Guest Post by Willis Eschenbach
Anyone concerned about the huge influence of Wall Street on our lives should definitely be protesting the influence of Wall Street on the upcoming climate conference in Durban, South Africa. Durban is the latest incarnation of the occasional IPCC celebration. I’m not sure what it celebrates, perhaps they are celebrating being given prepaid tickets and receiving a salary plus a per diem to fly halfway round the world to a lovely remote spot to listen to people talk about wasting fossil fuel.
I know I’d celebrate if some one paid me to do that. In any case, the last party was in Cancun, and the party before that in Copenhagen. The hard life of the climate bureaucrat. The web site for the party is here, so you can see what your taxes are paying for.
Figure 1. This image illustrates the change in climate that the participants in the Durban COP 17–CMP 7 will be forced to endure. The “17” means that this is the seventeenth time they’ve had this party, or as they call it, this “Conference of Parties”. Seventeen. Parties. The majority of the participants will be moving from late fall/early winter to late spring/early summer in Durban. I doubt that there will be many complaints about the warming involved in that change of seasons, despite the fact that it will be more than the dreaded 2°C tipping point of warming..
So what is Wall Street’s take on the Durban CO2 conference? What do the bankers say about the proposed extension of Kyoto? Here’s one man’s take, from Reuters :
“Parties must take the opportunity in Durban to send strong signals to the carbon market regarding their commitment to its continuation and future development,” said Jose Tumkaya, chief operating officer at UK emissions-reduction project developer Ecosecurities, a JP Morgan-owned firm. SOURCE
So we have a carbon offset project developer. Said carbon reduction person makes money from reducing carbon. Banks like money. They bought up the carbon offset project development firm. It is now owned by JP Morgan.
And now, being owned by JP Morgan, and thus being Very Important People (ex officio), they get interviewed by the media to give us their impartial view of the situation:
“Negotiators should be concerned about the historic low carbon prices as they do reflect, to some degree, a lack of confidence in the long-term commitment to existing emission reduction targets, as well as continued uncertainty with regards to a future international agreement,” he said.
Be concerned, be very, very concerned …
Ah, well. The bankers are pleading for the negotiators to come up with something, anything, to keep their Rumplestiltskin machine spinning carbon into money.
So we’ve got the banks against us … gonna be a long fight. This is Wall Street at its worst, looking to keep the carbon hype afloat and pushing to keep those sweet carbon bucks rolling in.
Where are the OCCUPY! folks when we need them? I say bring on the tents and the undercooked bulgur wheat, let’s OCCUPY COP 17–CMP 7 !