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Geoengineering a new climate: a story of moral hazard

In the latest episode of his satirical news show Mad As Hell Shaun Micallef made light of the inefficacy of European Union’s emissions trading scheme – due the economic slowdown the carbon price has dropped so severely that it no longer serves as a disincentive pollute.

“Isn’t the market and the need for economies to continue growing generally the problem? If the whole point of the exercise is to reduce carbon emissions and save the planet surely it’s in everyone’s interest for the financial crisis in Europe to continue. If no one makes anything and the factories keep closing, then it doesn’t matter what you’re charging to use your emissions.”

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