Friday, December 01, 2006

Banks Buy Over 200 Million Euro Chinese Carbon Credits

Planet Ark : Banks Buy Over 200 Million Euro Chinese Carbon Credits

A rather odd piece in the morning mail here.

China is a rapidly growing economy and is one of the world's worst polluters - indeed, their pollution grows in line with their economic growth. Yet, proportionate to its industrial base, green and clean projects are also booming. As part of the international community, they also have a stash of these new-fangled commodities known as "carbon credits", which, simply put, are the currency they are allowed to spend on continued pollution.

This report indicates the Western banks are buying up these credits for cash in order to sell them at a profit to client countries and businesses in the richer parts of the world. This sounds like a back-handed way for the huge multinationals to continue their rape and pillage of the planet to the detriment of pooper nations.

The greater issue of concern in this case however must be China itself. If any nation needs a good stash of these credits in hand, they probably come out pretty much on top of the list. At least, certainly until their rapid development stabilises enough for ecological concerns to take priority. The acquistion of their "credits" as a fiscal-driven ploy by outside interests is surely depriving China itself of this much-needed currency. If so, they may end up having to abdicate from the carbon-trading system itself. Then we have a situation where all these purchased credits have no value in themselves and simply act as an excuse for corporate short-term greed to continue its pursuit of planetary destruction.

Food for thought I think.


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