Head of California's Cap and Trade Offsets Program: Cap and Trade Won't Work for Climate, It's a Scam

George Washington's picture

Paul Krugman argues that cap and trade worked to reduce sulfur dioxide and stop acid rain, and so it will work to reduce C02.

However, two EPA lawyers with more than 40 years of cumulative
experience – including the guy who has been head of California’s cap
and trade offset programs for more than 20 years – say that sulfur
dioxide was different, and that cap and trade for climate is a scam which only
benefits the financial players.

Specifically, they point out that:

  • Cap and trade was tried in Europe, but ended up raising energy
    prices, creating volatility, produced few greenhouse gas reductions,
    but made billions for the financial players
  • Even the guy who invented the cap and trade concept doesn’t think it will work in regards to climate change (see this and this)
  • Carbon offsets – which are part of the cap and trade plan – increase pollution
  • One reason that offsets lead to more pollution is that investors
    fight to keep toxic chemicals legal, so they can make more money off of
    trading the offsets
  • Like subprime mortgages and other creative financial instruments
    which brought us the economic crisis, carbon offsets lack integrity and
    don’t work (see this)

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Anonymous's picture

Totally agree. This big scam is benefit Goldman Sucks and his Wall St. ally. Goldman is the main driver of this big scam.

If we do not prevent this scam, then eventually everyone will pay emission tax to Goldman since we generate CO2 as long as we are alive.

Shameful's picture

Even Soros admitted it's ripe for plunder and abuse by the bankers.  So naturally it gets pushed, they need another vehicle to sow mayhem.  1.5 Quadrillion in derivatives is not enough. Al Capone has nothing on this generation of thieves and scoundrels.

tip e. canoe's picture

yes, goddess bless ol' georgie on this one.

Rainman's picture

Crap and Tax is the next worldwide con job.......a global wealth redistribution scheme.

Stop Joe on the street, ask him about the scheme and he'll be totally clueless. Just the way our gubmint masters want it.

tip e. canoe's picture

thank you for this post g-dub.
this needs to go viral toots sweet.

Prophet of Wise's picture

To save mankind from environmentalism, what’s needed is not the appeasing, compromising approach of today’s conservatives, who urge a “balance” between the needs of man and the “needs“ of the environment. To save mankind requires the wholesale rejection of environmentalism as hatred of science, technology, progress, and human life. Environmentalism requires a seething audacity and arrogant hatred for God's creation of man. It's roots are embedded in an ancient doctrine of earth worship and to deny the deity of God.

merehuman's picture

Prophet, according to you the environmentalism is the problem. I see it as plundering the planet,

stealing from future generations all to feed our desires of the moment for things we dont need.

There is no HONOR in this path.  My path has been frugal, having and using what i need. 

 Fundamentalist beliefs, denying God has nothing to do with polluting our air and water. It would be

 refreshing to see ignorance disperse and common sense rule the day!

 Instead of worshipping the unknown gods of the future perhaps we ought to honor the moment

 we live in. Its really all we have!

Anonymous's picture

Best option for you merehuman, is self destruction. But please, use a carbon neutral method.

Anonymous's picture

A not-so-hidden global value-added-tax with a cut to goldman gore etc. Will inflate energy prices like FNMA did to housing and SLMA did to college and Medicare did to Healthcare costs.
Gotta pay the middlemen.

merehuman's picture

going long on body bags and suntan lotion.Short glaciers and politicians.

Orly's picture

It takes the hubris of the ages to determine that a puny animal can alter the course of planetary evolution.  Typical left-wing self-importance run amok.

A volcanic eruption releases more "toxic greenhouse gasses" in the first fifteen minutes than humans will ever be able to produce before or after the event.  I don't see Al Gore trying to stop those.

To believe that man is far more powerful than even Mother Nature is beyond an absurd idea and the fact that so many well-intentioned liberals believe in their own demi-godliness certainly boggles the mind.

Anthropogenic Global Warming Theory.  Sorry, I just don't get it.

Winisk's picture

Are you really meaning to say that we humans haven't impacted the environment of this planet?   Of course we are!  Forests are getting chopped down, cod populations are decimated, agriculture is tipping the balance of natural ecosystems,  smog choked cities, polluted water, etc. etc..  C'mon you know better.  Ignore the obvious if you like, but you're correct in saying that Mother Nature is more powerful than a puny animal.  It's time we show some humility and respect for the planet instead of trashing it at our peril.  By the way, evolution is directionless.  There is no pre-determined course to be altered. 

merehuman's picture

So you must have a self cleaning bathtub. Your temporary visit to this planet left no visible mark.

Millions of cars dayly, smoke stacks across the planet, locomotives and ships as well as us and the cows farting. Dude! It all adds up, and its EVERY day. Hell I forgot airplanes and their exhaust.

We keep this up...how long before WE cant breathe? How long will we live after the bees die?

Just like the money crisis has developed exponential interest, the environment we live in is in the same deterioating process.  There are in fact several crisis coming to a head concurrently.

! Confidence, in the dollar, in our leadership of government and business.

Confidence in ourselves and our ability to survive and prosper  in freedom.

Crisis in our planetary environment which while denied, still exists to harm us now and later.

Crisis in resources to continiou on our wanton path.

Crisis in religion, spirituality. Belief over fact by the masses , lack of selfknowledge, lack of awareness.

This last item, the ignorance on all levels is nourished by those in power. 

As i see it another crisis looms . The rule of Law, upended by our government left us ordinary people each to fend for himself.  I have prepared for the  decline in goods and lack of income during a time of rising prices. Many have not and the day of the great fall hits us each individually as our job expires and the last money runs out. Many will not survive the winter for lack of house or warmth. Their deaths lay at  feet of bankers and rating agencies as well as politicians.

I  had less than a year in high shool, I dont think i am so smart. So its really hard for me to see how stupid we are . Are all the people on the east coast asleep or just happy to be shot, run over and abused?  Why arent folk rising up ? This old man is mad as hell but on the wrong coast or many bank windows would be decorated with bricks.    Thanks for letting me rant Zero Hedge

Margin Call's picture

My personal favourite is the fiasco on the Clean Development Mechanism that came out of Kyoto: projects built in the developing world can generate carbon credits as long as they wouldn't have been built regardless (the famed additionality principle). So apparently, the best way to reduce emissions is to not reduce emissions in one place and say that eliminating hypothetical future emissions in another place is equivalent.

"Oh, I don't have to cap my plant emissions, because I have a piece of paper saying that some hypothetical plant across the world didn't get built although who knows if it would have been built in the first place."

This convoluted time travel philosophy puts Terminator to shame.

Anonymous's picture

too funny DaveyJones

DaveyJones's picture

this comedy is a tragedy with the audience at the receiving end of the punch lines 

DaveyJones's picture

The ugly beauty of cap and trade is if you're a player, no matter what you think of global warming, it makes you warm all over and if you're not a player, no matter what you think of global warming, it burns you up.   

SWRichmond's picture

Interesting expose on trading scams.  Someone will get rich, but not me.