Friday, Dec 4th, 2009
James Hansen is the world’s leading climate scientist fighting against global warming.
Yesterday, Dr. Hansen told the Guardian:
He is vehemently opposed to the carbon market schemes – in which permits to pollute are bought and sold – which are seen by the EU and other governments as the most efficient way to cut emissions and move to a new clean energy economy.
Therefore, Hansen says:
It would be better for the planet and for future generations if next week’s Copenhagen climate change summit ended in collapse.
I have repeatedly pointed out that cap and trade won’t work. Indeed:
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.
And it won’t work.
This article was posted: Friday, December 4, 2009 at 5:13 am