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The price of carbon in the EU emissions trading scheme hit a record high for the year yesterday, breaking through the €14 (£12.36) a tonne mark for the first time since the week before December's Copenhagen summit.

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"The New Zealand parliament passed a controversial new climate change law through parliament by a narrow majority on Wednesday, defying its own chief adviser on the environment. The centre-right government fast-tracked legislation setting up an amended emissions trading scheme (ETS) designed to reduce greenhouse gases blamed for global warming, which was passed by only 63 votes to 58.

Earlier, Parliamentary Commissioner for the Environment Jan Wright urged legislators to reject the law, saying, "In its current form, the bill virtually guarantees that the ETS will not achieve its stated goal of reducing our greenhouse gas emissions.""

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EU wide map of polluters in the carbon market showing those with an excess of credits and those in need of credits

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The least cost way to reduce power related carbon emissions in Europe would be to supplement the EU’s Emissions Trading System (ETS) with the introduction of Emissions Performance Standards for energy, according to a new study.

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