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Carbon dioxide emission allowances fell to their lowest level since the Emissions Trading Scheme (ETS) was launched in 2005 on Monday.
Since mid-2008, the price of the EU allowances for carbon emissions has fallen by half.
On Monday one allowance, which permits the emission of one tonne of CO2, cost €11.65 (£10.89), having reached €30 in July 2008.
According to Point Carbon, today (January 21st) one carbon allowance cost €11.63.
The fall in price reflects the downturn in the economy, with traders concerned that energy demand will fall and with it the amount of carbon dioxide emitted which companies will have to buy credits to cover.
According to the New York Times, the falling price of less carbon-intensive fuels such as natural gas is also having an impact.
Power companies are currently given millions of free credits, though this is to be modified when the system is reformed in 2013.
http://www.europeanclimateexchange.com/default_flash.asp
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