Friday, April 27, 2007

Imaginary problems…

…require imaginary solutions. Hey, there's some easy money to be made from that!

A Financial Times investigation has uncovered widespread failings in the new markets for greenhouse gases, suggesting some organisations are paying for emissions reductions that do not take place.

Others are meanwhile making big profits from carbon trading for very small expenditure and in some cases for clean-ups that they would have made anyway.

… The FT investigation found:

■ Widespread instances of people and organisations buying worthless credits that do not yield any reductions in carbon emissions.

■ Industrial companies profiting from doing very little – or from gaining carbon credits on the basis of efficiency gains from which they have already benefited substantially.

■ Brokers providing services of questionable or no value.

■ A shortage of verification, making it difficult for buyers to assess the true value of carbon credits.

■ Companies and individuals being charged over the odds for the private purchase of European Union carbon permits that have plummeted in value because they do not result in emissions cuts.
More. Via Small Dead Animals.

2 comments:

mariposa said...

If I'm going to continue to live in fantasyland and keep my sanity, then I need a drink NOW!

Lisa said...

The adherents of Chicken Little aren't giving us much of a choice these days, so have a drink while you may.