Finance
With Airlines Grounded, a Pollution Permit Auction Fails
- Sale of carbon emissions allowances had no successful bidders
- Carbon allowances have tumbled this year as virus hit economy
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Airlines pulled back from bidding in the European Union’s auction for permits covering greenhouse gas pollution, another indication that demand for energy is dropping rapidly.
None of the four bidders for carbon emissions allowances were successful in a contest for airline carbon allowances run by ICE Futures Europe on Wednesday. It was the second auction failure in a little more than a week.