The World Bank, as reported by the Wall Street Journal (WSJ), will guarantee the price of carbon credits for projects that cut methane and other greenhouse gasses in developing countries. The WSJ article said:
“Under the [carbon trading] system, projects that reduce emissions in the developing world produce carbon credits, which companies in industrialized nations can then buy to offset their own emissions.”
The money to back these guarantees comes, at least in part, from US tax payers.
This is being done to bolster the price of carbon credits that has fallen, in recent years, according to the WSJ, from around $23.00 to 35 cents.
The World Bank conducted its first two auctions for projects that would cut methane and CO2 emissions, where it guaranteed a price of $2.40 per carbon credit at the first auction, and $3.50 at the second.
Part of the reason for these guarantees is to revive the building of projects that cut methane and CO2 emissions, which could help countries achieve emission goals set at COP 21 in Paris.
The WSJ article said there are around 1,200 projects in Brazil, India and Indonesia that, if implemented, could cut emissions 850 metric tons by 2020.
While this sounds impressive, it’s a mere drop in the bucket when compared with US 2004 emissions of 5,905,000,000 metric tons. And China’s CO2 emissions are even greater.
It would appear as though US tax payer dollars are being spent on a publicity stunt to bolster support for this administration’s various actions for cutting CO2 emissions.
The World Bank said, that with its guaranteed price for carbon credits, its clients would be more interested in starting emission cutting projects.
However, why should US tax payer dollars be used for this effort?
Especially when the program doesn’t actually cut emissions, it merely provides a mechanism whereby companies can continue with their current emissions without increasing total emissions by buying credits.
This program was started under the Kyoto Protocol, a treaty the United States did not ratify, so why should tax payer dollars be used to support a program the United States did not ratify.
This demonstrates once again, the octopus-like tentacles that have been wrapped around the American economy by the environmental movement.
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Nothing to Fear, Chapter 14, Impossible Objective, provides data on the quantity of CO2 emissions from each sector of the U.S. economy, and why it’s impossible to cut CO2 emissions enough by 2050 to stop climate change, if it really is caused by CO2.
Nothing to Fear is available from Amazon and some independent book sellers.
Link to Amazon: http://amzn.to/1miBhXy
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