Posts Tagged ‘carbon trading fraud’

Carbon trading fraudsters lobby hard to keep their playground unregulated

October 10, 2011

Stupidity (in introducing cabon trading in the first place) and greed among the carbon traders and speculators reigns supreme.

No surprise!

Reports calls for tougher regulation on carbon trading scheme

Reports calls for tougher regulation on carbon trading scheme: image clickgreen.org.uk

Clickgreen reports:

Finance sector lobbyists are pushing the European Commission to block tighter regulation of the EU’s carbon market, a new report from Corporate Europe Observatory and Carbon Trade Watch, published today, reveals. 

The Commission is currently reviewing regulation of the market following a number of fraud cases and leaked documents suggest that it will include carbon trading under the revised Market in Financial Instruments Directive.

But according to Letting the market play, lobbyists from the International Emissions Trading Association – the main body representing carbon traders – and BusinessEurope have sought to minimise new regulations, with BusinessEurope claiming “no further regulation” is needed. 

Report author Oscar Reyes said: “Carbon markets are a playground for fraudsters and speculators. Financial regulations are the Commission’s belated attempt to trim the excesses, but the problems lie at the core. Handing over environmental policy to traders has done nothing to address climate change.”  ……..

The report shows that while IETA has blamed a “lack of action from the side of the regulators” for the cases of carbon fraud, its lobby strategy has been driven by a desire to find new opportunities for speculation by whatever means are necessary. 

In January 2011, the European Commission halted trading on a key part of the carbon market after the latest in a series of large fraud cases was uncovered.  According to Carbon Trade Watch, less than a month later and with the suspension still partly in place, the International Emissions Trading Association (IETA, the main carbon traders’ lobby group) was privately insisting to Brussels officials that “there might be no need to regulate this market”.

Carbon trading greed drives land grab and eviction of 20,000 in Uganda

October 4, 2011

I take man-made carbon dioxide (3 – 4% of an atmospheric concentration of 0.04%) as being quite insignificant and essentially irrelevant for climate change.

But global warming ideology has led to the opportunistic development of the carbon trading  obscenity which funnels vast amounts of tax money into the sticky hands of a few developers and their parasitic politicians and bureaucrats. The UN (Kyoto protocol) and the EU (carbon trading) programs are particularly to blame. The frauds and scams connected with carbon trading do nothing for our climate but they encourage the greed which leads to the most obscene and despicable behaviour. I posted recently about the excesses in Honduras which led to the murder of 23 farmers. But I had missed this story which came out in the New York Times two weeks ago. 20,000 Ugandans have been evicted, houses burned and people killed to allow a UK company to plant forests and earn millions in selling the resulting carbon credits:

In Scramble for Land, Group Says, Company Pushed Ugandans Out 

KICUCULA, Uganda — According to the company’s proposal to join a United Nations clean-air program, the settlers living in this area left in a “peaceful” and “voluntary” manner. People here remember it quite differently. “I heard people being beaten, so I ran outside,” said Emmanuel Cyicyima, 33. “The houses were being burnt down.” Other villagers described gun-toting soldiers and an 8-year-old child burning to death when his home was set ablaze by security officers. “They said if we hesitated they would shoot us,” said William Bakeshisha, adding that he hid in his coffee plantation, watching his house burn down. “Smoke and fire.”

According to a report released by the aid group Oxfam on Wednesday, more than 20,000 people say they were evicted from their homes here in recent years to make way for a tree plantation run by a British forestry company, emblematic of a global scramble for arable land.

“Too many investments have resulted in dispossession, deception, violation of human rights and destruction of livelihoods,” Oxfam said in the report. “This interest in land is not something that will pass.” As population and urbanization soar, it added, “whatever land there is will surely be prized.”

Across Africa, some of the world’s poorest people have been thrown off land to make way for foreign investors, often uprooting local farmers so that food can be grown on a commercial scale and shipped to richer countries overseas.

But in this case, the government and the company said the settlers were illegal and evicted for a good cause: to protect the environment and help fight global warming.

The case twists around an emerging multibillion-dollar market trading carbon-credits under the Kyoto Protocol, which contains mechanisms for outsourcing environmental protection to developing nations. The company involved, New Forests Company, grows forests in African countries with the purpose of selling credits from the carbon-dioxide its trees soak up to polluters abroad. Its investors include the World Bank, through its private investment arm, and the Hongkong and Shanghai Banking Corporation, HSBC.

Read article 

That the New Forest Company is opportunistic and greedy is inevitable and understandable when the benefits of the carbon trading programs were flouted under their noses. That they were unaware of the methods used is not credible. The results of the carbon trading scams are becoming sick and despicable and the EU politicians and bureaucrats who administer such schemes cannot continue to hide behind their misplaced intentions to “save the globe” and their “rules”.


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