President Obama has dropped the projected revenues from the ETS from the new US budget, acknowledging the dwindling likelihood of its passage after the recent senatorial victory of republican Scott Brown in the overwhelmingly democratic state of Massachusetts.
Last year the White House forecast ETS revenues of $646bn between 2012-2019.
Only a year ago it appeared highly likely that the US would follow the EU in establishing a nationwide cap-and-trade system, giving the growing carbon finance sector a massive shot in the arm.
