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Posted: 17 Apr 2013 04:20 PM PDT

carboncreditcertificateThe European Union’s climate change policy is on the brink of collapse today after MEPs torpedoed Europe’s flagship CO2 emissions trading scheme by voting against a measure to support the price of carbon permits. The price of carbon crashed up to 45 per cent to a record-low €2.63 a metric ton, after the European Parliament rejected a proposal to change the EU emissions-trading laws to delay the sale of 900m CO2 permits on the world’s biggest carbon markets. --Bruno Waterfields, The Daily Telegraph, 16 April 2013

Given the manifest reluctance of the world’s big emitters to accept any legally binding carbon targets and in face of our deepening economic crisis, Europe should undertake a comprehensive review of its economically damaging carbon targets and — in the absence of an international agreement — should consider the suspension of all unilateral climate policies that threaten Europe’s economic recovery. –Benny Peiser, National Post,  25 November 2011
"The decision means the end of a European approach to climate policy." --Felix Matthes, Spiegel Online, 17 April 2013