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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? [1]
Oct 27, 2010

I wrote a few weeks ago [2] 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 [3] of the Chicago Climate Exchange:

US Carbon trading – not worth a plug nickel [4]

And it’s still crashing. Last week the Chicago Climate Exchange (CCX) announced that they were scrapping the existing carbon trading program [5], 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 [6] all while the price of a ton of Carbon Dioxide continued to plummet.

According to Steve Milloy’s Green Hell Blog [7]:

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.

Having A Supply Of Healthy Foods That Last Just Makes Sense (AD) [8]

US Carbon trading – not worth a plug nickel 260310banner2 [9]


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URL to article: http://www.prisonplanet.com/us-carbon-trading-%e2%80%93-not-worth-a-plug-nickel.html

URLs in this post:

[1] Watts Up With That?: http://wattsupwiththat.com/

[2] wrote a few weeks ago: http://wattsupwiththat.com/2010/08/31/chicago-climate-exchange-devalues-50-new-record-low/

[3] yesterday’s close: http://www.chicagoclimatex.com/market/data/daily.jsf

[4] Image: http://wattsupwiththat.files.wordpress.com/2010/10/ccx_1025101.png

[5] announced that they were scrapping the existing carbon trading program: http://www.chicagoclimatex.com/info/advisories/2010/2010-13.pdf

[6] deep employee cuts in mid August: http://wattsupwiththat.com/2010/08/13/chicago-climate-exchange-still-flatlining-employee-cuts/

[7] Steve Milloy’s Green Hell Blog: http://greenhellblog.com/2010/10/26/carbon-trading-rip/

[8] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[9] Image: http://purewaterfreedom.com/

[10] Market Confidence Low: Carbon Credits now worth 25 cents, were at $7 in 2008: http://www.prisonplanet.com/market-confidence-low-carbon-credits-now-worth-25-cents-were-at-7-in-2008.html

[11] Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities”: http://www.prisonplanet.com/carbon-trading-fraud-in-belgium-%e2%80%93-%e2%80%9cup-to-90-of-the-whole-market-volume-was-caused-by-fraudulent-activities%e2%80%9d.html

[12] EU Carbon Credit trading takes a dive. In Greece, they can’t hardly give EU carbon credits away: http://www.prisonplanet.com/eu-carbon-credit-trading-takes-a-dive-in-greece-they-can%e2%80%99t-hardly-give-eu-carbon-credits-away.html

[13] Carbon Trading is a Scam: http://www.prisonplanet.com/carbon-trading-is-a-scam.html

[14] Rothschild Australia and E3 International to take the lead in the global carbon trading market: http://www.prisonplanet.com/rothschild-australia-and-e3-international-to-take-the-lead-in-the-global-carbon-trading-market.html

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