Posted on 11/08/2010 10:14:06 AM PST by Ernest_at_the_Beach
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
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 Pajamasmedia.com (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 Chicagobusiness.com (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
California air board to unveil cap-and-trade program for CO2
ping!
because california leadership are idiots.
**********************************EXCERPT*****************************************
Roger Sowell says:
We will be needing a carbon exchange in California. Correction: Kooky Kalifornia.
California Cap and Trade is alive and well as part of AB 32, which survived a challenge at the ballot box on November 2. Trading carbon instruments is a key to the program.
************************************EXCERPT**************************************
Jimmy says:
ICE buys up Climate Exchange for US$604M
May 01, 2010
http://www.livetradingnews.com/ice-buys-up-climate-exchange-for-us604m-12800.htm
From US$604m to $0 in six months.
A classic financial pump & dump scheme. Carbon trading is the largest fraud ever perpututated on mankind. Obumma.
it should be pretty interesting what becomes of California’s economy vs. that of Michigan and Wisconsin in the next two years.
This is just a guess, with no evidence to back it up - but, I’ll bet that AlGore didn’t lose *his* plus-size shirt on this....
************************************EXCERPT**************************************
Jimmy says:
ICE buys up Climate Exchange for US$604M
May 01, 2010
http://www.livetradingnews.com/ice-buys-up-climate-exchange-for-us604m-12800.htm
From US$604m to $0 in six months.
A classic financial pump & dump scheme. Carbon trading is the largest fraud ever perpututated on mankind. Obumma.
The Kalifornia dim-bulbs will be trading carbon futures with each other like second graders trading bubble gum cards...
” The Kalifornia dim-bulbs..... “
The Kalifornia dim-environmentally-correct-CFL-light-sources....
[There - fixed it for ya... No charge... ;)]
That is spectacular news!
I'm so glad to see less power in the hands of the Carbon Credit Profiteers.
This adds to the discrediting of the entire AGW scam.
I hope the promoters of this vile industry lose a lot of money. Especially the ones that knew that it is a lie.
Someone described this business as one that:
“has a product that doesn't exist that never has to be delivered”
thanx! I allus takes all the help I kin git. ; )
* The Kalifornia dim-bulbs will be trading carbon futures with each other like second graders trading bubble gum cards...*
I strongly hope that they are worth much less than bubble gum cards!
I hope it died a PAINFUL death!
And this too from New Mexico:
Panel OKs State Cap, Trade Plan (NM-Cap and Tax, last gasp by Richardson admin.)
The new incoming Republican governor has vowed to do what ever is necessary to repeal this, by executive action, legislative action or legal action.
Good!
Lone Cap and Trade Action Needs Reversal (ABQ Journal Editorial)
FYI
Norfolk Island to trial world’s first personal carbon trading scheme
Norfolk Island, a former British penal colony in the middle of the Pacific Ocean, is to become the first place in the world to trial a personal carbon trading program.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
