If you’ve been breathing a bit easier of late, there may be a reason: carbon dioxide emissions covered by the European Union’s cap-and-trade system fell a remarkable 11 per cent last year, according to preliminary data released by the European Commission. That is the biggest one-year fall since the emissions trading system began five years ago.
Unfortunately, the drop was not owing to the sort of forward-looking, green technology investments so frequently touted by Commission president José Manuel Barroso. Instead it was an unintended gift from the worst economic crisis since the Depression, which has slowed industrial activity. In weight loss terms, this is a bit like shedding 5 kilos through the accident of a stomach flu as opposed to the sustained virtue of diet and exercise.