EU carbon-trade scheme fails to reduce greenhouse gases

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The EU‘s Emission Trading Scheme, launched in 2005 under British Prime Minister Tony Blair’s drive to combat climate change, created a trade in carbon allowances. A government minister has promised the next phase will be a big improvement, but the BBC maintains itโ€™s just โ€œa permit toย pollute.โ€

Under the plan, power generators received their allowances free of charge but were allowed to reflect the value of those in increased prices to customers, as if the companies had actually had to buy theย allowances.

Energywatch, a consumer group, says this increased electricity bills by about 7% in 2005. According to one UK government estimate, that delivered windfall profits of up to ยฃ1.3bn to the generators. So far the carbon scheme has brought no clear payback in terms of cuttingย emissions.

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