It was supposed to be the steering function towards emission-free energy sources: the co2 certificate. This vehicle is at the heart of the European energy transition. Its collapse to the lowest price since July 2021 shows above all that European industry is abandoning this project. The fanatical climate policy, which is supposed to culminate in a zero-emissions industry in 2050, is now coming up against the brutal economic reality that has to deal above all with the scarcity of resources. Other locations are simply cheaper, and the flight of capital from the eurozone to the United States is now part of everyday business for European industry.