GreenTracker| The word after President Obama’s pro-environment comments in his “State of the Union” speech was that international carbon traders were back in the ballgame. Jad Mouawad writes in NYT GreenInc that the global carbon market is expected to total $170 billion this year, a 33 percent jump from 2009.
Everything we’re read suggests that when Congress gets to talking turkey on the environment (whenever that is), the growth of a new Wall Street ‘derivatives-like’ global trading market won’t be high on the agenda.
Pre-Copenhagen, a group of senators put alternatives on the table — including a US superfund for carbon emissions — that actually benefitted the taxpayers, as progress was made in not trading paper but actually reducing emissions.
We’re not experts on carbon trading, but who has an appetitie to create a Wall Street superfund that just passes paper around, without rewarding genuine progress for the environment?
It might be a good scheme for traders, but does carbon trading for profit really have legs? Does Congress really want a new cap and trade system? Call us skeptical. Anne