Posts Tagged ‘carbon trading scams’
November 23, 2011
The Carbon Trading scams around the world are coming undone (though Australia in it’s wisdom and its noble efforts to single-handedly save the world has just introduced a carbon tax). The Swiss Bank, UBS has produced a report for its investors with a devastating indictment about carbon trading “waste” in Europe and its bleak future.
The Australian:
SWISS banking giant UBS says the European Union’s emissions trading scheme has cost the continent’s consumers $287 billion for “almost zero impact” on cutting carbon emissions, and has warned that the EU’s carbon pricing market is on the verge of a crash next year.
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Tags:carbon trading scams, carbon trading waste, Emissions trading, European Union, UBS, UBS Investment Research
Posted in Alarmism, Business, Climate, European Union, Fraud | Comments Off on Europe has “wasted” €210 billion on carbon trading for almost zero impact
October 1, 2011
Prof. Dr. Ottmar Edenhofer is the Co-Chair of Working Group III of the IPCC – deputy director and chief economist of the Potsdam Institute for Climate Impact Researck (PIK). PIK is somewhat notorious for being a scientific institution where all their results are governed and constrained by political correctness. Only results which support global warming dogma are ever published by PIK. It is also the institution which is home for the sea level alarmist Stefan Rahmstorf.
But last year even a high priest such as Ottmar Edenhoffer was forced to admit:
“But one must say clearly that we redistribute de facto the world’s wealth by climate policy. Obviously, the owners of coal and oil will not be enthusiastic about this. One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with environmental policy anymore.”
It becomes increasingly apparent that climate policy has very little to do with science and everything to do with creating and tapping into vast flows of money. And now courtesy of the Wikileaks cable releases we learn:
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Tags:carbon trading scams, CDM farce, Clean Development Mechanism, global warming, Kyoto fraud, Kyoto Protocol, Wikileaks
Posted in Alarmism, Climate, Fraud, India, Natural Phenomena, Scientific Fraud | 1 Comment »
August 16, 2011
The amounts of money sloshing around in the EU in carbon trading scams is mind-boggling and puts even drug money into the shade. The EU emissions trading scheme has been one of the major drivers of corruption in the last few years. The latest scam to come to trial is in Germany where just the tax evasion amounts to €5 billion ($7 billion). The total value of the carbon trades involved in this particular fraud probably exceed €50 billion. The frauds revealed so far are just a tiny fraction of all the succesful frauds that have been perpetrated – and all with the undoubted help (and connivance) of EU politicians.
It would not be surprising if the total cost of the EU emissions trading schemes (assuming a conservative 80:20 principle) exceeded €250 billion. Eventually, the cost of all these carbon trades will have to be borne by EU taxpayers and electricity consumers.
Reuters reports:
A 5 billion euro tax fraud returned to haunt European Union’s emissions trading scheme on Monday as six individuals faced tax evasion charges at a trial which starts in Frankfurt. The case will haul the market’s multiple scandals back into the spotlight but is unlikely to implicate investment banks following a similar case against small firms in Britain.
In an activity which peaked in May 2009, traders bought carbon emissions permits in one country and sold them in another, charging for and then keeping the value-added tax (VAT) which they should have handed to tax authorities.
- The total value of the fraud was at least 5 billion euros ($7.1 bln) in lost tax receipts, according to Europol
- Charges have been brought against individuals at small firms. Europol said the fraud was linked to criminal networks operating outside the EU including the Middle East
- The biggest swoop, initiated by Germany in early 2010, saw more than 2,500 officers involved across European and other countries
- In Germany, prosecutors said in March that in addition to the six individuals charged, a further 170 suspects including seven Deutsche Bank employees were still under investigation and could be charged later
- In Britain, the first trial of seven suspects risked delay as the investigation unearthed new evidence
- It was easier to open an account on the carbon market registry than to open a bank account, allowing less reputable characters to participate.
- As a new market, tax authorities in EU member states were slower to spot the fraud opportunity
- The fraud was carried out on an unregulated spot market. Participants in such markets do not have to register with financial authorities, unlike in futures markets
- As well as making it easier for fraudsters to gain entry, unregulated markets do not force strict know-your-client (KYC) rules on law-abiding participants meaning criminals escaped detection more easily
- Officials at Paris-based Bluenext have not denied that their spot exchange was used by tax evaders but have maintained that they acted to stop the practice
- French tax authorities are demanding 355 million euros ($505 million) from Bluenext, owned by NYSE Euronext, in unpaid VAT related to trades that occurred on the exchange
- The EU’s head of tax, Algirdas Semeta, and of climate change, Connie Hedegaard, in June sent letters to EU states urging them to apply reverse tax charges which would remove the opportunity to buy EUAs VAT-free and then pocket the tax
- The carbon market has suffered scandals besides VAT fraud, including a phishing attack, the circulation of used emissions permits and cyber theft of EUAs
- The market has seen near-record low prices in recent weeks as the threat of a new downturn widens a glut in permits
Tags:Bluenext, carbon trading scams, Emissions trading, EU corruption, European Union, global warming
Posted in Alarmism, Business, Climate, Corruption, Energy, Ethics, European Union | Comments Off on One EU Carbon trading scam comes to trial: €5 billion just in lost taxes
February 14, 2011
With easy money like this floating around and waiting to be siphoned off it is not difficult to see why the global warming fraud continues! And of course these $5.5 billion are small change compared to the amounts that have been scammed in Europe.
And to make it worse, carbon dioxide emissions are a little less than insignificant for global temperatures.
The Sydney Morning Herald:
Billions blown on carbon schemes
SUCCESSIVE federal governments have spent more than $5.5 billion over the past decade on climate change programs that are delivering only small reductions in greenhouse gas emissions at unusually high costs for taxpayers and the economy.
An analysis by the Herald of government schemes designed to cut emissions by direct spending or regulatory intervention reveals they have cost an average of $168 for each tonne of carbon dioxide abated. ……
The analysis of 17 programs with a total cost of $5.62 billion shows many of the schemes are at odds with the goal of tackling climate change at the lowest cost to the economy. ………
The weighted average cost of the 17 programs was $168 a tonne. They will deliver about 25 million tonnes of carbon abatement in 2020 – less than 10 per cent of that needed to meet the government’s target of reducing emissions in 2020 by 5 per cent on 2000 levels.
The worst offenders have included Labor’s rebates for rooftop solar panels, which cost $300 or more for every tonne of carbon abated, and the Howard government’s remote renewable power generation scheme, which paid up to $340 for each tonne.
Read the article.
Tags:Australia, carbon trading scams, climate, climate change, Emissions trading, Greenhouse gas
Posted in Alarmism, Australia, Climate, Environment, Scientific Fraud, Weather | Comments Off on Carbon dioxide rip-off has cost Australia $5.5 billion – so far
December 29, 2010
Japan joins the growing list of nations who have shelved, postponed or cancelled carbon trading schemes (and there is not a single carbon trading scheme anywhere which is not built on fraud).
Reuters reports:
Japan postponed plans for a national emissions trading scheme on Tuesday, bowing to powerful business groups that warned of job losses as they compete against overseas rivals facing fewer emissions regulations.
The government has submitted a climate bill to parliament that includes a one-year deadline to design a national trading scheme. After Tuesday’s delay, that bill faces revisions in the next parliamentary session that begins in January.
The decision is a blow to the European Union’s hopes that other top greenhouse gas polluters will introduce emissions trading schemes and follows setbacks to similar efforts in the United States and Australia.
A U.N. meeting in Cancun, Mexico, this month failed to clear uncertainty over a global climate framework beyond 2012. This is likely to cause some big emitters to take their time in rolling out tougher greenhouse gas regulations, particularly for carbon dioxide (CO2) from burning fossil fuels such as coal and oil.
Neighboring South Korea has delayed the introduction of its emissions trading laws into parliament until February because of business concerns.
Tags:carbon trading scams, climate change, Emissions trading, Japan
Posted in Alarmism, Business, Fraud, Japan | 1 Comment »
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