The ambit claims know no bounds. Who else would ask for $89,000,000,000,000? If the evil “more developed” nations pay for their carbon sins, the bill for those 1.3 billion people works out at $70,000 per person by 2030 (babies included).* When the target is 89,000 billion dollars, anything the Global Saviours get, can be painted as “not enough”. (It’s never enough). A trillion in funds is a “tiny”, “insufficient” amount that is “barely adequate”. Compliant journalists will print those headlines. The crowd will pay the money and feel guilty they are not paying more.
Speaking of the loot, the world’s GDP is currently $70 trillion, so asking for $89 trillion is a claim on 8% of all the money turned over in the world economy for a decade and a half. Handsome!
There is a grand array of climate junkets for Global Worriers this year. A gala of red-carpet events culminating in Paris, from November 30 to December 11. The wheeling and dealing is on right now, months ahead — and though they talk about the importance of Paris, I expect that Paris is mostly the cabaret show (like UNFCCC event in Bali that I went to), and it’s the [...]
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 [...]
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 [...]