Saturday, June 02, 2007

Carbon Credits: Abuse and incompetence

Gee, who knew there would be abuse in the carbon credit business?:
"A Guardian investigation has found evidence of serious irregularities at the heart of the process the world is relying on to control global warming.

The Clean Development Mechanism (CDM), which is supposed to offset greenhouse gases emitted in the developed world by selling carbon credits from elsewhere, has been contaminated by gross incompetence, rule-breaking and possible fraud by companies in the developing world, according to UN paperwork, an unpublished expert report and alarming feedback from projects on the ground."
I guess I wrote about this before.
"I understand that this scheme is meant to factor the carbon replacement cost into energy consumption. But a scheme is exactly what it is. The bottom line is if you have money, you can consume energy. If you don't have money, you cannot. If this is done on a global scale, it will turn into a wealth transfer from the industrialized nations to the non-industrial nations. Such a wealth transfer to the kleptocracies in Africa will not help them achieve economic growth. Also, I can see all sorts of cheating and corruption going on that will render such a program null and void. Who is going to monitor emissions? Will an entirely new government agency spring up to administer such a thing?

The only thing this will accomplish is create another way to move money out the hands of the people and into the hands of these traders and the government."
Sometimes it just feels good to be right.

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