells us now, the so-called “carbon market” is taking a hit.
Stephen Beard: The market trades in carbon allowances and is supposed to be a key weapon in the fight against climate change. European Governments have capped the level of carbon that many companies can emit. If some companies want to emit more, they have to buy allowances from other firms that don’t need them.
When governments get really tough on carbon, those allowances will get a lot more expensive. This morning, they got a lot cheaper. They fell in early trading by 8 percent, having fallen by 6 percent at the end of last week.
Trevor Sikorski is a carbon analyst with Barclays Capital. He says the market has decided the Copemhagen Summit was a failure:
Trevor Sikorski: The accord is very weak. It doesn’t have any detail. It’s only two pages long. You know, it’s almost nothing.
He says any hopes that the price of carbon allowances would rise sharply in the short term making it more expensive to pollute, those hopes have have been dashed after Copenhagen.
In London, this is Stephen Beard for Marketplace.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.