MMMN! Oh the tears of unfathomable sadness! Yummy!
Posted on 05/26/2016 6:16:22 AM PDT by Oldeconomybuyer
The latest auction in California's cap-and-trade market for greenhouse gases fell sharply below expectations, as buyers purchased just 2% of the carbon credits whose sale funds a variety of state programs -- notably, the proposed high-speed rail project.
The quarterly auction, conducted May 18 and announced Wednesday, will provide just $10 million for state programs, including $2.5 million for the bullet train. The rail authority had been expecting about $150 million.
Whatever prompted the lack of buyers, the auction is a stark example of the uncertainty and risk of relying on actively-traded carbon credits to build the bullet train.
The state rail authority is counting on the greenhouse gas fees to fulfill its legal obligation of matching about $3.5 billion in federal grants.
The rail authority's recently released 2016 business plan had counted on getting about $10.6 billion from the greenhouse gas fees through 2050, about half of it by borrowing on the future income stream in about 2025. The plan drew warnings even before the auction that there are no assurances the market will generate the expected revenue or that private lenders would make loans vital to the project without demanding high-risk premiums on the interest rate.
If the auction results reflect a long-term shift in greenhouse gas revenue, it would raise new concerns about the viability of building the bullet train.
(Excerpt) Read more at latimes.com ...
What a scam.
We’re all the leftist liberals out protesting Trump?
“What a scam”
Well even the Dopes in Cali are on to it, 10 million out of a projected 150?!? That’s what I call a Nelson ha ha moment.
Total fools. They actually think they own the atmosphere and that you must pay them money to emit carbon.
Think about this, every time you fart or exhale, you are emitting carbon. Now California expects you to pay for this activity.
TODAY ONLY. Carbon Credits 1/2 off!
No checks. Send pin number and account number to me. RUSH.
you laugh, but can you feel the sadness of those that bought the valueless credits
They should have bought magic beans.
It would still have been foolish.
Most of us would still be laughing at them.
But they could boil the beans in their tasty salty tears.
No one is buying the climate change scam.
The market speaks far louder than politicians and environmental activists full of... hot air.
Don’t Cry For Me, California.
Maybe it is all of the businesses leaving California meaning fewer jobs and no selling of carbon credits.
This suggests that previous efforts to get CO2 pollution down have been very effective, so there’s not much need to buy more of them. If CO2 reduction were the goal, people would be celebrating this story – a government program that achieved its goal! But if the goal of making businesses buy credits is to fund ever-more government, well, that’s a different story.
Well, now they will just FORCE buyers to buy their credits. And they can call it a tax thanks to John Roberts.
Maybe they’ll issue the credits on fancy scrolled printed certificates - like old time stocks and bonds. With so few sold, it’d be an instant collectible on eBay!
Trading one scam for another. No wonder there aren't many takers.
Many manufactures have left the state so the demand for carbon credits is not there. Perhaps a carbon footprint tax is in order?
I understand AlBore has a large beachfront mansion out there. It should be worth at least a million in carbon footprint taxes every year.
Ha,ha! Hey Democrats your constituents have their hands out to receive, never to give or participate. Congratulations! This is one successful behavior modification you can take credit for.
MMMN! Oh the tears of unfathomable sadness! Yummy!
They will just raise the taxes on other things. One way or another the state will NOT be denied!
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.