More news of how the faked fixed unfree market in carbon credits feeds the people who are inclined to cheat, and may have actually increased emissions by 600 million tonnes as well (not that that matters). Around $2 billion dollars may have been wasted, but it’s worse than wasted; the money does not just evaporate. Rewarding cheating takes money from honest players of society and feeds the corrupt sector. Free markets are a powerful tool, but good tools can be used in stupid ways. And so it is with a market trying to sell units of an atmospheric-absence-of-a-gas that no one really wants or has a use for.
The only people calling for a free market in carbon are the people who don’t know what a free market is. Sometimes a free market is just a dumb idea — like when trying to run a global market in a ubiquitous gas molecule that is intrinsic to life on Earth and oceanic chemistry. Worse, we think we might do it in countries with weak law and order, and high rates of corruption. Even sillier than that, we’re trying to sell units that depend on intentions — was that a sincere new [...]
Did you know you can change the weather by not eating deep sea fish? Me neither. But apparently fish and other marine life in the high seas contain $148 billion dollars worth of carbon dioxide. (The carbon price used, which includes mitigation costs, is apparently almost $100/tonne — a tad higher than the current EU carbon price of 5 Euro. The “price” was derived from a US govt agency, wouldn’t you know, not the free market.)
The high seas catch is worth a mere $16 billion and is only 1% of all fish caught. But it follows that either hungry people will have to pay a bit more for their fish, or fishermen will switch to take more fish from the low seas. Either that, or hungry people can just eat more rice, right? And it’s not like anyone cares about the protein content of poor people’s diets is it? (Look who made a hyperbolic fuss about a potential 5% reduction in the mineral content of rice by 2050.)
Lets think for a minute about how anyone would make a global oceanic ban work? Since people only catch deep sea fish for fun, I suppose we just ask them to [...]
The UN will not be happy about this. The global movement is falling apart.
Japan, third largest economy in the world, and the land of Kyoto itself, has dumped their ambitious plan to reduce emissions by 25% by 2020. Now they warn that their emissions may rise instead.
Cabinet members said on Friday they had agreed a new target with an updated time frame, under which Japan would seek to cut carbon dioxide emissions by 3.8 per cent by 2020 compared with their level in 2005. Nobuteru Ishihara, the environment minister, is to defend the goal next week when he joins international climate talks in Warsaw.
Japan’s previous target used an earlier and more challenging baseline: 1990, the benchmark year for the Kyoto agreement and a time when Japanese emissions were lower. Compared with that year, Japan said in 2009, it would cut its emissions by one-quarter by 2020.
The new target announced on Friday represents a 3 per cent rise over the same 30-year period – a difference from the previous goal that is about equal to the annual carbon dioxide emissions of Spain.
Read more at the Financial Times
It is being painted as being due to the [...]
Let the historic dissection begin. Man-made global warming is a dying market and a zombie science.
The Carbon Capture Report, based in Illinois, tallies up the media stories from the English speaking media on “climate change” daily. Thanks to the tip from Peter Lang, we can see the terminal trend below. The big peak in late 2009 was the double-whammy of Climategate and Copenhagen (aka Hopenhagen). It’s all been downhill since then.
Mentions of “climate change” in news, blogs and tweets dropped suddenly from July 29, 2011
Source: Carbon Capture Report
But something that caught my eye was the drop in mid 2011 (or precisely — July 29, 2011) when media stories fell by half, a step-change fall from which they never recovered.
Media Matters, and Joe Romm make much of of the fact that after Paul Ingrassia (a skeptic) was appointed as Reuters deputy-editor-in-chief news coverage of climate change fell by half.
Media Matters found a 48% decline in climate-change coverage over a six-month period, after Ingrassia joined the agency in 2011.
But Ingrassia started in April 2011 not July. Media Matters compares 6 months before the global fall Oct 2010 – April 2011 — to [...]
Credit to The Australian for printing both points of view. Published as an Op-Ed today.
Carbon credits market is neither free nor worth anything by: Joanne Nova From: The Australian July 31, 2013 12:00AM
THE paradox du jour: people who like free markets don’t want a carbon market, and the people who don’t trust capitalism want emissions trading. So why are socialists fighting for a carbon market? Because this “market” is a bureaucrat’s wet dream.
A free market is the voluntary exchange of goods and services. “Free” means being free to choose to buy or to not buy the product. At the end of a free trade, both parties have something they prefer.
[Those who know what real free markets are know that an emissions trading scheme is not and never can be a free market. The "Carbon-Market" is a market with no commodity, no demand, and no supply. Who needs a "carbon credit"? The government entirely determines both supply and demand.]
A carbon market is a forced market. There is little intrinsic incentive to buy a certificate for a reduction in carbon dioxide emissions. It says a lot about the voluntary value of a [...]
During the northern winter, there were more speculators in the carbon market than genuine players.
Those bankers must be very concerned about the environment.
Speculators main buyers in EU carbon auctions -report 17 May 2013
LONDON, May 17 (Reuters Point Carbon) – Banks and trading houses bought more than two thirds of the 138 million carbon permits sold by 25 European governments between Nov. 2012 and Feb. 2013 to help power plants and factories comply with the EU Emissions Trading Scheme, an EU Commission report published Friday showed.
Six “credit institutions” and six “investment firms” dominated the 35 auctions held over that period, picking up as much as 80 percent of the allowances sold in January alone, the report said, adding that only one of those companies was eligible to bid on behalf of clients.
Things have changed in the carbon market. From 2005-2012 most allowances were given away free, but now they are being sold at auction. So the period starting Nov 2012 was probably the first sales under the new system. It is expected that the bankers and traders will sell the permits to the power companies in the futures [...]
The mouth of the Amazon is the worst source of “pollution”.
Bad news for fans of The Amazon River. A new study shows that while the Amazon rain forest is the Lungs of The Planet, pulling down gigatonnes of CO2, the river undoes all the good the trees do, and pours all the CO2 back into the sky. Damn that river eh? Lucky it only discharges one fifth of the worlds freshwater.
Apparently most researchers thought bacteria couldn’t digest the tough woody lignin of tree debris fast enough to prevent it getting to the ocean*. Underestimating microbial life seems a common affliction, and we hear was a big surprise that only 5% of the lignin actually ends up reaching the ocean where it might sink to the floor and be sequestered. The rest is broken down by bacteria and released into the air. The clues were there for years that the Amazon was giving off lots more CO2 than people expected, but the consensus was that it “didn’t add up”. So much for that consensus.
Yet another victory for observations over opinions.
Until recently, people believed much of the rain forest’s carbon floated down the Amazon River and ended [...]
Global Carbon Market trading climbed to $176 billion in 2011 according to the The World Bank, which has just released it’s annual State and Trends of The Carbon Market in 2012. That makes it about the same value as total global wheat production — which supplies about 20% of the calories consumed by the 7 billion people on planet Earth.
The global carbon market disguises itself as an angel against the greedy corporates. Yet it is, itself, a giant corporate playing field. The mainstream media remains largely silent on the “vested interests” represented by this major industry that did not even exist 10 years ago.
Global Carbon Markets are worth billions
Was 2011 the peak of global carbon trading? Looks all downhill from here.
A record number of emissions products were traded in 2011, even though prices of EU carbon permits and international offsets fells well below $10 a tonne late in the year. The prices have fallen, but the volumes have increased. Look out, the average price in 2011 was $18.80US, but the prices in 2012 are less than half that. It will take a monster increase in volumes in 2012 to keep raising the total market [...]
More signs Australia is leaping onto a burning ship as it starts carbon taxing, just as the largest carbon markets are winding up:
(Reuters) – Bavaria’s stock exchange will abandon its carbon emissions certificate trading operations in the EU-traded CO2 market on June 30 after volumes in Europe “plunged to practically zero” in recent months, it said on Tuesday.
The EU’s emissions trading scheme (EU ETS) limits the carbon dioxide emissions of the 27-nation bloc’s factories and power plants and covers nearly half of EU emissions.
EU prices are down 60% over the last 12 months
“Emissions trading will never find its feet again without radical political action,” said Christine Bortenlaenger, the head of the exchange…
The Borse management claim they were closing because of the fraud and hacking as well as the market downturn:
The collapse of the Man-Made Myth continues apace. You may not read headlines as such (at least not in major dailies) but all the signs are there.
People who we never would have imagined speaking against the Big Scare Campaign are now doing so. Key glaciers are not melting and corals are happy. Governments won’t tell you it’s over, but they are behaving that way (the Australian one excepted, due to an election fluke that gave the Greens the balance of power). The Catholic Herald headlined it: Is the ‘anthropogenic global warming’ consensus on the point of collapse?
The last year of carbon trading in EUR's continues to fall. (Click to enlarge).
Mini update: The carbon market is being referred to as “dead”. Johannes Teyssen, chief executive of Germany’s EON, urged policymakers to make fixes. “Let’s talk real: the ETS is bust, it’s dead,” Mr Teyssen said in Brussels this week, adding: “I don’t know a single person in the world that would invest a dime based on ETS signals.” [full story: Financial Times]. Point Carbon analysts have downgraded the forecast price of carbon credits for the second time in two months as the carbon market [...]
18 contributors have published
1997 posts that generated