16 June 2007

Behind the Curtain of the Wizard of Gore

Behind the Wizard's curtain, lurk several inconvenient truths.
The founder of Climate Care, Mike Mason, told the environment audit select committee in February: "I think planting trees is mostly a waste of time and energy." And yet Climate Care relies for some 20% of its online sales on forestry. Mr Mason explained apologetically: "People love it unfortunately."

The idea of buying and retiring EU carbon permits is becoming equally discredited. The first phase permits, which run to the end of this year, are now worthless. The second phase, due to cap the carbon emissions of European companies from 2008 to 2012, are high-risk investments. Nobody knows whether the European commission has got its calculations right this time.

The BBC recently reported that carbon trading has actually increased CO2 emissions.
The EU's carbon trading scheme has increased electricity bills, given a windfall to power companies and failed to cut greenhouse gases, it is claimed.

An investigation by BBC Radio 4's File on 4 programme has found that after two and half years the scheme has yet to cut in carbon dioxide emissions.

The consumer body Energywatch said customers are getting a raw deal.

Al Gore is up to his neck in European carbon trading.
Gore is just one of the most visible parts of the elaborate (and bi-partisan) schemes that have been set in motion under cover of climate change. Gore's personal financial involvement is blatant, especially through Goldman Sachs—a large shareholder of CCX, and in 2004, the creator of Gore's very own London-based hedge fund, Generation Investment Management.

CCX has multiple interconnections with the London-run Intercontinental Exchange, Inc. (ICE), whose subsidiary is the International Petroleum Exchange, the world's largest petroleum futures and options market. The dirty details of ICE and the Great Oil Price Swindle came out extensively at a May 8, 2006 Senate Democratic Policy Committee hearing

Al Gore, along with partners and friends, stand to make billions of dollars through these questionable schemes.
Just how big a market is the "certified tradeable offset" business set to commence in 2008? The World Bank estimates a $10 to $20 billion market. That may be a pittance compared to the real value of carbon trading.

In 2005, Grist Magazine went further, offering that "carbon could become one of the largest markets in the world, with a trading volume of $60 billion to $250 billion by 2008."

More recent estimates suggest carbon trading may exceed US $200 billion yearly. Much of this trading appears to be based upon outright fraud.
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.

Francis Sullivan, environment adviser at HSBC, the UK’s biggest bank that went carbon-neutral in 2005, said he found “serious credibility concerns” in the offsetting market after evaluating it for several months.

“The police, the fraud squad and trading standards need to be looking into this.

While Al Gore's Oscar for "An Inconvenient Truth" may be his pride and joy, his bread and butter is these "behind the curtain" scams that he is running with his London friends.

Do you believe? Do you have faith in the Wizard of Al?

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“During times of universal deceit, telling the truth becomes a revolutionary act” _George Orwell

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