Gore’s grand experiment has flatlined.
As we reported almost two weeks ago, the Gore and Pachauri advised Chicago Carbon Exchange (CCX) has closed. Closing price? A nickel per ton of CO2.
Here’s the final day closing page for posterity:
A 16 lb bag of charcoal briquettes is worth more than a ton of CO2. About 220x more.
Here’s more on the story:
Carbon Trade Ends on Quiet Death of Chicago Climate Exchange
Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.
The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on Pajamasmedia.com (November 6, 2010) finds this huge story strangely unreported by the mainstream media.
To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”
Not until November 02, 2010 had the story even been picked up briefly and that was by Chicagobusiness.com (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”
Collapse is Personal Setback for U.S. President
Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.
Failure of European Climate Market May Follow
Milloy writes, “although the trading in carbon emissions credits was voluntary, the CCX was intended to be the hub of the mandatory carbon trading established by a cap-and-trade law. Trading carbon was, “the only purpose for which it was founded.” But with their resurgence after the mid-terms the Republicans have now put a new cohort of global warming skeptics into the corridors of power.
Unlike the American voluntary scheme, the European cousin of the CCX, the European Climate Exchange (ECX), continues to trade due to the mandatory carbon caps of the Kyoto Protocol. But the future of the ECX will be in doubt unless a new climate treaty to replace the Kyoto Protocol is introduced. That treaty expires in 2012. But the ineffectual Copenhagen Climate Conference (2009) exposed an inability among international politicians to agree on climate change. If this stalement persists then the European ECX may likely suffer the same fate as Chicago’s CCX.
read the rest here
Michael says:
November 8, 2010 at 12:29 pm
Consistent with all the above we are experiencing cold and record rainfall in many parts of the world…
What a coincidence!!!…almost the same happened 12,000 and so years:
http://meghnadspotofthought.blogspot.com/2010/08/aquarius-opinionated-dictators.html
🙂
“One day, two swindlers, La and Omaba, claiming to be weavers entered the Taxpayer’s city and proclaimed they were capable of making the finest, lightest, most magnificent cloth the world has ever seen, calling the new product with a fancy name “Air Chaud” . So extraordinary was this cloth, it was invisible to anyone who was incompetent or stupid. Hearing of the weaver’s amazing “talent”, the foolish Taxpayer thought he could use such cloth to weed out undesirable weather events in his city. He paid the swindlers an enormous sum and they set out to “create” the clothes. The Taxpayer sent several advisors called the IPCC to guage their progress and all the advisors reported the cloth magnificent, not wanting to appear unworthy for seeing nothing at all. Finally the clothes were “finished”, the swindlers already having counted the gold and jewels they had received…”
ad lib
VS
R. de Haan says:
November 8, 2010 at 9:25 am
“The EU has plans to blackmail the world into carbon trading.”
Jimmy says:
November 8, 2010 at 8:57 am
“Didn’t Gore & Co get $600m for this dead donkey earlier in the year from ICE, the sane crowd that run the European equivalent?”
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Sounds to me like we ‘Europeans’ (I use the phrase through gritted teeth, since none of us – in the UK anyway – voted for this situation, but I digress), we Europeans will absorb the losses of the CCX by increased carbon ‘levies’ to the undemocratic EU authority. What’s 600 mil between global hucksters anyway. That’s the beauty of the scheme – the losses get passed on to the sucker tax-payer and the corporations get to keep all the profits which come mostly from subsidies. Great!
Anyway, all is not lost for ICE. The failure of CCX was because it was voluntary. Clearly what seems necessary is compulsion, as Europe has demonstrated. That makes it work. Goverments must be stronger and more forceful on the climate issue.
That time will come and the CCX may well be resurrected. Doesn’t matter who owns it anyway – whether European or US – they’re all in the same club. It’s a global club which sees nation states as significant obstacles to their ambition, but not permanent impediments.
People once paid $7.00 for this?!? They’re buying shares in nothing.
CCX was never a stock exchange, it was a gambling scheme where people were betting on the eventual passage of cap and trade. A few years ago, people were willing to bet $7.00 that it would pass. But it never did and never will.
This is gambling and, since gambling is illegal, I’m sure the government will take the appropriate actions against the operators.
Roger Sowell says:
November 8, 2010 at 8:53 am
“We will be needing a carbon exchange in California. Correction: Kooky Kalifornia.
California Cap and Trade is alive and well as part of AB 32, which survived a challenge at the ballot box on November 2. Trading carbon instruments is a key to the program.”
And so does New Mexico.
But do me a favor, don’t remind them.
Send this message to California and New Mexico:
It was corruption of science to support a political agenda
IPCC Climate Science Is Fundamentally Wrong: Carbon Footprint is All Wet
http://canadafreepress.com/index.php/article/29657
So why do we need a carbon trading exchange?
A zero sum game for some but not others.
A little early to celebrate, fixing the EPA and CARB are next, but its good to see they failed to pull off the Carbon Exchange scam in the US.
Luke Wilson has seen it all already…
Is anyone surprised that the MSM have not covered this?
Panic sells, that is why AGW has been a darling for so long.
“If you don’t do anything on carbon and you don’t have renewable energy standards or investment tax credit, every utility company would go out tomorrow and build coal,”
Eric Spiegel, the new CEO of Siemens USA, which is one of the country’s top companies for engineering and producing machinery for the new green economy.
As reported here: http://finance.yahoo.com/news/Who-Killing-Green-Energy-The-atlantic-3664165699.html;_ylt=AnzJ8_vsZ8WZByPO1EjehE67YWsA;_ylu=X3oDMTFhbnRudGpoBHBvcwMxMQRzZWMDdG9wU3Rvcmllc0Nva2UEc2xrA3dob3NraWxsaW5nZw–?x=0&sec=topStories&pos=8&asset=778fec34ac71ca9234e5283437ec1e10&ccode=
R. de Haan says:
November 8, 2010 at 1:36 pm
They are working on the rest of the world countries to give them Carbon Credits for a few cents to carbon absorbers (as to the natives of the amazon jungle)and a little more to politicians who make this possible, which they will, after giving a fee, again, to 1st. world politicians, in order to obligatorily sell Carbon Shares to first world “polluters”. In the end, nothing will change but they would have made money, again, from pouring the empty into the void. So, everybody will be happy, except skeptics and tax payers.
Meanwhile: What a big La Niña!…It’s a La Niña with ice cold eyes:
http://weather.unisys.com/surface/sst_anom.html
Welcoming us to Landscheidt’s Minimum!
There was actually an interesting news story about this in the Financial Times last week. So it hasn’t been a total media blackout since FT has a large readership and competes with the WSJ. It’s a fairly mainstream newspaper. The site requires that you register (for free) in order to read articles, but here’s an excerpt:
You can read the rest here:
http://www.ft.com/cms/s/0/3fe91576-e5de-11df-af15-00144feabdc0.html
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Elizabeth,
John
Carbon trading is alive and kicking down under. The half witted Australian greens want a price of $20 per tonne ! They have a summit planned next week.
http://www.smh.com.au/environment/climate-change/greens-get-even-with-a-summit-on-carbon-goal-20101105-17hlc.html
http://www.abc.net.au/news/stories/2010/01/21/2797559.htm
I find it interesting our Media always rips those evil capitalist CEOs and their massive golden parachutes. Yet not a peep about a Professor that rakes in 98 million bucks for a failed idea.
Just another piece of flotsam on the high tide mark of global alarmism
What, no government bail-out?
The price on carbon is alive and well in NZ. Why? It was introduced by a centre-right Government mainly because of fears that the Country could face a trade blockade from Europe if NZ failed to match or exceed the European trading scheme. Not much to do with climate but everything to do with image and posturing.
Then Seven of Nine says “Let’s get to work.”
As we learned from the classic Night of the Living Dead, cremation is the best way to keep monsters from rising anew. Time for a bonfire, and tossing in all of these “carbon trading” schemes.
Kill it. Kill it with fire.
It had to die in the business sense, but the heart the matter is still alive and kickin in the world. To many greedy people out there to just let it go that easy. It’ll be back someway, somehow in the US.
The view from Europe:
http://www.eex.com/en/Market%20Data/Trading%20Data/Emission%20Rights/EU%20Emission%20Allowances%20|%20Spot/EU%20Emission%20Allowances%20Chart%20|%20Spot/spot-eua-chart/2010-11-08/0/0/a
Dr A Burns says: November 8, 2010 at 2:40 pm
“Carbon trading is alive and kicking down under. The half witted Australian greens want a price of $20 per tonne ! They have a summit planned next week.”
A typical 1000 MW coal burning power plant (and you have lots of them in AU) blows about 20,000 tons/day CO2. $400,000. per day per plant is quite a tax windfall for your government. Of course that will show up as higher electricity rates, or if subsidized, as a tax increase.
Roger Sowell says:
November 8, 2010 at 8:53 am
Might I suggest carbon steel in the form of swords?
DaveE.