Friday, 27 April 2007

"Carbon credits" like tarot cards without the predictive value

What happens when, as Kiwi Pundit puts it, "people simultaneously advertise their ignorance and desire to spend money"? As he says, "it is not surprising that fraudsters will prey on them" -- and as the Financial Times points out, that's exactly that is happening in the case of so called "carbon credits." They cite
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...; brokers providing services of questionable or no value; a shortage of verification...; [and] companies and individuals being charged over the odds for ... carbon permits that have plummeted in value because they do not result in emissions cuts.
Crikey, it's beginning to sound like just another government subsidy scheme, doesn't it? Or as KP concludes, "a little like complaining that a tarot card reader took your money but failed to accurately predict your future."

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