Carbon markets: No threat to fossil fuel
The genius of carbon markets is to create a new asset class that performs alongside, and reinforces, continued fossil fuel use, rather than interfering with it. Larry Lohmann is a scholar and activist who works with The Corner House, a UK-based NGO that supports democratic and community movements for environmental and social justice. He was interviewed by Ed Lewis of New Left Project about his article Financialization, commodification and carbon: the contradictions of neoliberal climate policy" published in this year's Socialist Register – The Crisis and the Left. The image of carbon markets that still seems to prevail in the minds of many is that of 'cap and trade' – governments set overall limits on the amount of greenhouse gases that may be emitted and permits to the right to emit are then traded amongst different economic actors. With this image in mind, many see the key issue as being whether states are able to agree amongst themselves a sufficiently low limit of GHG emissions