The mad world of carbon trading
...As the latest data from the (UK) Met Office's Hadley Centre shows global temperatures falling this year to a level only slightly above what they were in 1979, the International Energy Agency presents the G8 governments with a report calling for the world to spend $45 trillion (£23 trillion) on halving its carbon emissions by 2050.
That is more than two thirds of the entire output of all the economies on the planet. Admittedly some of this unimaginable sum, it says, should be spent on nuclear power stations. But trillions more should go on 215 million solar panels, hundreds of thousands of wind turbines and, inevitably, on those "carbon trading" schemes beloved of Al Gore, rapidly becoming the most insane commercial racket ever seen.
An unlikely warrior in the battle to show the lunacy of the carbon game is the BBC World Service's Business Editor Mark Gregory.
Gregory has shown three projects in India that are paid to reduce GHG's under the UN's Clean Development Mechanism ("CDM"). These CDM payments are made to companies that are taking additional action to reduce GHG over and above what they would have down without the incentive.
SRF a small chemical firm in rural Rajasthan received 3.8 million "carbon credits" to burn off greenhouse gases that are a by-product of those used in fridges. The value of these "credits" at today's carbon price is $50 million. Over the next ten years the company will be able to sell these for a staggering $500 million to firms in the developed world, so they can continue "emitting".
Yet, as the company cheerfully explained, it would have bought the incinerator used to burn off those gases anyway. In other words, the $500 million is a free gift, handed over to achieve precisely nothing. Hardly surprisingly, 3,000 more firms are queuing up to join a bonanza already worth $10 billion a year.This shows the global political system is run by lunatics for lunatics.
As the case for continued global warming (by any measure) falls to the floor, and the case for anthropogenic warming itself is absolutely unproven the lunatic fringe of warmists is pushing on regardless.
The IEA wants to spend $45Trillion on stopping climate change?
The UN is rewarding carbon schemes with hundreds of millions of dollars for doing what they were going to do anyway.