Those brilliant Eurocrats created a financial incentive through the U.N. to increase carbon emissions.
There is no way that many powerful planners did not foresee this happening. I can only assume they didn’t care. Perhaps they got kickbacks and they actually wanted the system to work the way it is, in fact, working.
Pretending this is a surprise is like pretending no one foresaw Greece becoming a huge financial problem when they were admitted into the EU.
Lets rehearse how Cap and Trade is supposed to work. People can deal with their carbon emissions in two ways. First, they can reduce carbon emissions. This is expensive. But the U.N. brokered a deal to incentivize companies and governments to reduce their carbon footprint. They could sell their accrued credits to others so that they had permission to keep releasing the carbon they produced.
This idea was supposed to incentivize countries with more carbon-releasing industries and less money to deal with countries that had more money. In more developed countries, where they have more cash available, it makes more sense for them to “buy permission” from another entity that has reduced carbon emissions.
Thus, businesses in the E.U. began buying carbon credits from businesses in places like Russia and the Ukraine where we know they worked real hard to reduce carbon dioxide so they could honestly sell real credits and save the planet.
Sure they did.
The American Interest posts: “Carbon Offsets May Have Dramatically Increased Emissions.”
That’s the finding of a new report from the Stockholm Environment Institute, which investigated carbon credits used to offset greenhouse gas emissions under a UN scheme. As one of the co-authors of the report put it, issuing these credits “was like printing money.”
The Stockholm Environment Institute investigated these operations that claimed to have reduced their carbon footprint in order to have carbon credits to sell in the E.U. Of sixty randomly selected projects, they found eighty percent of them to be questionable.
So at the very least, a great deal of emissions have not been reduced. But there is more.
But perhaps worst of all are the perverse incentives the SEI report alleges these credit swaps have created for actually increasing emissions. According to a study released in the journal Nature Climate Change, plants in Russia “increased waste gas generation to unprecedented levels once they could generate credits from producing more waste gas,” resulting in an increase in emissions as large as 600 million tons of carbon dioxide—roughly half the amount the EU’s ETS intends to reduce from 2013 to 2030.
The UN seemingly left it up to national governments to oversee these projects, and now it has a full-blown crisis on its hands. With the Paris climate summit just over three months away now, trust in the international approach to solving climate change is falling to new lows.
So now we know why countries like China, India, and others might indeed sign a treaty. With no real enforcement, it just means they get to shake down American power companies and other businesses without having to do anything real to reduce their own emissions. In the meantime, all consumers in the U.S. will find their power bills rising, along with virtually all other expenses, since most of them require energy.
This is what our own government is trying to do to us when the economy is already weak. It is for this corrupt scam (apart from the scam climatology that justifies it) that our President lectures and bullies us to be compliant.