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European Carbon Emissions Dropped in 2012

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A bird flies near chimneys emitting smoke in the harbour area of CopenhagenThe European Union (EU) announced a drop of 1,4 percent in carbon emissions from factories included in the EU carbon market.

This is the second year in a row for the EU to report reduction in carbon emissions, leading the way to reaching the EU emission target for 2020.

Although earlier predictions  indicated that there could be a raise in emissions for 2012 due to increased energy demand and cheap coal prices, the report showed 0.4% fall in emissions from the power sector and 3.9% from the industrial sector.

The report had an impact on carbon prices among traders, with a drop in prices by 2.9%.

Countries, which had an increase in emissions, include Britain, France and Germany, while the winners are Poland and Italy with drops of 3.2 and 5.7% accordingly.

Within the EU, companies are required to obtain carbon permits in order to avoid fines. The number of permits determine the price of carbon for trading. The demand and supply of permits should be determined based on the European Commission Report, which is due to be released on 15th of May.

 

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