Just this week 10 Northeastern states conducted the first cap-and-trade auction for greenhouse gasses in the United States. While the compliant press portrayed the event as an unmitigated victory for the pro-carbon capping movement, the important thing to remember is that while the 10 states involved (Maine, Vermont, Connecticut, Massachusetts, Rhode Island, Maryland New York, New Jersey, Delaware and New Hampshire) did raise $40 million in revenue, not a single ounce of carbon has been reduced yet.

Back in the European Union, their carbon caps are just beginning to kick in. And guess what? Liek conservtiaves here in the states have always predicted it is killing their economy. So much so that Brussels looks likely to just give free permits away to struggling industries. EurActiv.com reports:

Poland has joined Germany in calling for industry exemptions to EU climate rules as a recession in Europe’s major economies is casting doubts on whether Brussels will be able to push through its ambitious CO2 reduction programme.
EU Industry Commissioner Günter Verheugen gave specific assurances to Poland that 100% free CO2 permit allocation “should be possible” for the country’s energy intensive industries. … the Commission cites the aluminium, steel and cement sectors as “likely to be strongly affected [and] would therefore be amongst the substances likely to benefit from partial to totally free allocations.”

And that is not all. Not only is the EU cap and trade program completely collapsing due to the harm it inflicts on the economy, the EU is also looking to expand oil and gas drilling. And in the exact same places that polar bears live too. EurActiv.com again:

Despite environmentalists’ warnings against drilling for oil and gas in such a fragile ecosystem, EU Energy Commissioner Andris Piebalgs said guaranteeing Europe’s energy security justified further exploration of the North Pole.
“You even need to go into hostile environments […] You can’t say ‘this is a sanctuary’ because it will not work […] Otherwise, where will we get energy from?,” he said, speaking at a debate organized by Friends of Europe.