The EU emissions trading system (EU ETS) is a cornerstone of the European Union’s policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. There exists a ‘cap’ on the total amount of certain greenhouse gases that can be emitted by factories and power plants.
World War Three is being fought now, and it is an economic war! For example, unable to compete with cheap, imported Chinese steel, Tata Steel (UK) had wished to sell Port Talbot steelworks back in 2014. The writing was on the wall when, in 2014, 20 Tory MEPs voted ‘against’ measures to ‘cap’ Chinese steel imports into the EU. Tata then made £704 million by selling carbon emissions permits (it had received for free), to other firms wanting to pollute. Port Talbot could no longer produce large quantities of steel because no doubt it had run out of carbon emission permits!
Meanwhile, thousands of jobs and homes are to be created by ‘the biggest programme of rail developments since the Victorian age’. The project involves the regeneration of railway stations with homes and offices, following the transformation of sites in Birmingham, Manchester and London. Really? I wonder how much British produced steel is going to be used in this redevelopment? My guess is, it will be Chinese steel all the way! This is what happens when a Democracy decides to trade with a Totalitarian State. There will never a level playing field! Do spare a thought for the French wine-making industry. So far, 120 of the estimated 6,500 Bordeaux vineyards are in Chinese hands. This is set to increase significantly over the next few years!