Thursday, May 27, 2010

US Calls For Global Carbon Transparency, EU Suffers Carbon Fraud

Despite the fact that the UN professor behind the global warming "hockey-stick" graph now suggests global warming may not be a man-made phenomenon, the US is driving on with a call for worldwide transparency on measures for combating climate change.

The US climate change representative said Wednesday that all countries must adopt transparency and accept external reviews of their greenhouse emissions, leaving note that global cooperation is very important to ensure that the worldwide campaign for carbon intensity reduction is heading to the right direction.

Speaking before an audience in Beijing's Tsinghua University, US envoy Todd Stern said that the United States treats the issue of transparency with so much importance, stressing that "countries need to be able to see what track the world is on generally, where we are going."

Editor's note:

The Fourth Annual International Conference On Climate Change on May 16 resulted in a less than convincing verdict on man made climate change:

Among the nearly three dozen scientists speaking at the event were Dr. Craig Idso, Center for the Study of Carbon Dioxide and Global Change, on the real impacts of ocean acidification; Dr. Gary Sharp, marine biologist, on ecological responses to climate change; Dr. Nils-Axel Morner, Stockholm University, on his theory that there is no imminent threat of alarming rising of sea levels; and Dr. Howard Maccabee, Doctors for Disaster Preparedness, on health data refuting the urgency for Environmental Protection Agency regulation of carbon dioxide.

...Dr. Ian Plimer, University of Adelaide, Australia, reminded his audience that most of the carbon on Earth is solid - in other words, rocks. He also spoke on the importance of deep sea volcanoes and other earth mantle sources of carbon dioxide and other carbon compounds, and proposed that we should be careful before we claim to know the cycling of carbon on a complex system like planet earth.

Editor's note: Don't look now, but carbon fraud is now worth millions in the EU:

The EU's climate chief is facing pressure to explain her failure to crack down on a loophole that allowed alleged fraudsters – a large number of them based in Britain – to make millions of euros through Europe's emissions trading scheme.

Confidential documents seen by the Guardian show that Connie Hedegaard, the European commissioner for climate action, had been informed about fraudsters targeting the Danish carbon registry to enable them to trade in credits last summer, as the UK and the Netherlands were clamping down on the fraud by scrapping VAT on carbon trading.

An MEP last week lodged an official question asking what happened to the Danish registry while Hedegaard was climate minister, and what is being done across Europe to combat carbon fraud.

Ed. note 2: Oh, and by the way, Wall Street and the financial industry is preparing to help save the planet:

...Banks intend to become the intermediaries in this fledgling market. Although U.S. carbon legislation may not pass for a year or more, Wall Street has already spent hundreds of millions of dollars hiring lobbyists and making deals with companies that can supply them with “carbon offsets” to sell to clients.

...The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors.
Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity -- in this case, CO2 and other greenhouse gases.

“This requires a massive redirection of capital,” Masters says. “You can’t have a successful climate policy without the heavy, heavy involvement of financial institutions.”

See also: Climategate showed that global warming concerns were not the product of science but of activism , The Cap and Trade Ripoff

See what's really behind Climate Change.

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