Countries Missing Kyoto Targets, Taxpayers to Foot the Bill

NewsBusters ^ | 11/30/07 | Noel Sheppard

[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....

[SunkenCiv]

Thanks Fred Nerks for the link.

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.

"Climate alarmists" is the correct term, unless one wants the more accurate one -- demagogues.

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

...and it doesn't just seem that way, because in signatory countries it will be used to make political hay. That's the only reason for the Kyoto treaty in the first place.

Japan, Italy and Spain face payments of as much as $33 billion

That's going to be difficult for Italy, because it's a member of the glorified currency snake called the Euro and the pseudonation called the European Union, and as such has to keep its national budget within certain limits -- it is required -- and hasn't been complying with this for a while. Certain other nations in Europe are in the same boat, but may not be in hock to this Kyoto BS.

[Hoodat]

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.

This was the goal all along.

[GovernmentIsTheProblem]

“Would the Bush admin. actually be so foolish?”

Uhh... As opposed to how foolish it’s already been on this and a plethora of other topics?

[steelyourfaith]

~~Anthropogenic Global Warming ™ ping~~

[Fred Nerks]

That's going to be difficult for Italy, because it's a member of the glorified currency snake called the Euro and the pseudonation called the European Union, and as such has to keep its national budget within certain limits...

I know I shouldn't but...

[Fred Nerks]

It’s not really that funny...tonight on the ‘news’ we were told our new Prime Minister Kevin Rudd has ratified Kyoto.

Is that possible? I thought a country first of all signed on and ratification was a lengthy process...

Meanwhile it’s come to my notice that SUDAN is a party to the Kyoto Protocol but has not ratified.

Snip from CIA Factbook:

“Trafficking in persons:
current situation: Sudan is a source country for men, women, and children trafficked for the purposes of forced labor and sexual exploitation; Sudan may also be a transit and destination country for Ethiopian women trafficked for domestic servitude; boys are trafficked to the Middle East, particularly Qatar and the United Arab Emirates, for use as camel jockeys; small numbers of girls are reportedly trafficked within Sudan for domestic servitude as well as for commercial sexual exploitation in small brothels in internally displaced persons (IDP) camps; the terrorist rebel organization “Lord’s Resistance Army” (LRA) continues to abduct and forcibly conscript small numbers of children in Southern Sudan for use as cooks, porters, and combatants in its ongoing war against Uganda; some of these children are then trafficked across borders into Uganda or possibly the Democratic Republic of the Congo; children are utilized by rebel groups and the Sudanese Armed Forces and associated militias in the ongoing conflict in Darfur; during the decades of civil war, thousands of Dinka women and children were enslaved by members of Baggara tribes and subjected to various forms of forced labor without remuneration as well as physical and sexual abuse; with the cessation of the North-South conflict and the ongoing peace process, there were no known new abductions of Dinka by Baggara tribes during 2005; however, inter-tribal abductions of a different nature continue in Southern Sudan and warrant further investigation
tier rating: Tier 3 - Sudan does not fully comply with the minimum standards for the elimination of trafficking and is not making significant efforts to do so...”

BUT BUT BUT SUDAN IS PARTY TO THE FOLLOWING INTERNATIONAL AGREEMENTS:

Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Wetlands
signed, but not ratified: none of the selected agreements

I GUESS THAT MAKES IT ALL RIGHT THEN?

[Timeout]

Funny how, in the endless Democrat debates, no one has ever asked them directly: “Would you implement the Kyoto protocols?”.

The MediaCrats know they would have to answer “no” to remain politically viable. So, better to leave the question unasked and let them continue to bash “anti-Kyoto Republicans”.

[ridesthemiles]

With a slight mark-up added by Al.”

There is NOTHING slight about Al.

[Hardastarboard]

I am selling carbon credits for only $25 a ton.

You're cheating the people and destroying the environment by charging such high prices. My carbon credits are only $20 per ton. How can I offer such low prices, you say? I do it on volume.

Of course, I don't pay income taxes on the money, since what I'm offering, in the eyes of the IRS, is a like kind exchange of equal value (money for carbon offsets). Of course, the cash is stacking up rather quickly, but I'm not concerned. I plan to give the money to Ralph Nader's next Presidential campaign, just as soon as he announces.

[goldstategop]

Its a scam - a wealth transfer scheme. Pushing money and paper around does nothing to affect the climate one iota. This is easily understood by a child. Now explain to us how carbon cap-and-trading programs help improve the environment.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

[kathsua]

“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.”

In other words the whole thing is another form of UN graft like the oil for food program in Iraq.

[Holicheese]

I am ready to sell all my credits to help Spain.
A certified check for $1.2 billion will cover it. I will throw in some credits for free, just cause I am that kind of guy!

[RightWingConspirator]

Another reason to celebrate AlGore’s 2000 loss. If he won, the idiot would have pushed the Kyoto treaty through the senate and we, the US taxpayers, would be stuck handing at least $33 billion to the despicable, corrupt UN.