It's nothing new. It started over a year ago, when US carbon trading crashed. Two weeks later, it closed. Now, it's our turn in Europe. It had already started earlier this Summer. But now, as can be seen in the left graphic, obtained from Bloomberg, carbon prices are diving even more! And this is yesterday's graph, as today, as I write, it is diving another -10.773% to € 7.040.I've been monitoring this for weeks, and today it has set it's minimum value for at least the last five years, which was for € 7.96, on the close of Feb 12, 2009, as can be seen in the graph below (from Bloomberg). The dive seems clearly related to the Climategate 2.0 revelations, since it closed at € 9.04 on Tuesday, diving more than 20% since then. These are definitely good news for Durban...
For more insight on the issue, the following news might be interesting:
- Carbon prices tumble to record low
- Carbon at record lows, confidence at rock-bottom
- It's time for a carbon floor price
- Carbon Collapse Shows Weaker EU Manufacturing: Energy Markets
- European carbon market plummets
Update: 16:30 CET The minimum price was reached slightly after this post was published, at € 6.95, but has been recovering since then, halving the loss.
