Global Warming: "Fixing the Climate Data around the Policy"

by Michael Chossudovsky

The Real Crisis

..."The Copenhagen Summit not only serves powerful corporate interests, which have a stake in the global multibillion dollar carbon trading scheme, it also serves to divert public attention from the devastation resulting from the "real crisis" underlying the process of economic globalization and a profit driven war without borders, which the Pentagon calls "the long war".

We are at the crossroads of the most serious crisis in modern history. War and economic depression constitute the real crisis, yet both the governments and the media have focused their attention on the environmental devastation resulting from CO2 emissions, which is upheld as the greatest threat to humanity.

The Multibillion Dollar Carbon Trading System

The carbon trading system is a multibillion money-making bonanza for the financial establishment. The stakes are extremely high and the various lobby groups on behalf of Wall Street have already positioned themselves.

According to a recent report, "the carbon market could become double the size of the vast oil market, according to the new breed of City players who trade greenhouse gas emissions through the EU's emissions trading scheme... The speed of that growth will depend on whether the Copenhagen summit gives a go-ahead for a low-carbon economy, but Ager says whatever happens schemes such as the ETS will expand around the globe." (Terry Macalister, Carbon trading could be worth twice that of oil in next decade, The Guardian, 28 November 2009)

The large financial conglomerates, involved in derivative trade, including JP Morgan Chase, Bank America Merrill Lynch, Barclay's, Citi Bank, Nomura, Société Générale, Morgan Stanley and Goldman Sachs are actively involved in carbon trading.( FACTBOX: Investment banks in carbon trading | Reuters, 14 September 2009)

The legitimacy of the carbon trading system rests on the legitimacy of the Global Warming Consensus, which views CO2 emissions as the single threat to the environment. And for Wall Street the carbon trading system is a convenient and secure money-making safety-net, allowing for the transfer of billions of dollars into the pockets of a handful of conglomerates.

"Every major financial house in New York and London has set up carbon trading operations. Very big numbers are dancing in their heads, and they need them to replace the "wealth" that evaporated in the housing bust. Louis Redshaw, head of environmental markets at Barclays Capital, told the New York Times, "Carbon will be the world's biggest market over all." Barclays thinks the current $60 billion carbon market could grow to $1 trillion within a decade. Four years ago Redshaw, a former electricity trader, couldn't get anyone to talk to him about carbon." (Mark Braly, The Multibillion Dollar Carbon Trading, RenewableEnergyWorld.com, 5 March 2008)"

Global Warming: "Fixing the Climate Data around the Policy"