Beam me to Planet Gore !
Posted on 01/20/2009 11:11:33 PM PST by Tailgunner Joe
LONDON (Reuters) - A new advisory firm launched on Monday seeks to boost carbon emissions trading in sub-Saharan Africa and raise the continent's lagging profile in the $120 billion global carbon market.
CarbonStream Africa, a joint venture between South African state-owned CEF Carbon SA (Pty) and Nordic company GreenStream Network Plc, offers advisory services for firms seeking to trade greenhouse gas offsets in Africa under the Kyoto Protocol.
"Africa is really lagging behind, but I really believe it has the strongest potential," said Deven Pillay, CEO of CEF's carbon trading arm and chairman of CarbonStream Africa.
"It's where we need investment...the ingredients are there."
Under the United Nations' Clean Development Mechanism, companies can invest in clean energy projects in poorer countries like South Africa, and in return get offset credits which can be used toward emissions goals or sold for profit.
But with only 28 of the more than 1,300 projects registered so far by the U.N., Africa accounts for a little more than two percent of the global CDM market.
"Africa is the most politically correct region in which to develop CDM projects and we want to be there," said GreenStream's Arne Jakobsen at CarbonStream Africa's London launch.
The CDM market has been hit hard by the global recession, with offset prices trading below 10 euros ($12.98) a metric ton for the first time ever on Monday.
(Excerpt) Read more at reuters.com ...
How much can they guilt out of the west?
Sorry, I couldn't help myself.
Yup, that’s just what Africa needs. Bwahahahahahaha!
And there's the secret, why Globull Warming is on the radar of so many liberals. They make money at it.
...and people are complaining about the trading of junk mortgages. Isn’t “market based” government regulation great?
Therefore, a new shell game had to be contrived so the media can keep their jobs spewing out the need for 'Zeewro-change'. Theft is now blatant and in the open to those not drinking the kool-aid.
Securities backed by actual companies are now practically worthless, but we're supposed to believe that something as intangible as a "carbon credit" is worth the paper it's written on?
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