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Leaked paper exposes EU countries’ abuse of climate loophole

March 30, 2017

By Paul Homewood

 

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http://www.euractiv.com/section/climate-environment/news/leaked-paper-exposes-eu-countries-abuse-of-climate-loophole/

 

From Euractiv:

 

EXCLUSIVE/ European Union countries exploited loopholes in United Nations forestry rules to pocket carbon credits worth €600 million and the equivalent of global-warming emissions from 114 million cars.

European Commission analysis, obtained by EURACTIV.com, exposed how by overstating their logging targets, governments scooped up carbon credits. These can be used to offset emissions from polluting sectors under the UN’s Kyoto Protocol.

Forests remove CO2 from the atmosphere. Countries were rewarded for undercutting their exaggerated UN felling targets, which were reported to the European Commission.

Forestry is not regulated under the bloc’s Emissions Trading System (ETS), the world’s largest carbon market. But efforts are underway to bring them under EU oversight in the draft Effort-Sharing Regulation.

The Commission “non-paper” was prepared in a bid to convince some EU member states to drop their opposition to the new rules.  It revealed that the problem was potentially up to 30% worse than first suspected.

In 2013-2014, the most recent years available, member states picked up a windfall of 120 million tonnes worth of carbon credits.

Those free credits, worth about €5 each at today’s EU carbon price, represent the same CO2 as the annual emissions of the four most polluting coal stations in Europe.

The document said that leaving the loophole open risked 133 million tonnes of unearned carbon credits falling into governments hands.

133 million tonnes is worth €665 million at today’s carbon price and is equivalent to 127 million cars on the road.

http://www.euractiv.com/section/climate-environment/news/leaked-paper-exposes-eu-countries-abuse-of-climate-loophole/

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15 Comments
  1. Joe Public permalink
    March 30, 2017 12:52 pm

    Surprise, surprise!

  2. Barry Capsey permalink
    March 30, 2017 12:59 pm

    Love ‘The carbon market’ -How on earth did we ever fall for such unadulterated CRAP. Global Warming is perhaps the greatest hoax ever pulled, and there are STILL people who not only believe it, but pay through the nose to stop it! Laughable. Wake up!

    • March 30, 2017 1:03 pm

      Agree. Where their is a chance for corruption don’t be surprised when the corrupt show up at the trough.

    • John F. Hultquist permalink
      March 30, 2017 1:58 pm

      pay through the nose to stop it!

      The beauty of an indulgence is that you can keep committing the sin as long as you listen to the priest and say the prayers assigned. ‘Go my son, say 3 Hail Marys, and come back next Saturday.’

      These carbon credits are just for show — no one expects to rearrange society or individual behaviors to save the world. Ask Leonardo DiCaprio or Barbr Streisand.

      • March 30, 2017 3:36 pm

        Not quite, John.

        You are at least supposed to be sorry for your sin and make some effort not to do it again. I’ve seen not the slightest evidence that the troughers are anything other than revelling in their sin and determined to keep on committing it until forcibly prevented!

        But if you take up ideas proposed by the likes of Ken Lay it is hardly surprising that you attract flies to your dungheap.

  3. March 30, 2017 1:39 pm

    Another day, another climate scam exposed. When will it ever end?

  4. Athelstan permalink
    March 30, 2017 2:07 pm

    Anything Goldman Sachs was involved in – is dirty, fraudulent – and ever soeasy money.

    The carbon trading scam is one of the money trees for GS, incredible, insane policies and the UN and EU make them law.

    Buying and selling Carbon credits, was always, simply taking the pi88. And ‘they’ – the bbc/bloomberg et al those ‘talking heads’ posing as experts/economists………………. wonder why EUrope is a federal entity Communist bloc – in deep crisis?

  5. March 30, 2017 5:28 pm

    A market based on the non-delivery of a non-good. What could go wrong?

    • John F. Hultquist permalink
      March 31, 2017 12:56 am

      Have you no faith, sir? Please accept this as delivery of your goods:

  6. Bulaman permalink
    March 30, 2017 5:58 pm

    ETS=Casino

  7. AlecM permalink
    March 30, 2017 6:36 pm

    Ja, but we were always the chosen race………

  8. Graeme No.3 permalink
    March 31, 2017 2:21 am

    Which is worse, getting a carbon credit for NOT chopping down a tree or getting a carbon credit by burning the tree as wood pellets? (As at Drax etc.)

  9. March 31, 2017 8:00 am

    Green = scam.
    Nuff said.

  10. Gerry, England permalink
    March 31, 2017 1:03 pm

    And as I predicted yesterday, in Donald Tusk’s response to May’s Article 50 letter is the suggestion that any trade agreement will include a requirement for the UK not to repeal environment legislation. How will the ‘Take back control’ brigade deal with that? We badly need common sense on the environment to remove protection for Great Crested Newts that are not scare here but are in Germany. And while they whinge and moan about fly-tipping who is surprised that if you make it difficult and expensive to dispose of stuff you get a surge in fly-tipping? Dump the landfill tax introduced because the Netherlands is too wet to bury rubbish in holes in the ground where we dig more holes than we can fill.

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