Trading In Air To Make No Difference To The Temperature

Posted on Wed 07/31/2013 by PA Pundits - International

By Andrew Bolt ~

Here, Andrew summarises the article from Joanne Nova, an article published today in the main Australian national news outlet The Australian, reproduced in its National Affairs section. The link Andrew provides here with his Post is to that article. The article just includes a small introduction and the rest of the article is then hidden behind a paywall. However, Joanne has permission to reproduce the article in full at her own blog site, JoNova, and that article is at the following link.

Jo Nova in The Australian: Carbon credits market is neither free nor worth anything

This article at her site is also open to commenting, and the comments section is always well worth reading as well…..TonyfromOz.

Jo Nova on the carbon trading system that the Australian Prime Minister Kevin Rudd is linking Australia to one year earlier:

Unfortunately, fraud has been a big, ongoing problem with emissions trading. This market needs auditors, and the auditors need auditing (the top two auditors in the EU emissions trading scheme were suspended in 2009 for irregularities). The EU has already lost €5 billion to carbon-trading value-added tax fraud. The mafia is laundering money in Italy through renewables schemes, and after one tax loophole was closed, market volume in Belgium dropped by up to 90 per cent.

The carbon market also depends on the honesty of people claiming: “We wouldn’t have built that dam without that carbon credit.” How would we know? The Xiaoxi dam in China was already under construction two years before the owners applied for credits “to build it”…

Most of the key factors in a carbon market are misnamed. The market is not free. An essential plant fertiliser is called pollution. The aim of the market is not to make clean energy but to change global temperatures by an amount that rounded to the nearest degree, equals zero. The US has no market but has reduced emissions (largely thanks to shale gas), while any reductions in EU emissions were largely due to falling gross domestic product. Yet the government wants to join the EU scheme.

Andrew Bolt is a journalist and columnist writing for The Herald Sun in Melbourne Victoria Australia.

Andrew Bolt’s columns appear in Melbourne’s Herald Sun, Sydney’s Daily Telegraph and Adelaide’s Advertiser. He runs the most-read political blog in Australia and hosts Channel 10’s The Bolt Report each Sunday at 10am. He is also heard from Monday to Friday at 8am on the breakfast show of radio station MTR 1377, and his book Still Not Sorry remains very widely read.

Read more excellent articles from Andrew Bolt’s Blog . http://blogs.news.com.au/heraldsun/andrewbolt/