instead of plastics,, the word would be ..
Junk Bonds Carbon Credits.
.
Posted on 06/09/2008 12:10:37 PM PDT by Shermy
LONDON, June 9 - The World Bank on Monday priced a $25 million bond linked to United Nations-approved carbon emission offset credits, the market's first such bond, lead manager Daiwa Securities SMBC Europe said.
Payments on the bond are linked to Certified Emissions Reduction credits , which are issued under the Clean Development Mechanism, a trading scheme that allows rich nations to invest in clean energy projects in developing countries. Trade in CERs, which holders can either sell for profit or use to meet emissions targets under the Kyoto Protocol, more than doubled to $13 billion last year, according to a World Bank report published in May.
The five-year bond initially pays a coupon of 3 percent, but then switches to a coupon linked to the future performance of CER market prices and the actual versus estimated delivery of CERs generated by a hydropower plant in China's Guizhou province, Daiwa SMBC said. [ID:nL099876].
"Investors in this bond will be able to indirectly participate in the market for greenhouse gas emission reductions and support demand for CERs generated from a specific UNFCCC-registered clean energy project," it said. UNFCCC is the United Nations Framework Convention on Climate Change.
"The market for CERs contributes to a reduction of global greenhouse gas emissions and the transition to a low carbon growth economy," Daiwa SMBC said.
Watching history being made!
Now we can “indirectly” invest in carbon credits. I wonder if Bernanke and Paulson will say, “Don’t worry, we’ll bail you out if there is a carbon price crisis.”
I have for sale “Emporers’ New Clothes Fund” where you can indirectly own a portion of the Emporer’s New Clothes.
Starting bid is $25,000,000 -— will give winning bidder wiring instructions.
Utterly Orwellian
Snake oil has gone public!
instead of plastics,, the word would be ..
Junk Bonds Carbon Credits.
.
In a related story, the Vatican has once again begun selling indulgences.
Hey I would buy the Emperor’s New clothes but some friendly lady from Nigeria is going to send me $25,000,000.00. I don’t think I’ll quit my day job though.
“Fools Gold” comes to mind
If the UN is involved, you know it’s all a lie. When are we going to shut this outfit down?
These carbon offsets sure remind me of selling indulgences. What gets me is that, if you buy the carbon credits, you still continue producing the pollution. All you have done is a feel good gesture of paying into a fund to absolve you of your “sin” of producing carbon.
This global warming movement seems in some ways like a dogmatic religion. And Al Gore is the pope of the global warming church.
Exactly, it's a marginally disguised global redistribution of wealth, the goal of every good Socialist/Communist.
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.
