This is the same scam the liberal left is trying to implement here in the U.S. In Europe, the “carbon trading” system is a scam filled with corruption, corrupt politicians and corrupt crooks who use the system to fund their illegal activities. Just think of it as the ‘environmental mafia.’
The Associated Press reports:
An obscure U.N. board that oversees a $2.7 billion market intended to cut heat-trapping gases has agreed to take steps that could lead to it eventually reining in what European and U.S. environmentalists are calling a huge scam.
At a meeting this week that ended Friday, the executive board of the U.N.’s Clean Development Mechanism said that five chemical plants in China would no longer qualify for funding as so-called carbon offset credits until the environmentalists’ claims can be further investigated.
The “CDM” credits have been widely used in the carbon trading markets of the European Union, Japan and other nations that signed onto the 1997 Kyoto Protocol requiring mandatory cuts in greenhouse gases.
Rather than cut their own carbon emissions, industrialized nations can buy the credits which then pay developing countries to cut their greenhouse gases instead.
This is the scam Obama and Democrats are trying to pass called cap-and-trade. You know, the system that Obama said would cause electricity rates to ‘skyrocket.’ Listen to his own words from the video below folks:
But environmentalists say rich nations could be wasting billions of dollars on what some are calling “perverse financial incentives,” because some of the largest projects funded by the U.N.-managed CDM are a golden goose for chemical makers without making meaningful cuts in emissions.
The money from the CDM-authorized fund goes to pay the carbon offset credits claimed by more than 20 chemical makers mostly in China and India, but also in nations such as South Korea, Argentina and Mexico.
We “rich nations” have been paying China and other countries to continue producing the same products they were supposed to cut.
The chemical makers are paid as much as $100,000 or more for every ton they destroy of a potent greenhouse gas, HFC-23. The price for destroying it is based on its being 11,700 times more powerful as a climate-warming gas than carbon dioxide.
Now I wonder why politicians want to scam Americans with their cap-and-trade policies? It would be another slush fund for crooks, cons and politicians to redistribute the wealth of the taxpayers.