Calculate your one-day Carbon Belch !
Posted on 06/06/2008 12:47:52 PM PDT by chessplayer
Evidence of serious flaws in the multi-billion dollar global market for carbon credits has been uncovered by a BBC World Service investigation.
The credits are generated by a United Nations-run scheme called the Clean Development Mechanism (CDM).
The mechanism gives firms in developing countries financial incentives to cut greenhouse gas emissions.
But in some cases, carbon credits are paid to projects that would have been realised without external funding.
The findings reinforce doubts that the CDM is leading to real emission cuts, which is not good news for the effort to combat climate change.
And in one case a company is earning truly staggering sums of money from the carbon credits it is receiving - perhaps as much as $500m (£250m) over a period of 10 years - for a project it says it would have carried out without the incentive of the CDM.
One case involved the installation of a biomass generator to provide electricity at a rice milling plant in the state of Uttar Pradesh in Northern India.
KRBL, India's largest exporter of Basmati rice, spent $5m on the generator, which replaced a less climate friendly diesel powered system.
The company has almost completed the registration procedure and is set to receive carbon credits from the CDM worth several hundred thousand dollars a year.
Yet, when asked whether the carbon credits were important for the company's decision to install the biomass generator, Manoj Saxena, a senior manager at the plant, responded "not really" and confirmed that it would have done the project anyway, even without the CDM funds.
He was then asked whether the company would take the money if the authorities of the CDM were silly enough to give it a million dollars extra for it, to which he replied: "Yes, definitely. Why not?"
(Excerpt) Read more at news.bbc.co.uk ...
It’s called the Communist Redistribution of Assets Program (CRAP).
I'm shocked, shocked I say!
Another flaw is that there is no such thing as man-made global warming.
Global warming is religion, not science.
And the carbon bazaar is a scam run by investment banks -as photovoltaic energy- this time through their puppets in the UN and their well paid pseudo-scientific studies.
Enron writ large
For Reference.
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