Thursday - April 26, 2007

An Inconvenient Fraud

OK, show of hands .... how many of you didn’t see this coming? The whole glowbull warming crap is starting to unravel faster than you can say “Al Gore”. Who, by the way, lives in a mansion that is contributing more to glowbull warming than any ten households in America. Who is also on the board of a carbon offset company he uses to justify his “do as I say, not as I do” philosophy.

Now we’re learning that some of these carbon offset companies are pure smoke and mirrors, i.e. fraudulent. Do you need any more proof that this whole matter is being used by some people for monetary gain or self aggrandizement?

Industry Caught In Carbon Smokescreen
(FINANCIAL TIMES-UK) - 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.

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:

■ Widespread instances of people and organisations buying worthless credits that do not yield any reductions in carbon emissions.

■ Industrial companies profiting from doing very little – or from gaining carbon credits on the basis of efficiency gains from which they have already benefited substantially.

■ Brokers providing services of questionable or no value.

■ A shortage of verification, making it difficult for buyers to assess the true value of carbon credits.

■ 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.

- More ...

Posted by The Skipper     on 04/26/2007 at 07:42 AM   
Filed Under: • Climate-Weather • Crime •  
• Comments (6) • Trackbacks(1)  Permalink •  

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