Skip to content
Subscriber Only

Australia to Cut Carbon-Revenue Forecast as EU Price Plunges

Australia will lower its expected revenue from selling carbon allowances after the European Union, its partner in a cap-and-trade system set to start in 2015, failed to win support for lifting record low prices.

European carbon permits fell the most on record following a vote yesterday in Strasbourg, France, to reject an emergency measure to reduce surplus allowances. Carbon for December fell 35 percent to 3.09 euros ($4.07) a metric ton on the ICE Futures Europe exchange, the lowest-ever settlement for the contract.