Carbon-trading supertanker adrift ( Gore getting desparate )

JoNova ^ | August 17th, 2010 | joanne

[Ernest_at_the_Beach]

Good news… In news just in, there’s another important sign that the momentum is shifting as Money goes in search of better prospects.

ICE cuts 50% of staff at Chicago Climate Exchange

The 1st round of layoffs began July 23, with more to come.  U.S. climate inaction is being blamed as main reason for cuts. Things are so bad, that ICE is collecting feedback on what to do with climate bourse

ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.

Another said ICE cut around 20 roles at the CCX late last month, and at least another six high-level layoffs would come before next spring.

ICE bought Climate Exchange plc, owners of the CCX as well as London’s European Climate Exchange (ECX), the world’s largest marketplace for carbon credits, in April for 395 million pounds ($622 million), despite failed UN climate talks in Copenhagen last December and a lack of U.S. action on climate change.

Last week, ICE chairman and CEO Jeff Sprecher said the CCX may be pared due to a lack of profitability and that ICE is now seeking feedback about what to do with the exchange.

But prices for the carbon credits traded on the bourse since its 2003 launch, which were based on voluntary but legally binding emissions reduction commitments by its members, have crashed to around 10 cents a tonne from all-time highs of over $7 in 2008, and trading volumes have largely dried up.

Voluntary CO2 offset market participants shrink

LONDON, Aug 12 (Reuters) – Some major participants in the voluntary carbon market are shrinking after the United States failed to implement federal cap-and-trade legislation and the market stopped growing last year.

Intercontinental Exchange Inc. (ICE.N) has laid off staff at newly acquired Chicago Climate Exchange (CCX), industry sources said this week; the head of MF Global’s voluntary markets desk departed in June ; and EcoSecurities ECO.L closed its U.S. office earlier this year.
The market slowed in 2009 after six consecutive years of growth due to the economic downturn and uncertainty about future climate legislation. It fell by 47 percent in value to $387 million in 2009, said a report by EcoSystem Marketplace and Bloomberg New Energy Finance.

For the full story on Reuters, click the headings.

The short killer summary: The Skeptics Handbook. The most deadly point: The Missing Hot Spot.

[denydenydeny]

Just hold out till that lame duck session in November, boys.

[Ernest_at_the_Beach]

Meanwhile Al Gore is calling for demonstrations....FR Thread:

Gore calls for major protests on climate change inaction

[Darkwolf377]

For the first time I have the sense that the global warming bots really don’t want to hear from Gore.

[kingpins10]

Sad but true. I hope you (we) are wrong though. Crazy times we live in.

[Ernest_at_the_Beach]

fyi

[panzerkamphwageneinz]

You can’t make this crap up.

OH WHAT A DAY TO SEE THESE THIEVES LOSE EVERYTHING

OH THANK YOU LORD

[Ernest_at_the_Beach]

See link at #3 .

[bigbob]

First Algore’s climate stuff is shown to be made-up BS and then he gets so much scrutiny he can’t even get laid.

Poor Algore!

[Moonman62]

Al Gore’s risky scheme.

[ModelBreaker]

“Al Gore’s risky scheme.”

But Guido, it was a sure thing. I had the votes in Congress.

[PGalt]

Gore should be incarcerated. International elitist fraud against the inhabitants of planet earth.

[gleeaikin]

I wonder if the Pakistani Muslims think they are hearing from Allah. And does Allah care about climate change? Will they decide they have been too nasty as terrorists, or not militant enough? ;-)

[DontTreadOnMe2009]

But prices for the carbon credits traded on the bourse since its 2003 launch, which were based on voluntary but legally binding emissions reduction commitments by its members, have crashed to around 10 cents a tonne from all-time highs of over $7 in 2008, and trading volumes have largely dried up.

[steelyourfaith]

Thanx Ernest_at_the_Beach !

 

Beam me to Planet Gore !

[Marine_Uncle]

Thieves in my store tend to know when they should leave the store. They sense some of us are watching them and they may be caught on company property and pinned to the ground and hand cuffed before running away free. I can completely equate the folks in the global warming scam in it's various disguises to those crooks that want to steal from my store.
The ones in the three piece suites etc., are just better at shoplifting without getting caught most of the time.

[SuziQ]

Well they took the risk, and tried mightily to drum up business for themselves by fudging data, and creating computer programs to 'prove' their contention that humans were the cause of Global Warming. They said we must accept higher taxes in order for governments to force us into 'green' living, but we have to buy indulgences from them, if we wanted to continue our fossil-fuel burning lifestyles.

They're losing the bet, and it ain't a pretty sight. ;o)