Cap and Trade is about Privatizing the Atmosphere, not Climate Change – Vandana Shiva


From VANDANA SHIVA
The New Statesman

The science of climate change is now clear, but the politics is very muddy. Historically, the major polluters were the rich, industrialised countries, so it made sense that they should pay the highest price. The Kyoto Protocol, adopted in December 1997, set binding targets for these countries to reduce their greenhouse-gas emissions by 5 per cent on average against 1990 levels by 2012. But by 2007, America’s greenhouse-gas levels were 16 per cent higher than 1990 levels. The American Clean Energy and Security Act, which was passed in June, commits the US to reduce emissions to 17 per cent below 2005 levels by 2020, yet this is just 4 per cent below 1990 levels.

The Kyoto Protocol also allows industrialised countries to trade their allocation of carbon emissions, and to invest in carbon mitigation projects in developing countries in exchange for Certified Emission Reduction Units, which they can use to meet reduction targets. But emissions trading, or offsetting, is not in fact a mechanism to reduce emissions. As the Breakthrough Institute, an environmental think tank, has pointed out, the emissions offset in the American act would allow “business as usual” growth in US emissions until 2030, “leading one to wonder: where’s the ‘cap’ in ‘cap and trade’?”.

Such schemes are more about privatizing the atmosphere than about preventing climate change; the emissions rights established by the Kyoto Protocol are several times higher than the levels needed to prevent a 2°C rise in global temperatures. Allocations for the UK, for example, added up to 736 million tonnes of carbon dioxide over three years, meaning no reduction commitments. And emissions rights generate super profits for polluters.

The Emissions Trading Scheme granted allowances of 10 per cent more than 2005 emission levels. This translated to 150 million tonnes of surplus carbon credits, which at 2005 prices translates into profits of more than $1bn.

Keep reading at The New Statesman
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