Climate Scam – World Bank Warns That The Carbon Market Is Failing

Carbon Trading - in terminal decline globally

Carbon Trading - in terminal decline globally

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 Aardvark

Climate Realist, Conservative and proud NRA member. I don't buy into the Man Made Global Warming Scam, science is never settled. @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 , , , , , , , . Bookmark the permalink. 10 Comments.

  1. That’s brightened up my day, TA. 😉

  2. In Australia the PM and her cohorts are saying that
    carbon taxing will cut emissions. Yet refused to answer
    a question yesterday posed by the Opposition deputy leader, is it true that this government will give the
    UN Climate Change Fund money. It was as always parried
    and the treasurer suggested that yes they would, but
    forgot to mention it was $600 million! The PM also quoted UK’s commitment and their independent committee
    on climate change that they want to install here.

    I see Britain is selling off their carbon credits.
    Rats leaving a sinking ship eh?

  3. This is rubbish – an uneducated rant

  4. Whose uneducated Phuckme? Just read for yourself if you can read without your rose coloured glasses?

  5. Trading in thin air. Like that was ever going to work. MMGW is just a modern day version of tulip bulbs and the South Sea bubble – parting fools from their money.

  6. Absolutely Henry, I have compared it to the South Sea
    Bubble, but call it the Carbon Bubble. However, what worries me is that there is trillions of dollars invested
    if it flops completely then where does that leave honest investors. Pension funds etc. They are selling now
    so might recover some of their money. The quicker the better in my book.

  7. California is again leading from behind. Carbon trading will fuck the state over more than it already is, and living there I can assure you it’s financially fucked.

  8. I wish someone would inform the Aust.Govern. Same as the EU, but they have the cheek to say they will tax
    QANTAS when it flys over Europe if Australia doesn’t introduce a carbon tax by Jan 2012. This is blackmail.
    Why should we bail out the EU. PM is saying Cameron
    has signed an agreement to cut emissions by 50%.
    Is that true, I thought he said he would if the EU signed the same by 2012. They haven’t cut their emissions and now in deep financial trouble and want little Australia to pay up too. We have only 22 million
    people spread over the country that is 2/3 desert. Because the further you get from the ocean rain fall

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