Posted on 09/26/2007 11:16:21 PM PDT by neverdem
PARIS, Sept. 25 — A group representing some of the world’s leading banks will urge the United States and other industrial nations this week to move quickly to introduce a lightly regulated system for trading carbon emissions permits.
Permit-trading systems offer banks a potentially vast new business. For it to grow, leading economies — particularly the United States — will need to set limits on the quantities of greenhouse gases that can be released and to allow companies in other parts of the world to buy emissions permits.
“Where politicians opt to implement carbon constraints, then it should be cap-and-trade,” said Imtiaz Ahmad, head of emissions trading at Morgan Stanley in London and vice president of a lobbying group called International Carbon Investors and Services, which is being created to represent the banks.
The banking companies, which include Citigroup, Lehman Brothers Holdings and Morgan Stanley, are giving strong signs that Wall Street wants Washington to open the way to reduced emissions using a trading system based on the Kyoto Protocol, an agreement the United States did not ratify, rather than by enacting carbon taxes.
The group also includes European institutions like BNP Paribas, Barclays Capital and Deutsche Bank, as well as niche investment banks like Climate Change Capital and the law firms of Baker & McKenzie and DLA Piper.
A Kyoto-style trading system already operates in the European Union, where governments limit the polluting emissions that industries are allowed and require purchases of permits for any excess. But the European system had a rocky start. Overallocation led to volatility and a collapse in the price of permits last year.
Even though analysts say the European overallocation problem has largely been corrected, the banks are pushing for the European Union to auction permits to ensure that they are scarcer and...
(Excerpt) Read more at nytimes.com ...
But of course, it is now called climate change, so anything will qualify as a crisis. It is all about taxing and taxing so they can spend and spend on nonsense.
The scam continues.
I’ll be happy to trade them my emissions. Right after this super-sized bowl of chili.
I seem to rememeber reading one take on how “global warming” got started. Enron foresaw a vast market in carbon credits trading - and hired scientists to birth the mass consumption version of global warming which has been swallowed by most of the world now.
Without Enron in the way, looks like “banks” want in on it. Billions to be made there. The question - will the smart people fight it or decide to make some money off of it at the expense of the unthinking masses around the world?
If you thought the Mortgage Crisis was bad, just WAIT until the Carbon Credit Derivitives Market collapses!
Sickening transparent greed and selfishness on the part of the banks.
How about asking what is best for America, instead of what can pump profits the most in the short term?
Carbon Offset Credits:
How much do I get paid for eating a big, juicy Prime Rib?
How many months can I drive my Suburban guilt-free if I slaughter a cow?
Maybe a repeat of the Dutch Tulip Mania of the 1600s.
Please oh please let us trade worthless and meaningless pieces of paper for big, big money! Pretty please!
Over... my... dead... body!!!
As the only potential source for Carbon Credits, Russia stands to gain big in any trading scheme. They have a vast store of carbon credits because the baseline for Kyoto just happens to be just before the USSR collapsed and energy consumption dropped precipitously as the economy collapsed.
How about that! What a coinky-dink!
albore sure got rich, so why not banks?
Incorrect.
Lots of countries are in on the carbon offset scam.
plants trees somewhere, claim credits
recover landfill methane, claim credits
the scams are endless
***How about asking what is best for America, instead of what can pump profits the most in the short term?***
Pres. Bush refused to sign the Kyoto treaty. Unless Congress has enough votes to override his veto, we won’t be in the business of trading carbon credits with other nations.
The banks will now put pressure on the members of the House and Senate to get enough override votes. Watch to see which members start demanding such a bill, and DON’T vote for them.
By the way, Clintoon was in favor of the Kyoto treaty.
Makes me glad to have voted for President Bush:).
***Makes me glad to have voted for President Bush:).***
Me, too. Twice.
I wonder which bank Hillary has in her pocket so that she can get a large chunk of the carbon offset money.
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