Corruption and crime already taking place in the carbon market
Opinion piece by Julie Bishop, Deputy Leader of the Opposition (Australia) 20th July 2011
Carbon offsets have already run out of credit
“…..It is alarming that the Prime Minister has given no indication that she is aware or has any understanding of the recent history of the operations of international carbon credit markets.
Just six weeks ago, the World Bank reported that the international market in carbon credits has suffered a debilitating collapse and expressed doubt about the ongoing viability of global markets.
According to the World Bank, trading in credits commenced after the Kyoto Protocol was adopted in 2005, and about $25 billion was generated over the years to 2009……….
He detailed the first arrival in 2009 of “carbon cowboys” offering villagers “sky money” for the right to use their land in international carbon trading schemes.
This led to alleged corruption of local officials who also stood to gain from these get-rich quick schemes.
Prime Minister Gillard is proposing in her carbon tax policy that an estimated $57 billion of Australian taxpayer funds will be sent offshore to buy “carbon offsets” to enable this country to reach Labor’s new target of an 80 per cent reduction in emissions by 2050.
Deloittes Australia has warned that carbon credit fraud is “the white collar crime of the future”……
h/t to reader Jessie