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Bankers, lawyers, investors disappointed: shucks

Posted By Joanne Nova On October 31, 2009 @ 1:45 am In Global Warming | Comments Disabled

Hopes for carbon hub in jeopardy

The Australian – Full story here.  Note who is protesting at the slow delivery of an ETS….

AUSTRALIA’S ambitions to establish itself as an Asian carbon trading hub risk being dashed because of delays in the emissions trading scheme….

This was the assessment of bankers, lawyers and investors yesterday at the second Carbon Markets Expo on the Gold Coast. The expo has experienced a sharp decline in delegates this year, with numbers down from 1200 in its inaugural year to 750…

“As much as people talk about Australia creating a new carbon finance hub, I don’t think it will happen,” said Optim Legal’s Cameron Kelly, a lawyer specialising in carbon markets and credits. “If the CPRS does not get up, we’ll miss the boat.”

So a lawyer is afraid we’ll miss the boat. Which boat? That would be the boat-full of money from Australian workers that’s headed for major international banks, right?

(Isn’t that the kind of boat we would want to catch, but with a tactical nuclear sub and an armed SWAT team?)

Leading international investment banks such as JP Morgan, Merrill Lynch and Nomura, and other investors in the global carbon markets have bypassed the Gold Coast conference in favour of better attended conferences being held in the same week in Singapore and Korea….

The international carbon market in 2008 was valued at $US126 billion ($139bn), but is forecast by analysts such as New Energy Finance to soar to $US1.9 trillion by 2020.

Yes, that market is projected to be big, not just $1.9 trillion though, some say $10 trillion. This is not a point in it’s favor, not for anyone except traders, lawyers and bankers.

Australia’s share of the current global market is less than 0.5 per cent, but Australian emitters are expected to become significant buyers of international carbon credits if and when the ETS is established.

Let’s translate that. Being BUYERS of credits means we are payers for permits. Thus meaningless pieces of paper about air that could-have-had-more-carbon-it-it will come to Australia, while real money that buys real things, leaves. This is not usually the way to run a free market, or a healthy economy. More like lemming economy management. Witness the economic suicide of a whole continent.

Geoff Sinclair, a London-based Australian who heads the carbon market operations for South Africa’s Standard Bank, says Singapore and Hong Kong are taking a more aggressive and proactive attitude to the carbon markets.

“If Australia wants to be a leader or a carbon financial hub, then it must get its act together and do something, such as pass the emissions trading scheme,” he said.

Exactly. If we don’t want to miss out on the chance to fleece the people with a financial system based on science decreed by an unaudited, unelected committee in Geneva — then we’d better let those big bankers in, and give them a guarantee that all Australians will be forced by law to pay for valueless, unauditable, unverifiable permits issued in the third world, in schemes brokered by the largest financial entities in the world.

Quick and hurry! Rush to be slaves to corruption, crime, bullies, bankers, and an international bureaucracy redistributing money to make up for alleged carbon “crimes”. Don’t check the science whatever you do. We trust the IPCC.

Remind me again how many degrees cooler we’ll be if we buy all these “permits”?

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