We said last
that Carbon Credits were a scam, promoted by Al Gore and his discredited film,
now its official. The EU carbon credits scam is out.
reports that the EU emissions trading scheme (ETS) has been discredited for
giving companies so many carbon credits – effectively permits to pollute – that
no overall reduction in emissions took place.
British companies followed official advice, but were persuaded to pay high
prices for environmentally worthless carbon credits as a result.
Henley, chief executive of MyCarbonWorld, which offered EU phase one permits
for sale at £6.40 per tonne, told the FT: “It’s not a simple case of a gross
margin there. There’s obviously set-up costs, admin costs, dealing costs,
the surplus in ETS permits, the wholesale market price has plunged to less than
€0.50 (£0.34) per tonne. But many intermediaries selling phase one ETS permits
on to companies and consumers charge much more.
Turner, the former CBI director-general and the man who headed the government’s
Pensions Commission, was one of those who bought the offsets recommended by
Defra, and has now obviously lost money. He told the FT: “The price was
considerably higher [than today].”
Credits scam is about making a market in trading credits, not about cleaning
up, not about reducing emissions, nothing to do with the environment,
everything to do with making money.
was paid £43m of taxpayers money after ICI, the previous owner of its Cheshire works, had installed an incinerator
for £6m in 1999 to reduce emissions. The company told the FT it had spent about
half the government money it received on clean-up technology.
Stop the Scam now, stop Defra using taxpayers
money on Al Gore’s Scam.