The ETS was designed to deliver a carbon price that would drive Europe towards a cleaner economy, but huge oversupply has seen the price of allowances plumb record lows of around €6 ($7.64) or less this April, compared to €17 a year earlier.
Hedegaard admits: “Our carbon market is delivering emissions reductions, but because of the oversupply in the market, the ETS is not driving up green technologies and energy efficiency strongly enough.”
The
