"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Sunday, August 29, 2010

The Great Carbon Caper- Part 2!

As reported previously the AGW Scam ,bloated with tax-payer dollars ,has attracted scammers like blowflies around a rotting carcass. Unfortunately these professional scammers are smart ,which differentiates them from the dim-wits looking after the UN administered  Global Warming piggy bank. The latest effort as reported by Christopher Booker involves Chinese and Indian companies producing CFC's which the UN then pays them billions of dollars to destroy.
It is now six months since I reported on what even environmentalists are calling "the biggest environmental scandal in history". Indeed this is a scam so glaringly bizarre that even the UN and the EU have belatedly announced that they are thinking of taking steps to stop it. The essence of the scam is that a handful of Chinese and Indian firms are deliberately producing large quantities of an incredibly powerful "greenhouse gas" which we in the West – including UK taxpayers – then pay them billions of dollars to destroy
Easily the largest and most lucrative component in the CDM market is a peculiar racket centred on the manufacture of CFCs, chlorofluorocarbons, classified under Kyoto as greenhouse gases vastly more damaging than carbon dioxide. The way the racket works is that Chinese and Indian firms are permitted to carry on producing a refrigerant gas known as HCF-22 until 2030. But a by-product of this process is HCF-23, which is supposed to be 11,700 times more potent as a greenhouse gas than CO2. By destroying the HCF-23, the firms can claim Certified Emission Reduction credits worth billions of dollars when sold to the West (while much of the useful HCF-22 is sold onto the international black market).

Last year, destruction of CFCs accounted for more than half the CDM credits issued, in a market that will eventually, it is estimated, be worth $17 billion. Of the 1,390 CDM projects so far approved, less than 1 per cent accounts for 36 per cent of the total value.
I repeat that the UN is way past it's use-by date and should be disbanded so the funds wasted could be channeled directly to where they are desperately needed.

4 comments:

  1. I find it hard to believe the people who originally proposed and set up this scheme, which has now become a scam, were so naive they could not for foresee this happening. Unfortunately, this can only lead me to draw one sad conclusion. They are equally culpable and have been right from the start.

    What are the collective Auditor Generals doing about this and where are the mandatory audit processes that are supposed to oversee all government spending of this magnitude?

    Where are the mandatory standards and standards enforcement processes that apply to almost every other area of government expenditure?

    If this fiasco is an indication of what is going on, it would appear the foxes are well and truly in charge in the hen houses!!

    Teejay
    Gold Coast Australia

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  2. I agree completely Teejay - the lack of worldwide publicity for this is surprising!

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  3. Could it be that the Auditors General are leading the scam?
    Maybe invented the scam?

    Tommo
    Central Qld

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  4. Another example of how the western world is happily self-destructing and the Asian powers gleefully give us all the rope we need to hang ourselves.

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