Friday, Jan 1st, 2010
James Hansen – the world’s leading climate scientist fighting against global warming – told Amy Goodman this morning that cap and trade not only won’t reduce emissions, it may actually increase them:
The problem is that the emissions just go someplace else. That’s what happened after Kyoto, and that’s what would happen again, if—as long as fossil fuels are the cheapest energy, they will be burned someplace. You know, the Europeans thought they actually reduced their emissions after Kyoto, but what happened was the products that had been made in their countries began to be made in other countries, which were burning the cheapest form of fossil fuel, so the total emissions actually increased…
Hansen also told Goodman that (notwithstanding Paul Krugman’s assertions) most economists say that cap and trade won’t work:
I’ve talked with many economists, and the majority of them agree that the cap and trade with offsets is not the way to address the problem.
As I have previously pointed out:
Obama must ensure that the banks use the trillions of dollars in federal bailout assistance to renegotiate mortgages and make new loans to worthy homebuyers and businesses. Obama must make certain that banks do not continue to squander federal largess by padding executive bonuses, acquiring other banks and pursuing new high-return, high-risk lines of businesses in merger activity, carbon trading and complex derivatives. Industry leaders like Citigroup have announced plans to move in those directions. Many of these bankers enjoyed influence in and contributed generously to the Obama campaign. Now it remains to be seen if a President Obama can stand up to these same bankers and persuade or compel them to act responsibly.
In other words, the same companies that made billions off of derivatives and other scams and are now getting bailed out on your dime are going to make billions from carbon trading.
This article was posted: Friday, January 1, 2010 at 5:21 am