BM&FBOVESPA Cancels Voluntary Carbon Credit Market Auction

The Brazilian Securities, Commodities and Futures Exchange announces the cancelation of the voluntary carbon credit market auction. The auction was scheduled to take place on December 22, at 1:00 p.m. (Brazil Time). It will not be held on this date due to the lack of participants, in accordance to the auction’s Notice of Invitation to Tender.

Oh they want to bid it all right they stand to make billions but I suspect until it looks like it is a legally binding signed treaty they will wait a bit.

http://www.nlpc.org/stories/2009/12/07/goldman-sachs-challenged-embrace-global-warming-wake-%E2%80%98climategate%E2%80%99

http://www.americanthinker.com/2009/07/will_dems_allow_goldman_to_man.html

http://www.opensecrets.org/orgs/list.php?order=A

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

Carbon Capitalists Warming to Climate Market Using Derivatives

http://www.bloomberg.com/apps/news?pid=20601086&sid=aXRBOxU5KT5M

Who is Blythe Masters?

She is the JP Morgan employee who invented credit default swaps, and is now heading JPM’s carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article):

http://www.nakedcapitalism.com/2009/12/guest-post-woman-who-invented-credit-default-swaps-is-one-of-the-key-architects-of-carbon-derivatives-which-would-be-at-the-very-center-of-cap-and-trade.html

I don’t understand what a carbon credit is. Is it you exhalation? We are all carbon-based. Does that mean we will have to buy carbon credits in order to breathe?

I guess in a way you could say that yes we will pay to breathe but we will pay for it in other ways then individually buying it for example in the taxes passed on from business and the taxes we have to pay for the rest of the world.

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