The vast climate money market is gearing up for the Madrid doom-fest, with more than a hint of smoke-and-mirrors chicanery included.
By David Wojick, Ph.D. ~
In Madrid the negotiators will be trying hard to finalize the Paris Accord emission trading scheme. The non-binding Paris Accord targets may have big bucks value for some developing countries and this has led to a paralyzing controversy.
Emission trading means any country that does better than their target can sell the difference as indulgences, called carbon credits.
This is potentially a huge market. The airlines are already promising to offset their enormous, jet propelled emissions, and most developed countries are not on track to hit their targets, so there are a lot of potential buyers.
Countries like China and India have a lot to sell, despite their coal mania, because their targets are based on emissions per GDP, not emissions per se. Industrialization increases emissions but it increases productivity even more, a lot more. Booming Brazil also has a pot full of indulgences to…
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November 8, 2019 at 10:18AM