After the vote to prop up the carbon market failed, prices dropped 40% to €2.63 a tonne

European Union politicians rejected a plan to prop up the world’s biggest carbon market on Tuesday, sending it plunging to a new record low and raising questions about its survival. After months of bitter debate, a plenary session of European Parliament in Strasbourg, France rejected by 19 votes a commission proposal to temporarily remove some of the oversupply that has overwhelmed the market for permits to emit carbon dioxide.