Eon boss hits out over EU ETS failure

Eon boss Johannes Teysson has lashed out at politicians for failing to rescue the EU emissions trading system (ETS). Anyone who claims Europe is a pioneer of climate protection "should be ashamed", he told the German daily newspaper Suddeutsche Zeitung. 

Teysson urged swift action to revive the ETS, which was designed to protect the environment by making low carbon investment more competitive.

"European emissions trading is a patient on his deathbed; either we cure him quickly, or he dies," said Teysson. "And that would have unpredictable negative consequences, not only for climate protection."

Teysson's remarks came after MEPs voted down a proposal to boost a flagging carbon price by backloading the sale of emissions licences.

With pollution rights so cheap, said Teysson, "money flows back into an economy that is supposed to soon be history."

Source - http://www.utilityweek.co.uk/news/news_story.asp?id=198479&title=Eon+boss+hits+out+over+EU+ETS+failure