Europe's carbon conundrum

Another bruising week for the EU carbon market as uncertainty reigns; US Republicans ensure cap-and-trade is a no-go zone; Japan weighs its nuclear future and Sweden mulls a CO2 tax on meat.

The European carbon market had another bruising week, as prices plummeted 19.6 per cent between January 21 and 25 – their biggest weekly drop since they fell 21.7 per cent in June 2011. This time, the decline came after the industry committee in the European Parliament advised against a plan designed to boost emission allowances. The contract for December 2013 ended Friday's session at €4.11/tonne compared with €5.11/t at the close of the preceding week.

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