Posted on 09/26/2007 11:16:21 PM PDT by neverdem
PARIS, Sept. 25 — A group representing some of the world’s leading banks will urge the United States and other industrial nations this week to move quickly to introduce a lightly regulated system for trading carbon emissions permits.
Permit-trading systems offer banks a potentially vast new business. For it to grow, leading economies — particularly the United States — will need to set limits on the quantities of greenhouse gases that can be released and to allow companies in other parts of the world to buy emissions permits.
“Where politicians opt to implement carbon constraints, then it should be cap-and-trade,” said Imtiaz Ahmad, head of emissions trading at Morgan Stanley in London and vice president of a lobbying group called International Carbon Investors and Services, which is being created to represent the banks.
The banking companies, which include Citigroup, Lehman Brothers Holdings and Morgan Stanley, are giving strong signs that Wall Street wants Washington to open the way to reduced emissions using a trading system based on the Kyoto Protocol, an agreement the United States did not ratify, rather than by enacting carbon taxes.
The group also includes European institutions like BNP Paribas, Barclays Capital and Deutsche Bank, as well as niche investment banks like Climate Change Capital and the law firms of Baker & McKenzie and DLA Piper.
A Kyoto-style trading system already operates in the European Union, where governments limit the polluting emissions that industries are allowed and require purchases of permits for any excess. But the European system had a rocky start. Overallocation led to volatility and a collapse in the price of permits last year.
Even though analysts say the European overallocation problem has largely been corrected, the banks are pushing for the European Union to auction permits to ensure that they are scarcer and...
(Excerpt) Read more at nytimes.com ...
I noticed the investment banks and hedge funds are behind the dems this time. And considering shes the senator from New York I’m sure her support from banks must be very deep.
I have planted dozens of trees in my life. So do I have carbon credits?
I also grow roses..including a very tall rose plant (2 are 12+ feet). Do I get carbon credits for my roses?
Those europeans are so silly.
Any remaining scientists with the capability to think rationally and independently should speak up loudly against the insanity. Otherwise, science will join the ranks of law and journalism for credibility.
It is my understanding that ONLY SIGNATORIES to the Kyoto Treaty have the right to create and sell carbon credits. That would eliminate the US and Russia.
It seems these Euro’s are now trying to get US banks and brokers to go along and make some $ by pressuring the US gov’t.
A new world order!!!
That was my first thought.
Like so many things these days, just another in along line of liberal hoax science. I wonder what Soros meant when he said we plan to politicize science? I wonder, and why?
It’s been a long time since I’ve read, “Extraordinary Popular Delusions: And the Madness of Crowds.” Didn’t the Tulip Bulb Mania end in complete & total financial collapse? Is this our fate concerening the Global Warming scam?
So I can’t get carbon credit for my roses?
“GOD I hope this madness stops soon.”
Unfortunately every good indicator is pointing in the direction that it will not.
Someone here called it for what it is...a form of ecoslavery. The term that came about, ecoslavery, had to do with people being exploited. The scams are huge and detrimental to many innocent people.
...But the treadle pump initiative raises the moral predicament of offsetting: decadent Westerners paying for their pollution to be neutralised by people in developing countries. “That particular project is an outrage because it’s so exploitative,” said Jutta Kill, of the green campaigning organisation Fern. “It’s just disgraceful.”
Customers of the Cooperative Bank will soon be making payments towards Indian peasants’ “human energy”,
(excerpt http://www.timesonline.co.uk/tol/news/world/asia/article2337485.ece )
An excerpt from a recent article of the UK Times Online describes the fate of one peasant in Uttar Pradash as he is given a treadle pump to offset the carbon emissions of David Cameron.
The job of the peasant is use the treadle to pump water for his farm 2 hours a day for the next 3 years. That doesn’t sound too bad does it? Let us consider this a different way though. The description works out to 2190 hours of human energy pumping, which equates to 54.75 weeks of work at 40 hours a week. So, we basically charged this peasant over $15,444 in American dollars for a human energy treadle pump. At that price we could have supplied him with a solar/wind powered pump! It is the very same type of pump banned in British prisons.
This to me is a type of slavery.
Define Eco-Slavery. Let us define it as the abuse of human energy to offset human impacts on the environment.
It is for this very reason we need immediate regulation of the Carbon Credit Industries springing up all around the world. Right now these Carbon Credit dealers run vastly shady deals and consumers have no way of knowing how their money is being used. Indeed the very article from the UK Times makes it sound like every thing is just fine for our peasant in Uttar Pradesh.
In actuality well meaning environmentalists are abusing people in third world countries.
IIRC it wasn’t as bad as the one in ‘29, but tons of people went broke.
Hopefully it’ll be confined to signators of the Kyoto treaty. I’ve no doubt that the EU will end with another world war in europe, and this kind of huxterism is just the kind of thing that would get it off to a roaring start.
I propose they commence trade in environmentally friendly, renewable resources - like daisy petals.
BINGO!
From Extraordinary Popular Delusions And The Madness Of Crowds:
“Commerce in Holland suffered a severe shock, and did not recover for many years.”
My point is that the only thing that will stop this GW hysteria is total failure. Mere setbacks won’t faze GW adherents.
Oh, be fair. They just want the government to use its force power to artificially restrict something so as to create a "market" where none would exist naturally. This way banks can collect extra profits! They are effectively rent-seeking. So they are actually being perfectly rational. (Notice that nowhere in this article does anyone actually make a case that carbon credits will help the environment in any way.)
So they really just want money. The honesty here is refreshing. ;-)
Actually, it wasn't just President Bush. Our Senate rejected the Kyoto Accord by a vote of 95 to 0.
An analysis by economists at Wharton say this global warming tax will cost every American family an additional $2,000 annually in increased costs of goods and energy.
Mr. Ponzi is smiling.
Funny Money
***Actually, it wasn’t just President Bush. Our Senate rejected the Kyoto Accord by a vote of 95 to 0.***
Yes, that’s correct.
And both Clinton and Gore had signed it but Congress refused to ratify it.
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