Carbon Trading: A Corporate Scam
by Patrick Bond, Rehana Dada & Graham Erion With climate change posing as one of the gravest threats to capital accumulation - not to mention humankind and our environment - in coming decades, it is little wonder that economists such as Sir Nick Stern, establishment politicians like Chancellor of the Exchequer Gordon Brown and US Democrat Al Gore, and financiers at the World Bank and in the City of London have begun warning the public and, in the process, birthing a market for carbon dioxide (CO2) emissions. The idea is to sell the right to continue polluting in the North, in the hope that more efficient energy systems can be incentivised through "Clean Development Mechanism" (CDM) offset projects in the Third World.This was the key theory motivating capitalist states' support for the Kyoto Protocol and, since February 2005, when the protocol was ratified by Russia and formally came into effect, a great deal more money and propaganda have been invested in the carbon market,