Very bullish on the EU economy. Cutting edge products produced, highest standard of living and satisfaction in the world period All the doomsday scenarios are made up by Yoghtos
Yup, you’ve found me out. I own politico.eu and use it to publish made up doomsday scenarios.
Except for that one practical example from France, which is some artisan glass producer with facilities (judging by the pictures) unaltered since the 1960ties that is temporarily(!) halting production, the article is very nebulous on actual examples of this happening. It also mentions BASF is passing, but they are downsizing because of comparatively low demand for their products in the last decade(!) in Europe and the somewhat higher than usual energy costs are just the final nail in the coffin for them.
Personally I think all of the companies that do struggle right now because of energy prices (and not other reasons like the case for most), would equally struggle if any kind of even slightly serious carbon credits would be introduced. Feel free to disagree on that, but I think those are long overdue and thus I don’t really see a problem with these companies shutting down. Europe as the largest economic block in the world can survive that.
Here are a few more examples for you.
- Mainzer North Channel Bank, founded almost 100 years ago declares bankruptcy.
- Zippendorfer Landbrot GmbH bakery chain, in business since 1925, now bankrupt.
- Bicycle manufacturer, Prophete, founded 110 years ago, insolvent.
- One of Germany’s largest nursing home operators, the Convivo Group has filed for bankruptcy.
- Shareholders stop financing brewer Jakobiner Bräu sending it insolvent.
- Transmission manufacturer Zimm in Ohorn is subject to provisional bankruptcy.
- Lighting systems supplier, Bäro is insolvent.
And while you may be correct that the same types of companies would struggle due to carbon credits, the reality of the situation is that deindustrialization leads to loss of sovereignty as it makes countries dependent on other nations for essentials.
Playing games like creating a carbon credit for domestic emissions and then simply moving production to places where there are looser regulations doesn’t help addressing the problem of climate change either. This scheme is simply designed to appease gullible people in Europe who worry about climate change without understanding the first thing about the economy.
