Score for this Data / Query Cell
InfluenceMap has researched and collated the following pieces of evidence associated with the data source and query indicated above. Extraordinary information is indicated by a coloured flag in the upper right corner. Evidence items in order of data inputted with exceptional items first.
Opposing emissions trading
Not supporting the EU ETS (Report, January 2018)
Extract from Source:
Restrictive regulations, such as the EU ETS, taxes on carbon emissions, and the Large Combustion Plant Directive,6 have had an obvious and direct impact on energy prices. As more restrictive emissions targets are imposed over time, more fossil-fired generation is being shut down. One analyst recently noted that “fossil generators are facing an increasingly difficult operating environment, with a poor demand outlook, aging fleet, subsidies for renewables and policies to reduce emissions all having their hand in closures.” The EU ETS – which created Europe’s carbon trading market – represents another policy mechanism that has added to the cost of energy. The ETS is the world’s largest carbon cap-and-trade market and has existed since 2005. It covers GHG emissions from power and heat generation, energy-intensive industrial and manufacturing,8 and civil aviation sectors in 31 countries.9,10 In 2014, CO2 prices averaged €5.88 ($6.47) per metric ton,11 which amounts to approximately €6.92 ($7.62) per megawatt hour of electricity produced12 or a 17 percent premium over the average, wholesale cost of electricity produced in Europe.13 The EU ETS is a major element in the bloc’s program to cut GHG emissions 40 percent below 1990 levels by 2030. It penalizes higher carbon emitting technologies with a carbon price,thereby also providing a subsidy to renewables. While many legislative attempts have been made in the U.S. to implement a carbon cap-and-trade at the national level, they have failed and only a handful of mostly coastal states have moved ahead with their own versions of cap-and-trade.14