25 January 2010
The Collapsing Carbon Market
The Kyoto Protocol required developed countries which did not meet their carbon reduction quotas to purchase credits from clean energy projects in the developing world. This created a carbon trading market, which meant that many people, including Al Gore, were able to make a great deal of money from the alarm caused by the theory of catastrophic anthropogenic global warming. Those making such money became a powerful lobby with a strong incentive to further feed the man-made global warming frenzy.
The Guardian of the UK has now reported that the carbon market is no longer growing and may soon collapse. The failure of the Copenhagen Conference to set new emissions standards to take effect when the Kyoto Protocol reduction schedule ends in 2012, is causing many banks to stop lending money for carbon-emissions offset projects. These banks are not expanding their workforce on the carbon desks as anticipated and some people are already being released. The financiers backing one large clean energy project in the developing world backed out this month. The recession also contributed to there being lower emissions and hence less overshoot on quotas needing to be offset. The price of carbon offsets has fallen, especially in the U.S. and Australia where attempts to pass carbon cap and trade legislation have failed.
The weakness of the carbon trading market, combined with the realization by many that the science behind the theory of catastrophic man-made global warming was fraudulent, is and will further result in a great weakening of the forces pushing for catastrophic energy use restrictions and the attendant destruction of the economies of the nations of the developed world.