Energy round-up: carbon markets have failed - by : Stephen Devlin

In theory, the world has the solution to soaring emissions – it’s called carbon pricing. Carbon pricing is an attempt to reduce carbon dioxide emissions by charging polluters to cover their external costs. Most economists and policy-makers argue the only efficient way to do this is through establishing a market for carbon. This is done through an emissions trading scheme (ETS): a fixed number of emissions permits are issued and a cap is set on the total emissions allowed.

#Budget2015: Welfare for Fossil Fuels, Austerity for the rest

3:45 pm by mika

Today, Osborne announced massive tax breaks and subsidies for North Sea oil companies. A new £1.3 billion in subsidies will be handed to oil companies, with the burden transferred to the public. £1.3 billion could cover the costs of employing another 20,000 nurses in the NHS.