Saturday, April 05, 2008
In January 2005 the European Union Greenhouse Gas Emission Trading Scheme (EU ETS) commenced operation as the largest multi-country, multi-sector Greenhouse Gas emission trading scheme world-wide.  This is not unlike the Commodities Exchange.
The ETS, now in its second phase running from 2008-2012, allocates a fixed quota of carbon credits, each allowing the bearer to pollute the equivalent of one metric ton of carbon dioxide. Member states are then free to trade credits among themselves. EUAs, the carbon credits traded under the ETS, lost ground on Wednesday, as December 2008 futures on the European Climate Exchange closed 61 cents or 3 percent lower at 19.70 euros a metric ton. The benchmark futures have lost almost 12 percent since Friday's close, though many attribute it to weakness in energy prices and uncertainty in the global economy.
Allowances traded in the EU, ETS will not be printed but held in accounts in electronic registries set up by Member States. All of these registries will be overseen by a Central Administrator at EU level who, through the Community independent transaction log, will check each transaction for any irregularities. In this way, the registries system keeps track of the ownership of allowances in the same way as a banking system keeps track of the ownership of money. SOUNDS TO THIS BLOG MEMBER AS WORLD GOVERNMENT CONTROL! "Market-based solutions in the form of cap-and-trade are a key component of the comprehensive policies to combat climate change. Alongside other emissions reduction strategies and technology promoting policies, market mechanisms offer the opportunity to achieve maximum greenhouse gas emissions reductions on a global scale in the most economically efficient manner. Market-based solutions result in emissions reductions and accelerate the development, diffusion and deployment of low-carbon technologies". Despite the fact that the United States Senate refused to sign the Kyoto Protocol, because of the fears that it would cripple our economy. There are a few Eastern States in the United States that have signed on independent of National consensus to this Carbon scheme. The States who are members presently are listed below. California New Jersey New York Maine Maryland In fact under the cloak of media censorship, the following Governors have joined as Media spokespersons. Governor Arnold Schwarzenegger (CA), Ex- Governor Eliot Spitzer (NY),and Governor Jon Corzine (NJ). My question is why does the Media not make note of this deliberate effort to undermine the will of the Senate? Proponents of this world government control, that will supersede our National Laws, believe in the concept of financial penalties for "carbon polluters". This statement illustrates where "Goreites" are heading us. Might as well cede control to the UN! "The risks posed by climate change can be minimized by immediate, ambitious and comprehensive action. Local, state, national, regional and international governments must implement mutually reinforcing policy frameworks(aka: controls) aimed at addressing climate change. Action to reduce greenhouse gas emissions is significantly less costly than the potentially catastrophic consequences of inaction; and immediate action is less costly than delaying our responses". This is the same scare tactic that has always been used by those who want to take control away our freedoms. Source: ICAP statement Given the fact that scientist have discovered that there has been no increase in the World temperature in the past two years, and the fact that third world countries, of which India and China are included, have failed to agree to any carbon limitations. We are facing a massive redistribution of wealth from the so called "rich" nations to the "poor nations". Reuters reports the following: "At the week-long Bangkok conference, the World Bank pushed its proposals for a $5-10 billion Clean Technology Fund, a $500 million "adaptation" fund and possibly a third fund dealing with forestry". And Before they agree to any sort of restrictions on emissions of the greenhouse gases fuelling global warming, poor countries want firm commitments of billions of dollars in aid from their rich counterparts.This is nothing more or less than Marxism at it's ultimate!