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US Carbon trading – not worth a plug nickel
Posted By admin On October 27, 2010 @ 3:23 am In Sci Tech | Comments Disabled
Watts Up With That? 
Oct 27, 2010
I wrote a few weeks ago  that The only lower price than today’s closing price on a ton of carbon is ZERO. That’s true now more than ever. See the chart below from yesterday’s close  of the Chicago Climate Exchange:
And it’s still crashing. Last week the Chicago Climate Exchange (CCX) announced that they were scrapping the existing carbon trading program , and focusing on a new one that deals with directly sold carbon offsets rather than open trading.
Of course, anybody with a lick of business sense could see this coming a mile away, especially after there were deep employee cuts in mid August  all while the price of a ton of Carbon Dioxide continued to plummet.
According to Steve Milloy’s Green Hell Blog :
CCX was sold earlier this year for $600 million to the New York Stock Exchange-listed IntercontinentalExchange (Symbol: ICE), an electronic futures and derivatives platform based in Atlanta and London. ICE also acquired the European Climate Exchange as part of the transaction. The ECX remains open to accommodate the Kyoto Protocol-required carbon trading among EU nations. The sale of CCX to ICE allowed climateers like Al Gore’s Generation Investment Management and Goldman Sachs to cash out of investments in CCX.
At its founding in November 2000, some estimated that the size of CCX’s carbon trading market could reach $500 billion.
$500 billion trading thin air? Sure, yep, you betcha. Do you think there will be any confidence in buying carbon offsets directly when the free market runs from carbon trading like they are vacating a burning house?
A bag of charcoal BBQ briquettes is worth far more than a ton of carbon dioxide right now. Stock up, you might be able to sell them to some unsuspecting dupe a briquette at a time just so long as you provide a certificate to go with each one.
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URLs in this post:
 Watts Up With That?: http://wattsupwiththat.com/
 wrote a few weeks ago: http://wattsupwiththat.com/2010/08/31/chicago-climate-exchange-devalues-50-new-record-low/
 yesterday’s close: http://www.chicagoclimatex.com/market/data/daily.jsf
 Image: http://wattsupwiththat.files.wordpress.com/2010/10/ccx_1025101.png
 announced that they were scrapping the existing carbon trading program: http://www.chicagoclimatex.com/info/advisories/2010/2010-13.pdf
 deep employee cuts in mid August: http://wattsupwiththat.com/2010/08/13/chicago-climate-exchange-still-flatlining-employee-cuts/
 Steve Milloy’s Green Hell Blog: http://greenhellblog.com/2010/10/26/carbon-trading-rip/
 Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43
 Image: http://purewaterfreedom.com/
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