Posted on 12/02/2007 7:19:07 PM PST by ricks_place
As climate alarmists around the world head to a tropical paradise on Bali next week to discuss how developed nations should pay to solve global warming, an inconvenient truth has emerged: many countries that are part of the Kyoto Protocol are going to dramatically overshoot their greenhouse gas (GHG) emissions limits.
While it seems a metaphysical certitude that America's green media will largely boycott such revelations so as not to put a damper on the hysterical proceedings, the fact that taxpayers in countries missing these targets will end up footing the bill also appears likely to be ignored.
As reported by Bloomberg Friday (emphasis added throughout, h/t Benny Peiser):
Japan, Italy and Spain face payments of as much as $33 billion
Nov. 30 (Bloomberg) -- Japan, Italy and Spain face payments of as much as $33 billion combined for failing to reduce greenhouse-gas emissions as promised under the Kyoto treaty.
The three countries are the worst performers among 36 nations that agreed to curb carbon dioxide gases that cause climate change. The 1997 Kyoto accord designed to slow global warming demands that polluting nations buy credits for their excess emissions from other industrial polluters or investors.
``They're looking at a huge bill now,'' said Mike Rosenberg, management professor at the University of Navarra's IESE Business School in Barcelona. ``That is because none would pay to reconvert factories, power plants and paper mills'' to trim gases blamed for the planet-warming ``greenhouse effect.''
Capping carbon emissions will be the focus of next week's climate change conference on the Indonesia island of Bali, where delegates from 190 nations will gather to start talks on a new treaty after the Kyoto accord ends in 2012.
Penalties imposed by the Kyoto treaty have spurred emission reductions. Spanish utility Iberdrola SA in the last five years turned itself into the world's largest owner of wind-energy parks, cutting CO2, or carbon dioxide, emissions per kilowatt by 15 percent this year.
Spain, Italy and Japan are likely to miss their Kyoto commitments because they underestimated economic growth and future emissions from factories and utilities.
Paying Piper
Under the Kyoto Protocol to the UN Climate Change treaty, endorsed by 175 nations and organizations, countries that exceed their emission caps must buy credits in the market. The sellers are typically investors or industrial polluters that have accumulated a surplus of credits, also called permits.
Spain faces a $7.8 billion cost, and Italy and Japan each may owe about $13 billion, based on estimates by their governments and the current price for permits.
``They were all too optimistic about mitigation measures,'' Milo Sjardin, a senior associate at London-based New Carbon Finance, an emissions research firm, said in an interview. ``They're going to have to go out and buy credits for the excess.''
Ireland may have to buy $1.3 billion in credits, while the U.K. and Germany are set to meet their emission goals.
Under Kyoto, governments create a limited number of permits they grant freely to industrial polluters. If the CO2 created is more than the amount the nation pledged not to exceed, the country must buy permits to make up the difference -- essentially a penalty for discharging too much.
U.K., German Goals
The cost of a permit to spew a ton of CO2 into the skies surged this year after evidence of global warming mounted and European states reacted by restricting the supply of allowances. The price for a 2008 certified emission-reduction credit rose 14 percent in the three months through Nov. 27 to a record 18.20 euros ($26.85) to release a ton of CO2, according to Nord Pool ASA power exchange prices on Bloomberg.
At that price, the three nations are poised to pay about 22.4 billion euros ($33 billion) to meet treaty obligations after the end of a 2008-2012 measurement period when a country's emissions will be calculated. Some governments and companies are buying permits early, locking in their price.
``We expect most governments to buy their permits around 2010,'' almost half-way through the measurement period, Bjarne Schieldrop, director of risk services at Oslo-based emissions research firm Point Carbon, said at a Madrid conference Oct. 16....
I refuse to contribute one dime to further the Global Warming Scam. Screw the UN.
How the heck do you buy a credit from an investor?
The Mafia would be proud of this shakedown. Extort money to buy worthless carbon credits. Even Ponzi would blush at such an idea!
What a scam. I am selling carbon credits for only $25 a ton.
Ask Gore, he seeks to profit off this nonsense.
As reported by Bloomberg Friday (emphasis added throughout, h/t Benny Peiser):
Japan, Italy and Spain face payments of as much as $33 billion
CO2 Ping
Sounds great, where do we sign up?
SUCKERS!
And where does that loot go? To the UN jet-setters?
So who actually pockets all these billions of dollars/Euros in payments for fictitious “permits” to emit???
So glad the USA avoided this Kyoto nonsense, although I understand that our CO2 emissions have increased relatively little compared to many of the Kyoto signatories?? Also, they chose the year 1990 for benchmark which was badly chosen.
However, if we are foolish enough to go along with this Bali nonsense, etc. we may get dragged along into a new treaty?? Would the Bush admin. actually be so foolish?
never mind that Jimmy Carter was once President and Clinton was elected twice. ;-)
sure hope Japan , Italy and Spain can set-up an installment plan or sumthin',, could realy hurt their economies otherwise. (/understatement)
“How the heck do you buy a credit from an investor?”
Al Gore’s carbon credit company buys credits from the corrupt military government of Lower Botswobia. The Botswobian military confiscates the single light bulb from every mud hut in the country.
Then Japan buys the credits from Al.
With a slight mark-up added by Al.
Get ready. It’s coming from Congress.
Mostly turd world dictators who expect to cash in on the deal, while polluting the skies flying their "delegates" to the conference, and cause a mini environmental disaster on the Island with all the garbage they produce.
Whay a bunch of hypocrites and crooks. Kofee annan taught them well. I say we give enough to those crap holes, it's long past time they pulled up their sandals, got off their butts and started taking care of themselves. This endless welfare has got to come to an end.
This is the truth.
As Bubba was leaving office at the end of his second term, he signed a bill, which had to be approved by the Senate, committing the U.S. to be a part of the Kyoto Protocol.
The Senate, probably 50-50 or so at the time, rejected the bill 95 - zero. That included a whole lot of Dimocratz who knew that the Kyoto Protocol was a loaded gun pointed at the US taxpayer.
You can bet on it.
None of them are going to pay a dime. Who's going to enforce collection?
Wow - carbon credits are big business.
If we pay them, will it end poverty at the global level?
...didn’t think so...
The Dems were against it because if anyone is going to extort money from the taxpayer it is going to be them, not somebody else.
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