Climate Scam – World Bank Warns That The Carbon Market Is Failing
Posted by Tory Aardvark
As the Anthropogenic Global Warming scam continues it’s slow and inexorable death, the industries that clung to its back like renewables and the Carbon Trading Scam have started to wither and die as the AGW vine dies.
Prior to COP15 in Copenhagen and Climategate the wheels had started to come off the carbon trading wagon, as the recession bit across Europe and industrial output declined, so did emissions, which had a knock on effect on the need for investment. The recession, the corruption of the European ETS scheme and uncertainty about Cap n Trade in the US and Australia all played their part in the decline of Carbon Trading.
The Chicago Climate Exchange closed on December 31st 2010 which was another nail in the Carbon Trading coffin, further nails were hammered in as Cap n Trade legislation crashed and burned in the USA, and more recently US President Barack Obama dropped his “Settled Science” of man made climate change.
By February 2011 the economic realities of the recession had caused massive U turns in former Green policies. as European Governments looked at ways to balance their massive spending defects. Those industries expecting to be subsidised by the tax payer for their very expensive renewable and allegedly clean energy generation, had a rude awakening and smelt some not very pleasant coffee for them, their days of the bleeding the tax payer were over, the smart money got the hell out of Carbon trading, the dumb and the stupid stayed put.
Now the World Bank is warning that the Carbon Market is dying:
The international market in carbon credits has suffered an almost total collapse, with only $1.5bn (£914,248) of credits traded last year – the lowest since the market opened in 2005, according to a report from the World Bank.
A fledgling market in greenhouse gas emissions in the US also declined, and only the European Union’s internal market in carbon remained healthy, worth $120bn. However, leaked documents seen by the Guardian appear to show that even the EU’s emissions trading system is in danger.
The international market in carbon credits was brought about under the Kyoto protocol, as a way of injecting much-needed investment into low-carbon technology in the developing world. Under the system, known as the clean development mechanism, projects such as windfarms or solar panels in developing countries are awarded carbon credits for every tonne of carbon avoided. These credits are bought by rich countries to count towards their emissions reduction targets.
From its start in 2005, when the Kyoto protocol finally came into force, to 2009 the system generated a total of $25bn for developing countries. But last year’s $1.5bn was less even than the amount paid for credits in the first year of operation.
“This bodes very badly for the countries we are trying to help,” said Andrew Steer, special envoy for climate change at the World Bank. “The [carbon] market is failing us. It has done very good things in the past but it is not delivering what we feel is necessary.”
If the poor performance continued, it would mean increasing greenhouse gas emissions, he predicted. “We are heading for a 3C or 4C world [temperature rise].”
Andrew Steer the special envoy for climate change at the world bank, predicts a temperature rise barely considered rational at Copenhagen, post Climategate just more warming alarmist scare tactics to obtain money and power. Cant see anything is his bio that says he is a climate scientist or meteorologist so it’s difficult to see what weight his predictions carry.
Part of the problem is uncertainty over the future of the Kyoto protocol. The current provisions of the 1997 treaty, which took years to come into force because of wrangling among governments, are due to expire in 2012 and there is no agreement yet on a continuation.
The US refuses to take part in the treaty, and Russia, Japan and Canada said at the recent G8 meeting they would not continue under Kyoto.
The world is wising up to the great wealth and power redistribution scheme, with more and more environmental propaganda outlets openly talking about wealth redistribution, it is hardly surprising that the hard pressed governments of western nations are bowing to public pressure about giving money away.
But the future of the EU’s emissions trading system (ETS) is also in doubt, according to leaked documents. If the EU meets its target of improving energy efficiency by 20% by 2020, then the price of carbon permits under its trading system is likely to fall dramatically. This will in turn make it less financially attractive for companies to invest in low-carbon technologies.
The collapse of the EU Carbon Trading will more than likely damage the lunacy of CARB in California whose Carbon Trading scheme is currently being umbilically linked to the European system.
About Tory AardvarkClimate Realist, Conservative and proud NRA member. I don't buy into the Man Made Global Warming Scam, science is never settled. http://toryaardvark.com @ToryAardvark on Twitter ToryAardvark on Facebook
Posted on June 2, 2011, in Anthropogenic Global Warming, Cancun COP16, Church Of Climatology, Climategate, COP16, Copenhagen COP15, Fear, Green Jobs Lie, Green Lies, Green Taxation, IPCC, ManBearPig, Renewables, Social Engineering, Wealth Redistribution, Wind Power and tagged Anthropogenic Global Warming, Cap n Trade, Church of Climatology, Climate Change, Climategate, Global Warming, ManBearPig, Wealth Redistribution. Bookmark the permalink. 10 Comments.