Global Warming Ponzi Scheme

When even the well-over-to-the-left Guardian is ringing loud alarms over the schemes that are supposed to help control global warming, you know there is a major problem. Guess what? There is a major fraud going on and this is likely only the tip of the iceberg.

A Guardian investigation has found evidence of serious irregularities at the heart of the process the world is relying on to control global warming.

The Clean Development Mechanism (CDM), which is supposed to offset greenhouse gases emitted in the developed world by selling carbon credits from elsewhere, has been contaminated by gross incompetence, rule-breaking and possible fraud by companies in the developing world, according to UN paperwork, an unpublished expert report and alarming feedback from projects on the ground.

One senior figure suggested there may be faults with up to 20% of the carbon credits - known as certified emissions reductions - already sold. Since these are used by European governments and corporations to justify increases in emissions, the effect is that in some cases malpractice at the CDM has added to the net amount of greenhouse gas in the atmosphere.

The problems focus on the specialist companies that validate and verify the projects in the developing world which produce the certified emission reductions. Three of those companies have failed spot checks, which revealed a catalogue of weakness.

Separately, one of the CDM's experts calculates that as many as one third of the projects registered in India are commercial ventures which do not produce any additional cut in greenhouse gases and were wrongly approved. (Emphasis added)

The great global Ponzi scheme unfolds. Only now the "investments" pay fraudulent carbon benefits rather than cash dividends. This report comes right on the heels of revelations that there is rampant misrepresentation - and questionable usefulness - in the so-called carbon offset schemes that folks like Al "Gorezilla" Gore are peddling. That report came from the Associated Press.

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1. Blue Crab Boulevard » Go Green, Kill A Peasant — Tuesday, 5 June , 2007 @ 7:17 am

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