Thursday, April 26, 2007

Carbon Offset Trading Fraud?

Who’da thunk it? I can’t imagine that anyone concerned about global warming would gin up hysteria to fraudulently line their pockets. It’s almost like something Enron could have thought of. Oops, my bad, they did.

In other news, the NYT details Russia’s entry into carbon trading to rip off the EU. Spend $6-9 billion; sell $40-60 billion in carbon credits. The London Times provides an additional horror story from India, showing an investment of $2-3 million returning about $500 million. Good work if you can get it.

Here’s clue number one:

“In the rush to join the ‘green revolution’ companies are investing millions of pounds in a select handful of United Nations-approved schemes around the world.”

The United Nations. The same delightful kleptocrats who brought you Oil for Food.

Key takeaway: artificial markets created by politicians have the main effect of providing rent seeking opportunities for the unscrupulous and politically connected (is there a difference?) at the expense of the rest of us.

HT: Planet Gore