UN $315 billion CDM carbon market comatose after Warsaw. It may last years

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 […]

More than 1000 cold snowy records set in US, one small media outlet covers it

I guess it is winter. In a cold snap last week nearly 1,400 records were broken in the US. 886 places recorded the lowest maximum, 325 recorded the coldest minimum, and 127 places recorded the highest snowfall.

Source: Hamweather

Total Records: 1,379 Snowfall: 127 High Temp: 28 Low Temp: 325 Low Max Temp: 886 High Min Temp: 13

A few days ago the records for that seven day period were even higher: 205 snowfall records. 969 Low Max. 203 Low temps. 17 High Temp. 61 High minimum.

Media coverage of the record cold? Almost non-existent

A search for news of cold records set in US from Nov 26 to Nov 30 turns up one story in the Christian Science Monitor and pretty much no where else (did I miss some?). When 1,000 heat records fell in a week USA today covered it. They don’t seem to have mentioned the cold records, but we might wonder whether that’s an editorial bias, or (I think more likely) that no official climate or meteorological group issued a press release.

More cold is apparently on the way, look at the forecast map: 10 out of 10 […]

Climate money evaporating — global carbon market down 35% in 2012 — peak carbon is in the rear view mirror

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, […]

Unthreaded Weekend

 

Litchfield National Park, Northern Territory Australia (Click to enlarge) Photo: JoNova

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