The Money In Carbon Credits

One of the problems with the disclosure of the emails regarding climate change that were exposed this year is that they encouraged those of us who believe that global warming is faulty science to speak louder.  As I look outside at the snow on the ground today–snow on November 8–my skepticism is reinforced!  It is also reinforced by the fact that the emails showed that a significant period of global warming during the Middle Ages was left out of the data because it interfered with the desired conclusion.  Somehow, I just can’t picture the Lord of the Manor in the Middle Ages driving around in his SUV.  I don’t claim to be a scientist, but I suspect climate change is a basic part of the history of earth–before and after the industrial revolution.  Well, as the science of global warming becomes more suspect, those poised to make a lot of money because of global warming are having their hopes dashed.

Yesterday the National Review Online reported that the Chicago Climate Exchange (CCX) announced on Oct. 21 that it will be ending carbon trading – the only purpose for which it was founded – this year.

According to the article:

“The CCX seemed to have a lock on success. Not only was a young Barack Obama a board member of the Joyce Foundation that funded the fledgling CCX, but over the years it attracted such big name climate investors as Goldman Sachs and Al Gore’s Generation Investment Management.”

Many of our leading Congressmen have investments in CCX.  The article points out:

“CCX’s panicked original investors bailed out this spring, unloading the dog and its across-the-pond cousin, the European Climate Exchange (ECX), for $600 million to the New York Stock Exchange-traded Intercontinental Exchange (ICE) – an electronic futures and derivatives platform based in Atlanta and London. (Luckier than the CCX, the ECX continues to exist thanks to the mandatory carbon caps of the Kyoto Protocol.)

“The ECX may soon follow the CCX into oblivion, however – the Kyoto Protocol expires in 2012. No new international treaty is anywhere in sight.”

Does it bother anyone else that the people who will make millions from the implementation of carbon restrictions are the same people who are supporting the legislation?

Meanwhile, on Friday reported:

“A top UN panel on Friday called for increased taxes on carbon emissions and international transport to raise 100 billion dollars a year to combat climate change.

“The group led by the prime ministers of Norway and Ethiopia also said there could be a tax on international financial transactions.”

It really is about the money–not the climate.