„Der ETS wird zunehmend zu einem Finanzmarkt“, warnt Michael Pahle, Experte für Klimapolitik am Potsdam-Institut für Klimafolgenforschung (PIK). „Wir sehen im Markt immer mehr Hedgefonds und Investitionsbanken, deren Nachfrage nach Zertifikaten nicht durch das Interesse zu Emittieren bestimmt wird, sondern daran, finanziell zu verdienen oder sich abzusichern.“ Umso größer ihr Handelsvolumen, desto stärker verschiebe sich die Preisbildung am europäischen Emissionshandel (ETS), so seine These.
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