Goodbye, Green Fetish

Sorry, your delusions just cost too much.

EU carbon prices have slumped 15% in one week, as a slew of bearish news took its toll on the markets. “It’s just been carnage these last few days,” said a trader at an investment bank in London. “There has been a huge amount of liquidation from funds, banks and utilities.” [said] Mark Lewis, a Paris-based analyst at Deutsche Bank

Further to that new found wisdom:

Britain will have to abandon its carbon emission reduction targets if the public continues to resist higher bills, according to the chief executive of the British Gas owner, Centrica.