Yesterday, the UN suspended a firm responsible for 50% of carbon-offset certifications, after a spot check carried out in early November at the firm’s headquarters revealed serious flaws in project management.
As international climate talks began last week in Poland, the United Nations (UN) suspended the work of the main company that validates carbon-offset projects in developing countries, sending shockwaves through the emissions-trading business. At its meeting on 28 November in PoznaÅ„, the CDM’s executive board temporarily withdrew Det Norske Veritas’s accreditation after a spot check carried out in early November at the firm’s headquarters revealed serious flaws in project management. Critics of CDM have long warned of possible conflicts of interest, pointing out that private companies such as Det Norske Veritas have a business interest in not deterring customers by being too critical about proposed projects.
Carbon Credit prices have fallen dramatically.
MUMBAI: Prices of carbon credits have fallen to euro 14 per tonne from a peak of euro 20 two months ago – a level, which experts feel, is unlikely to be regained in the short term. The price has come down on the back of a fall in crude prices. CER rates and crude prices are inextricably linked. Crude prices on the New York Mercantile Exchange are ruling below $47 per barrel. Crude had touched a record high of $147 per barrel on July 11 this year, after which it has been declining.
Skeptics have had a consistent position with regard to global warming: actions to reduce GHG emissions would not be worth the investment. The position was strongly vindicated by the original analysis of Ross Garnaut where Terry McCrain reports on page 21 of the Target and Trajectories supplement that:
“The optimal level of Australian mitigation effort — the level that maximized incomes and wealth of Australians — is easily calculated. It would be zero.”
These calculations are described in more detail in Andrew Bolts article: “Garnaut Turns Up Heat on Rudd“. The results of his simulations show that reducing emission by 25% would reduce GDP by 1.6%, while doing nothing would reduce GDP by 0.7%.
KEVIN Ruddâ€™s global warming guru has finally – and reluctantly – exposed the con. Ignore everything the Government has told you. The truth, conceded by Professor Ross Garnaut last week, is that it really is cheaper for Australians to do nothing about global warming.