Issue (WIWE) status: Submitted, Unpublished

Wild Card's progress: Fully-fledged

This Wild Card came from: 
European Commission Framework Programme for RTD

The theme/scheme related to this Wild Card: 
Theme 6 - Environment (including Climate Change)

The sub-theme that best relates to this Wild Card: 
Pressures on environment and climate

Likelihood timeframe and scenario features : 
now-2025

Wild Card's description: 

Who will bail out the climate bubble? Global carbon markets and pricing mechanisms fulfil the aspirations of the global climate community. But they quickly lead to runaway speculation, high-risk carbon derivatives markets, and an inflationary carbon bubble, driven by the perception of easy money in carbon finance. This rapidly undermines any remaining confidence in low carbon technology investment, and increases the vulnerability of the global climate governance system.