Global carbon market is a $909 billion dollar game that rewards bureaucrats and bankers
The Elephant in the room. The vested interests rule.
By Jo Nova
The global carbon market in sacred certificates-to-stop-storms now “worth” nearly one trillion dollars
Remember this number next time someone tells you fossil fuels are stopping “climate action”.
The whole trillion dollar carbon market is a vested interest. It is a fake market entirely created on government whimsy. The whole absurd point of it is supposedly to slow tornadoes or floods in 2100, and reduce beach-weather in Europe. Because who likes the beach?
LONDON, Feb 7 (Reuters) – The value of traded global markets for carbon dioxide (CO2) permits reached a record 850 billion euros ($909 billion) last year, analysts at Refinitiv said on Tuesday. Around 12.5 billion tonnes of carbon permits changed hands in the world’s emissions markets – 20% less than the previous year – but the value of the markets rose by 14% as prices for permits were much higher.
In a carbon market, certain favoured groups can say they produced less carbon dioxide this year than they otherwise might have. They get to sell their anointed pieces of paper to other less favoured people who have to buy credits because the government says they must. At any point in this game, industries can get exemptions added or allowances boosted. So if the bribes or post-political-life jobs on offer are good enough, the right people can arrange to divert the river of money toward their own accounts. And the insiders can buy or sell the shares as the government policy changes. It creates a vast economy of busy work and a big pile of money.
https://joannenova.com.au/2024/02/global-carbon-market-is-a-909-billion-dollar-game-that-rewards-bureaucrats-and-bankers/?utm_source=rss&utm_medium=rss&utm_campaign=global-carbon-market-is-a-909-billion-dollar-game-that-rewards-bureaucrats-and-bankers
