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Public carbon trading dead in the USA ( However California CARB is at work )
Watts Up With That? ^ | November 8, 2010 | Anthony Watts

Posted on 11/08/2010 10:14:06 AM PST by Ernest_at_the_Beach

Public carbon trading dead in the USA

Posted on by Anthony Watts

Gore’s grand experiment has flatlined.

As we reported almost two weeks ago, the Gore and Pachauri advised Chicago Carbon Exchange (CCX) has closed. Closing price? A nickel per ton of CO2.

Here’s the final day closing page for posterity:

A 16 lb bag of charcoal briquettes is worth more than a ton of CO2. About 220x more.

Here’s more on the story:

Carbon Trade Ends on Quiet Death of Chicago Climate Exchange

By John O’Sullivan

Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.

The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on (November 6, 2010) finds this huge story strangely unreported by the mainstream media.

To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”

Not until November 02, 2010 had the story even been picked up briefly and that was by (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”

Collapse is Personal Setback for U.S. President

Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.

Failure of European Climate Market May Follow

Milloy writes, “although the trading in carbon emissions credits was voluntary, the CCX was intended to be the hub of the mandatory carbon trading established by a cap-and-trade law. Trading carbon was, the only purpose for which it was founded.” But with their resurgence after the mid-terms the Republicans have now put a new cohort of global warming skeptics into the corridors of power.

Unlike the American voluntary scheme, the European cousin of the CCX, the European Climate Exchange (ECX), continues to trade due to the mandatory carbon caps of the Kyoto Protocol. But the future of the ECX will be in doubt unless a new climate treaty to replace the Kyoto Protocol is introduced. That treaty expires in 2012. But the ineffectual Copenhagen Climate Conference (2009) exposed an inability among international politicians to agree on climate change. If this stalement persists then the European ECX may likely suffer the same fate as Chicago’s CCX.

read the rest here

TOPICS: Business/Economy; Extended News; News/Current Events; US: California
KEYWORDS: ab32; arnoldlegacy; capandtrade; carbontrade; carbontrading; ccx; globalwarminghoax; greengovernor
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To: Whenifhow; CedarDave
And...I just found this in the comments from the article:


Jimbo says:

November 8, 2010 at 10:03 am

Just when you thought it was all over!

Guardian – 7 November 2010
Chicago Mercantile Exchange starts offering rainfall futures and options
“As the Chicago Mercantile Exchange offers futures on rainfall, climate prediction is becoming big business worth $15bn”

What’s wrong with the local weather service? :o(

21 posted on 11/08/2010 11:06:06 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: All
More from the comments:


Curiousgeorge says:

November 8, 2010 at 10:39 am

It’s not just the CCX that has gone belly up. It seems Ma Nature has got a beef with biofuels and has tossed a wrench into the biofuel industry in the form a virus that impacts the feedstocks – switchgrass in particular. It ain’t nice to fool Mother Nature.;jsessionid=27F946D6ADB5CDBAF48D0AE806507477.agfreejvm2?symbolicName=/ag/blogs/template1&blogHandle=ethanol&blogEntryId=8a82c0bc2a8c8730012c2c8a748713d2&showCommentsOverride=false

22 posted on 11/08/2010 11:09:56 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

23 posted on 11/08/2010 11:22:22 AM PST by Nateman (If liberals are not screaming you are doing it wrong!)
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To: Ernest_at_the_Beach

What’s the difference between this crooks and the ones trading Subprime loans? Oh yeah, these are Democrooks.

Pray for America

24 posted on 11/08/2010 11:34:06 AM PST by bray (A November to Remember)
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To: Ernest_at_the_Beach
How much are they going to pay me to make 5 yards of charcoal from wood as a soil amendment?


Oh, I thought so.

25 posted on 11/08/2010 11:59:22 AM PST by Carry_Okie (The environment is too complex and too important to manage by central planning.)
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To: Ernest_at_the_Beach
Perhaps with what was it Prop 24 or 26, that passed that in effect would control how moneys where dished out, might save you folks from the failed Prop 23. In short. Perhaps you won't end up getting scalped over this. For your sakes and ultimately all of use I hope it will be the case.
Once the new HR comes into being, we should see even more hope as any federal level (EPA) misuse of power regarding emission standards. The congress can defund the EPA if it pushes to hard.
26 posted on 11/08/2010 1:46:37 PM PST by Marine_Uncle (Honor must be earned....)
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