California’s cap and trade business (if it passes Tuesday) will be overseen by the “Climate Action Reserve,” on whose board sits a long time aide to Al Gore, a science fiction movie promoter. Nancy McFadden was Gore’s deputy chief of staff. Climate Action Reserve “is a national (carbon) offsets program focused on the US carbon market.” They “may later accept carbon offsets from developing countries, such as Brazil and Indonesia.”…
1. (FAQ 47 on their site states they’re in talks with ‘a major commodities exchange’ to begin trading their credits): “Q: How do I sell CRTs (Climate Reserve Tonnes or ‘carbon credits’) once they are in my account? Is there a specific contract template that we should use?
- A: All sales happen over-the-counter between buyers and sellers. At the moment there is no template contract for the sale or transfer of CRTs. However, we may develop one in the future. We are also in discussions with a major commodities exchange about allowing CRTs to be traded on their system.“
2. (FAQ 39 deals with regulation and compliance. They mainly take a developer’s word for it, which as bad as it sounds is the only answer. Transactions take place via a computer click. Those that occur on the ground cover territory too vast for human supervision. These are facts that have attracted organized crime to similar programs.): “Q: How is regulatory compliance verified?
- A: All project protocols contain provisions for verifying that projects registered with the Reserve comply with all local, state, and national regulations. Project developers are required to 1) sign a Regulatory Attestation that states the project is in compliance with all applicable regulations and 2) disclose specific regulations to which the project is subject. While verification bodies are not required to conduct a full regulatory audit as part of verification, they do use the information provided by the project developer and their professional expertise to assess the project’s regulatory compliance.”
- A: Most projects require at least annual verification; the project developer may choose to verify more frequently. A project may be verified as soon as there are reduction tonnes to be verified. Some developers may choose to have their project verified when operations begin, just to make sure everything is being done correctly, but this is not required. The exception to this is for forest projects, which may not be verified sub-annually.”
- can be gamed,” Soros, 79, remarked…. “That’s why financial types like me like it — because there are
- financial opportunities.”” from Bloomberg News, 12/4/09, “Carbon Capitalists Warming to climate market using derivatives” by Lisa Kassenaar
The ‘climate industry’ can make more money if people believe a preoccupation with CO2 is part of everyday care of the environment.
- Carbon markets are already the biggest profit centers at investment banks in Europe.
- Organized crime has found them easy markets to take over. The need to care for the environment should not be confused or hijacked by carbon trading profiteers.
“Wall Street realized there was money to be made in ‘going green.'” Robert Redford, April 2009