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I say, it’s lucky people who want to save the planet do it for the love of it:
National Post: The Kyoto Protocol’s Clean Development Mechanism (CDM) has helped funnel almost $400-billion into emission-cutting projects in developing countries by allowing investors to earn carbon credits they can sell to companies and governments of richer nations that use them to meet emission targets.
I imagine they love $400 billion too.
This was just one branch of the great green-industrial-machine. (And yet skeptics are winning, she says wickedly, with hardly any money).
But those halcyon days are gone for the CDM — what was $30 per ton, is now 30c.
From 2003, developers flocked to register projects such as destroying heat-trapping waste gasses at Chinese chemical plants or installing hydroelectric power stations in Brazil, and made huge profits by selling the resulting carbon credits for up to $30.40 a tonne in 2008.
But interest has waned while countries wrangled over setting new emission goals under the United Nation’s Framework Convention on Climate Change (UNFCCC), hammering credit prices down to unprofitable levels below $0.30.
There’s a tiny $200 million or so left ticking over in the accounts:
The latest UN financial statements show […]
Another cycle of the Climate Change Scare Machine is laid bare. David Rose explains how those lobbying and advising the government on green policies are benefiting from green projects. It’s all in the Daily Mail. The Green Industrial Complex has simply bought everyone off, and, cleverly, done it with your money.
It’s the new business model really. Why work for customers and compete in the free market? Instead scare the public, sell them the “answer”, and to make sure they pay, convince the government that you need grants and gravy (or you’ll call them names). Pretty soon, the government forces the public to pay, disguises and splits the payments into a thousand parts, and tells the people it is for their own good. The fun ramps up when the government hires you back to advise it on how to keep the gravy flowing to you.
What is really mindboggling is that it’s so blatant. Many of these connections “exposed” by Rose are listed on the CCC website, the conflicts are obvious. Why it wasn’t exposed years ago? As I keep saying, the problem is not so much that there are people on the take (there always will be) the real […]
More good news.
The CDM is one of the only truly global carbon markets. It’s been the main mechanism for “mitigation” in developing countries, (China says “thank you”). Born with the Kyoto agreement, it was in a sick state last year and was even said to have collapsed. Now however it’s reached a state of “coma”.
Each CDM was worth 20 euros in 2008. Now they are selling for 50c.
Reuters: Investment under the U.N.’s $315 billion Clean Development Mechanism (CDM) has ground to a halt as the value of the credits they generate has plunged 95 percent in five years to around 0.30 euros, crushing profits that investors count on to set up carbon-cutting schemes in the developing world.
“As a tradable commodity, it’s in a coma and will be unless and until a 2015 agreement wakes it up,” said Jorund Buen, co-founder and partner at consultancy and project developer Differ.
A lot of things could be said about the last UNFCCC meeting in Warsaw. Here’s the one that matters:
“…no major nation offered to set or deepen emission targets, while Japan scaled down its 2020 goal.”
The language of death:
“…almost 200 nations “expressed concern” over the state […]
It’s just another day tracking the decline of the global warming meme.
Things were so pear-shaped for global carbon trading markets in 2012 that the World Bank canceled its annual State of the Carbon Market report. But how bad were they? In their last report in 2012 the grand global total was $176b USD for the 2011 year. Since the World Bank figure are not publishing their tally any more, I’ve switched to the Reuters Point Carbon figures instead, which are issued in Euro.
Rather devastatingly, despite the fact the FTSE grew 6% in 2012 and Euro Stoxx grew by 13% in 2012, the global carbon market (which is mostly an EU market) fell by a whopping 36% in 2012. Money printing is running rife and new money is pouring into asset markets worldwide, yet globally the money is running from invisible, rortable, pointless carbon certificates. We are past the peak, and over the hill. This parrot is almost dead.
Back in the heady days of 2008 the growth was described as “explosive” and it was predicted it would grow to $1.2 trillion by 2020 (about 880 billion €) .
…
These figures are different to previous USD ones, […]
More money leaves the room. Last week David Cameron said the UK needed to get rid of all that green crap (or double-speak words to that effect). The message, confounded as it is, may be getting through.
(Reuters) – German utility RWE has scrapped plans to build one of the world’s largest offshore wind parks in Britain, as soaring gas and electricity prices fuel uncertainty over the UK government’s commitment to renewable energy subsidies.
[Bloomberg] RWE’s renewable-energy unit has decided to drop a 4.5 billion-pound ($7.3 billion) offshore wind project in the U.K. because engineering challenges made it too expensive.
RWE says that it’s because of engineering challenges, but we could assume they didn’t suddenly discover how deep the water was this week.
[Bloomberg] “At the current time, it is not viable for RWE to continue” the Atlantic Array farm because of deep waters and adverse seabed conditions, RWE Innogy said in a statement on its website. The 278-turbine project in the Bristol Channel can’t be justified under “current market conditions,” it said.
Engineering challenges can usually be fixed with money. But translate “current market conditions” and we see that it was really a money […]
And people wonder why Greece, Italy and Spain are in a mess.
By Sophie Yeo in Warsaw
20% of the EU’s budget will go towards fighting climate change, climate commissioner Connie Hedegaard announced in Warsaw today.
This equates to €180 billion on climate spending between 2014 and 2020, which will be used to reduce emissions domestically and help developing countries adapt to climate change—three times what was provided in the previous budget.
Much of this will be spent on domestic projects, helping with the development of climate-smart agriculture, energy efficiency and the transport sector.
But of course, much of this is just a PR statement (otherwise 20% of the rest of the EU budget has been cut. Where are those screams?). The money is probably relabeled: shifted from one category to another. Same spending, greener tint.
They even admit themselves, they are taking €15 billion away from overseas aid in order to soothe their anxiety about the weather 100 years from now. This will mean a lot to hungry people in Cambodia.
If I thought that €15 billion would have been efficiently used, this would be a real disaster:
Over the next seven years, €15 billion from the EU’s […]
At least someone once thought London was the home of carbon finance. Now, not so much. According to the Financial Times, JP Morgan has scaled down their carbon trading team, Morgan Stanley traders are now “part time”, Barclays sold theirs last year, Deutsche Bank closed the office, and UBS shut its climate change advisory panel. Then there is a slew of smaller fish cutting back: EcoSecurities, Camco Clean Energy, Nedbank, Sindacatum, and TFS Green.
[Financial Times] At least 10 London banks have scaled back or closed their carbon trading desks amid turmoil in the European emissions trading scheme.
The fledgling market was once seen as a promising growth area, with the City of London Corporation predicting in 2006 that London would become the leading provider of services to the “mushrooming” sector.
But the number of City workers employed on carbon desks has fallen by 70 per cent in the past four years, according to Anthony Hobley, president of the Climate Markets & Investors Association.
Things are dire:
“…as a stand alone business it is basically over,” said an executive who oversees European energy trading at one large bank.
Read the full story here (Paywalled for some?)
The State of the […]
Here’s a stark statistic that came out last week in a new report: The Climate Industry draws in nearly $1 billion dollars a day. But here’s an ominous combination: … it openly admits that taxpayer money is its “engine-room”. Reading between the lines below, this industry is almost completely dependent on domestic policies that funnel money from citizens to itself, and tilts the playing field — without those policies, it can’t attract much private money. That is, it can only get money at least partially by coercion, people won’t give it money purely voluntarily. These same groups want even more — they want the public to take the risks too. What could possibly go wrong?
Al Gore, said it himself: “Special interests control decisions too frequently.” [See the ABC]. So he must be concerned about the lobbying weight of a $360 billion dollar baby whose existence is contingent on government gravy? As if…
From: The Global Landscape of Climate Finance 2013 from the Climate Policy Initiative
“Landscape 2013 finds that global climate finance flows have plateaued at USD 359 billion, or around USD 1 billion per day – far below even the most conservative estimates of investment […]
[See our concise and updating story of the bet here.]
Commenters often ask us if I am prepared to make a bet and put “your money where your mouth is.” The answer is: been there — done that. We (as in David Evans and I) already have and a long time ago. As far as I know, it’s one of the largest private bets going on the climate*. David bet against Brian Schmidt, $6,000 to $9,000, in early 2007 on outcomes over 10, 15 and 20 years.
The bet was made a year before I started blogging. It was literally the first action we took as skeptics (instigated and hammered out almost entirely by David, with my support). So we have $6,000 exposure — betting that global temperatures would not rise faster than 0.15C per decade, as judged by GISTemp. How are we doing on this bet? Judging by the trend at the moment, pretty well. Brian is still optimistic that he will win on the later outcomes. (This is part of the reason we are particularly interested in trends from 2005, which is when the bet temperatures begin to count.) Kudos to Brian both for being one […]
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 […]
State of the Carbon Market: Started in 2003, but wiped out in 2013
Each year for nearly a decade The World Bank has published “The State and Trends of the Carbon Market” in May or June with great fan-fare and press releases. It’s the definitive guide telling the world how many dollars are turning over in the global markets (which really means “the EU market plus a few other bits”). I’ve been quoting their figures for years — The 2012 report told us that $176 billion dollars turned over in 2011. So what was the number for the 2012 year? Whatever it is, it’s so bad the World Bank cancelled the report.
Figure what the cancellation of the report tells us about the The World Bank. Was it publishing these figures for the last nine years because they were important for investors and policy-makers? I guess not, or they would still be publishing them. By dropping it at the first major downturn, we know the reason for the report was pure PR, something for whipping up momentum about the market and getting headlines in newspapers. The numbers in 2013 became a PR disadvantage — the World Bank did […]
So what does this mean? Billions more dollars poured into the uber carbon gravy train? Twenty whole percent?
Current climate spending is estimated at 5-7%. So this might be a big increase. Has the EU gone over the waterfall, or is it more a PR exercise where money that would have been spent on other things is rebadged as a “climate” expenditure.*
The power of a single department may get diffused and spread among lots of departments. WWF are not happy and nor is the European Environmental Bureau. It can’t be all bad. ( 🙂 )
Environment News Service
BRUSSELS, Belgium, February 8, 2013 (ENS) – European heads of state and government have agreed to commit at least 20 percent of the entire European Union budget over the next seven years to climate-related spending.
All-night negotiations in Brussels produced agreement among EU leaders on budget proposals for the rest of the decade, from 2014-2020.
“Climate action objectives will represent at least 20% of EU spending in the period 2014-2020 and therefore be reflected in the appropriate instruments to ensure that they contribute to strengthen energy security, building a low-carbon, resource efficient and climate resilient economy that will enhance Europe’s […]
While cancer patients will have to pay more or wait longer for treatment, the Department To Fix The Weather handed out nearly 1 billion dollars in 2010-2011, some* of which was used to “educate” people about energy efficiency and the benefits of government policies.
*UPDATE: While there are a lot of “education” grants in 2012, there are some research grants going to the CSIRO (eg in 2012 at least $13m of the $40m that year was for research at CSIRO). In 2010 (the big dollar grant year) many more of the grants were for “strategies”, for IPCC matters, for universities and the CSIRO — though none of the grants I’ve seen on a random sample add up to anything like the total outgoing.)
Is this advertising by any other name? Instead of running an ALP campaign advert, they award money to groups which promote their policies and get disguised third party ads by NGOs who collect donations and are seemingly the voice of the community (what percentage of these non-profits comes voluntarily from the community and what percentage comes via forced payment from tax?).
“Do Something” picked up $800,000 to become a type of GONGO and run a […]
GE — A clean energy revenue machine
GE is so large that its annual revenue ($150 billion) is greater than New Zealand’s gross domestic product ($140.43 billion). But GE stands to profit in solving man-man global warming, whereas New Zealand will just pay.
In 2011 GE generated $21 billion in “clean energy revenue”. (GE Annual Report 2011, p 3).
GE boast that their “technology helps deliver a quarter of the world’s electricity”. “We are one of the largest clean energy companies in the world” (page 18) “GE wind turbines, among the most widely used in the world, will soon power the largest wind farm in the U.S ”
Not just a whitegoods company any more.
In other words, they are one of the largest companies in the world which makes profits that depend on a climate of fear. How much would their wind turbines be worth if western governments pulled the pins on all the subsidies?
Here’s how much:
“Manufacturers of turbines and other components will shed an estimated 10,000 workers in the U.S. this year in anticipation of a slowdown in orders, says the AWEA. If Congress doesn’t extend the production tax credit, that figure will […]
…
In June this year the UNEP report announced that Global Renewable Energy investment reached $257 Billion in 2011. It’s so large it rivals the $302 billion invested in fossil fuel power. But how much electricity do we get for all that money? When the details are pulled from the fog, a quarter of a trillion dollars appears to produce only about 3% of all our global electricity, and even less of our global energy. All that money, so few gigawatts.
The 2012 UNEP report “Global Trends in Renewable Energy Investment” compares the
“…despite an increasingly tough competitive landscape for manufacturers, total investment in renewable power and fuels last year increased by 17% to a record $257 billion, a six-fold increase on the 2004 figure and 94% higher than the total in 2007, the year before the world financial crisis.”
Renewables growth has slowed somewhat:
“Although last year’s 17% increase was significantly smaller than the 37% growth recorded in 2010, it was achieved at a time of rapidly falling prices for renewable energy equipment and severe pressure on fiscal budgets in the developed world.”
The last couple of quarters have not been good for […]
How independent is this project?
Would BEST have ever seriously published a study showing anything other than a scary warming trend?
This is emblematic of how fans of Climate Change Scares present their efforts with half-truths — lines that are technically “correct” but leave an impression that may be the opposite of the real situation.
Elizabeth Muller is listed as “Founder and Executive Director” of the Berkeley Earth Team along with her father Richard Muller. But since 2008 it appears she’s been earning money as a consultant telling governments how to implement green policies, how to reduce their carbon footprint and how to pick “the right technologies” – presumably meaning the right “Green” technologies.
Mullers Daughter Elizabeth registered “GreenGov” in 2008
Richard and Elizabeth Muller. Image: Paul Sakuma/AP
She registered their website and tried to register the trademark herself.
“GreenGov™ is a service offered by Muller & Associates for Governments, International Organizations, non profits, and other organizations that work with Government. The aim is to provide politically-neutral counsel that is broad in scope while rooted in the hard facts of state-of-the-art science and engineering. The key is to make the right patch between the best technologies and […]
Bank of America Pledges $50 Billion to Combat Climate Change
The unholy alliance between bankers and government is on naked display.
It’s the black hole in the kitchen: huge, obvious, and silent. And boy does it suck. As Climate Depot points out, Bank of America got a $45 billion bailout from the government during the global financial crisis. Now it’s promising $50 billion to “address Climate Change”. How Green is your Bankster?
It’s a feeding frenzy:
The bank’s new initiative includes lending, equipment finance, capital markets and advisory activity and carbon finance, as well as advice and investment help.
Bank of America will focus on promoting energy efficiency; renewable energy, including wind, solar and hydropower; lower-carbon transportation like electric and hybrid vehicles; and water and waste treatment and disposal initiatives. [Capitalgr]
They already spend nearly $20bn on climate and did it four years ahead of schedule. So why not $5obn?
The company has spent $17.9 billion toward its initial pledge, including $8.4 billion for energy efficiency activities, including low-cost loans and grants for retrofitting low-income neighborhoods for energy efficiency. It spent $5 billon on renewable energy projects, including helping the San Jose Unified […]
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 […]
Climate Money turned the tables on the Big-Oil criers
A reply to an article on Wired and Ars Technica
Alarmists rarely attack, or even mention the Climate Money paper I did in 2009. It’s an own goal to draw attention to the fact that skeptics are paid a pittance, while the alarm industry soaks in extended baths of cash, grants, and junkets, and the vested interests are a magnitude larger. Exxon might lose some money if a carbon tax comes in, but the world will still need oil. The same can’t be said for ACME-Solar. If a carbon scheme falls over, so does a Solyndra.
So yes, let’s do talk about The Money. As Climate Money pointed out: all Greenpeace could find from Exxon was a mere $23 million for skeptics over a decade, while the cash cow that is catastrophic climate change roped in $2,000 million a year every year during the same period for the scientists who called other scientists “deniers”.
John Timmer tried to debunk it with words like “bogus”, and “false” but lacked things like evidence and numbers to back up his case. As far as I can tell the arguments amount to […]
From the 2011 Australian Research Council report: as much as $45,700,000 was spent on An Environmentally Sustainable Australia in 2011.
The cash cow that is “Climate Change” is so loaded that over a six year period, $718,000 dollars of ARC funds has flowed to “believers” (their terminology) to study and convert dissenters.
The death threat that wasn’t (by the kangaroo culler — John Coochey) was made at an event that deserves more attention. The “Deliberative Democracy” turns out to be part of a project funded by the Australian Research Council to the tune of $378,500. It’s title: Social Adaptation to Climate Change in the Australian Public Sphere: A comparison of individual and group deliberative responses to scenarios of future climate change. This year, a new version of the same project has been awarded another $340,000.
Quite properly, the deliberative forum claims it was not going to take sides:
“The project sought to engage with the full range of positions from people who are sceptical about climate change through to those who are very concerned. We do not endorse any particular point of view – it is the aim of the project to find out what these views […]
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