The CDM is one of two global markets which have been set up in the wake of the Kyoto climate summit in 1997. Both finally started work in January 2005. Although both were launched with the claim that they would reduce greenhouse gases in the atmosphere, evidence collected by the Guardian suggests that thus far, both markets have earned fortunes for speculators and for some of the companies which produce most greenhouse gases and yet, through a combination of teething troubles and multiple forms of malpractice and possibly fraud, they have delivered little or no benefit for the environment.The CDM is run under the umbrella of the UN.
The EU scheme is equally profit generating, while "At the other end of this EU market, smaller organisations like UK hospitals and 18 universities, who had been given far fewer EUAs, were forced to go out and buy them - while the price was still high. So, for example, the University of Manchester spent £92,500 on EUAs. Now that the truth about the glut has been revealed, the university would be doing well if it managed to get £1,000 for the lot of them. " [EUAs =
EUA EU Allowance (C02-emissions)]
Scam? Of course. The Guardian: "While this EU market has failed to make any serious impact on climate change, the UN's Clean Development Mechanism has done little better."
It wouldn't be difficult to imagine that regulating C02-emissions is a prelude to eventually charging people for the air they breathe, That scenario is looking more likely every day.
It's time for a reality check.
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