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| Subject: These are common problems with emissions trading | |
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Author: Stephen |
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Date Posted: 13:54:55 04/26/07 Thu In reply to: Oropan 's message, "Enron 2" on 13:30:31 04/26/07 Thu I believe emissions trading was created by George HW Bush. It was an diotic scheme in the first place. It did not reduce the problem where it was needed but rather simply allowed some businesses to make money off of others. In the end, the ones thta made the most money were the brokers. Apparently the Europeans are now learning this lesson for themselves. The sad thing is that during Kyoto negotians, the USA pushed for emissions trading. EU did not want to do this. But in a last-ditch effort to keep the USA in the treaty. Of couse Bush dropped the whole thing and stuck the rest of the planet with the task of saving the environmental while he and his major donators ran a propaganda war against Kyoto, EU, and science. >Industry caught in carbon ¡®smokescreen¡¯ >By Fiona Harvey and Stephen Fidler in London > >Published: April 25 2007 22:07 | Last updated: April >25 2007 22:07 > >Companies and individuals rushing to go green have >been spending millions on ¡°carbon credit¡± projects >that yield few if any environmental benefits. > >A Financial Times investigation has uncovered >widespread failings in the new markets for greenhouse >gases, suggesting some organisations are paying for >emissions reductions that do not take place. > > >ADVERTISEMENT >Others are meanwhile making big profits from carbon >trading for very small expenditure and in some cases >for clean-ups that they would have made anyway. > >The growing political salience of environmental >politics has sparked a ¡°green gold rush¡±, which has >seen a dramatic expansion in the number of businesses >offering both companies and individuals the chance to >go ¡°carbon neutral¡±, offsetting their own energy use >by buying carbon credits that cancel out their >contribution to global warming. > >The burgeoning regulated market for carbon credits is >expected to more than double in size to about $68.2bn >by 2010, with the unregulated voluntary sector rising >to $4bn in the same period. > >The FT investigation found: > >¡ö Widespread instances of people and organisations >buying worthless credits that do not yield any >reductions in carbon emissions. > >¡ö Industrial companies profiting from doing very >little ¨C or from gaining carbon credits on the basis >of efficiency gains from which they have already >benefited substantially. > >¡ö Brokers providing services of questionable or no >value. > >¡ö A shortage of verification, making it difficult for >buyers to assess the true value of carbon credits. > >¡ö Companies and individuals being charged over the >odds for the private purchase of European Union carbon >permits that have plummeted in value because they do >not result in emissions cuts. > >Francis Sullivan, environment adviser at HSBC, the >UK¡¯s biggest bank that went carbon-neutral in 2005, >said he found ¡°serious credibility concerns¡± in the >offsetting market after evaluating it for several >months. > >¡°The police, the fraud squad and trading standards >need to be looking into this. Otherwise people will >lose faith in it,¡± he said. > >These concerns led the bank to ignore the market and >fund its own carbon reduction projects directly. > >Some companies are benefiting by asking ¡°green¡± >consumers to pay them for cleaning up their own >pollution. For instance, DuPont, the chemicals >company, invites consumers to pay $4 to eliminate a >tonne of carbon dioxide from its plant in Kentucky >that produces a potent greenhouse gas called HFC-23. >But the equipment required to reduce such gases is >relatively cheap. DuPont refused to comment and >declined to specify its earnings from the project, >saying it was at too early a stage to discuss. > >The FT has also found examples of companies setting up >as carbon offsetters without appearing to have a clear >idea of how the markets operate. In response to FT >inquiries about its sourcing of carbon credits, one >company, carbonvoucher.com, said it had not taken >payments for offsets. > >Blue Source, a US offsetting company, invites >consumers to offset carbon emissions by investing in >enhanced oil recovery, which pumps carbon dioxide into >depleted oil wells to bring up the remaining oil. >However, Blue Source said that because of the high >price of oil, this process was often profitable in >itself, meaning operators were making extra revenues >from selling ¡°carbon credits¡± for burying the carbon. > >There is nothing illegal in these practices. However, >some companies that are offsetting their emissions >have avoided such projects because customers may find >them controversial. > >BP said it would not buy credits resulting from >improvements in industrial efficiency or from most >renewable energy projects in developed countries. > > >href="http://www.ft.com/cms/s/48e334ce-f355-11db-9845-0 >00b5df10621.html">http://www.ft.com/cms/s/48e334ce-f355 >-11db-9845-000b5df10621.html [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| So we agree carbon trading is a scame | Oropan | 15:39:12 04/26/07 Thu |
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