Closing down the carbon exchange

When I first learned about the proposal to use a system of carbon credits and carbon trading as the main means of defeating climate change I was sceptical. This concept, pushed by the United Kingdom, seemed to me, to use the very devices that brought banking and the economies of many nations to their knees. I wrote then that the system was bound to fail in its objectives to reduce emissions and argued that what we needed was more measures, as opposed to measures to encourage measures. I also expressed concerns that the system would be rife with fraud.

I do not think that anyone today maintains that carbon trading actually has reduced emissions. It has probably been carbon neutral. There may be jam tomorrow. However, the system does suffer from fraud but the fraud is not quite what I expected.

I expected that those who have to participate in carbon trading, such as the large industries and the power generators, would fiddle the figures, to put it simply. The emission figures are based on assumptions and require some guess work. There are no emissions counting devices attached to those industries that emit carbon dioxide. In these circumstances I saw there was scope for businesses that need to buy or sell carbon certificates to adjust their emission figures and the timing of them for their own purposes.

As far as I know that particular fraud may be being perpetrated now; there is not audit of emissions by individual industries which is not based upon assumptions, so some of them might well have, for example, returned higher emissions than actual emissions in the early stages to benefit from carbon credits which were based on actual emissions later, without actually having reduced any emissions. Perhaps I am simply being cynical about the operation of business in these shadow markets where you trade something that no one wants. Experience of the banking crisis suggests that it is right to approach this matter with scepticism.

Fraud has developed in the carbon markets, but from a direction that I did not foresee. It seems that every European Union nation has a registry, which handles carbon market transactions which includes holding carbon certificates. These carbon certificates are a bit like bearer bonds, it seems, because some 470,000 EU allowances were recently stolen, by electronic means, from the Carbon Registry in the Czech Republic. It is not just the Czechs who have suffered cyber attacks on their Carbon Registry. The problem has also occurred in Austria, Estonia, Poland and Greece. Last Friday all European Union Carbon registries were closed and will remain closed until everyone is satisfied that the Carbon certificates cannot be stolen. No carbon will be traded until these registries re-open. It is tantamount to closing down the carbon exchange.

I wonder what those who designed the system of carbon trading are thinking today. We have carbon registries whose certificates can be stolen and resold, doubt as to the justification for issuing certificates in the first place and we have not a scintilla of evidence that the carbon trading system, years on, has saved a jot or a tittle of carbon dioxide being emitted into the atmosphere. The carbon registries should be closed permanently.

 

3 Responses

  1. Some groups will try to use climate change as a vehicle for gaining political power and establishing control over populations ia fairly sound model.

    These groups will try this regardless of whether climate chanhe is real or not and it will be their interest to exploit the fear ellements.

    IE an inconvenient truth, which has alloted this man around 200 million in the process, Gory figures of falsehoods if there ever was any.

    Carbon credits or as I like to call them payers who will pollute is destined to fail the enviornments in which we live.

    • Virtually every crisis, and we do have a climate crisis, can be used for exploitation and for seizing power. The way to prevent this happening with climate change is to address the issue with measures that address, prevent or slow down the pace of climate change, so that it does not become a crisis. If we living in a world where the climate has radically changed the opportunities for ruthless politicians will be far greater and the effect on our liberty will be disastrous.

      Robert

  2. Maybe our voted leaders don’t want to or are not able to address the issues we are facing, if we class our problems at say between 1-10 then I would guess we are between 1-2 because we are not yet looking at the real issues here on the planet, our food energy.

    What we are focussing upon is cost not in the nations wallet but individuals wealth who simply will not let one watt of a Dollars worth leave their control.

    Professor Brian Cox in his wonderous BBC television series about the universe gave away a few clues as to where our future energy needs will eventually come from, so did Tessla, yet the people with the money to get the ball rolling while we have time to do so simply will not, “Do you know why” ?

    Because they do not own and would loose control of what comes free to us every day and also loose our dependancy upon that system and a need for what they hold dearest to their heart, control of the customers as the most valuble resorce this planet has to give, US.

    In the realms of human endeavour to be free we in turn enslave ourselves to the very same system that destroys intuition through education, destroys spirituality through religion and common scense goes out the window.

    The only way to sort out this mess becoming a greater mess is to abolish all debt brough upon us by their system of control, that now fights every remaining free system for the ultimate control of your soul debt, before it is too late.

    Because every vested interest in any form of an alternative energy that is not free will end up costing your own freedoms in the future, the only form of energy that cannot be controlled nor destroyed is your own labour for yourself and that which the ancients held dearest in the sky.

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