Sunday, 29 August 2010

A Price to pay for Carbon

The Red Green, Bob Brown, has said that he wants a price on carbon. This has been echoed by Foolya Julia and Ms Penny (New Hat) Wong. Well, The Chicago Climate Exchange was formed in 2000 and began trading in carbon (dioxide) credits in 2003. Some of the owners include Goldman Sachs and the company Al Gore co-founded - Generation Investment Management.

Initial Funding came from the Joyce Foundation, a body ostensibly set up to protect the natural environment of the Great Lakes, to reduce poverty and violence in the region, and to ensure that its people have access to good schools, decent jobs, and a diverse and thriving culture.The person on the board of the Joyce Foundation that secured the initial funding for this project? Barack Obama.

And what did Mr Obama say about Cap-n-Trade, the US version of the ETS? "Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket." Unfortunately, it is all starting to unravel.

(See link in title above) "Chicago Climate Exchange or CCX, is North America’s sole voluntary, legally binding greenhouse gas trading and carbon “offset” projects in North America and Brazil. Rueters reported on Aug 11th that Intercontinental Exchange Inc, the operating body for the CCX, will be scaling back major operations this month, a move that includes massive layoffs. This is likely due to the complete market free-fall of their only product… carbon emissions.

So really, does it matter what price Bob Brown and Julia Gillard put on Carbon Dioxide? In a falling market, anyone stupid enough to fall for the AGW hoax and wanting to buy carbon credits can buy them for bargain basement prices overseas!