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Thursday, March 11, 2010

NYC office of global co. doing carbon deals with scandal ridden United Nations closes carbon desk-report

"At least one bank with carbon trade assets has already been hit. EcoSecurities, a clean energy project developer and carbon trader, bought by JP Morgan Chase last year has Bloomberg, "EcoSecurities creates and trades Certified Emission Reduction credits, or CERs, which are overseen by the UN. The so-called offset credits are
  • part of the UN’s Clean Development Mechanism, the world’s
  • second-largest carbon market,
and can be used for compliance in the European Union’s carbon market,
  • the largest greenhouse-gas trading program. " 9/14/09
Reuters: "Wall Street was supposed to become the capital of a global carbon trading market worth a trillion dollars a year but now many who thought green trading desks would be the next big thing are
  • fearing the pink slip.

US banks had looked forward to a huge "cap-and-trade market" a system

  • where companies would buy and sell the right to emit gases blamed for warming the planet.

Many hired carbon traders, picked up assets, and trained members of energy desks to deal in emissions markets.

Young graduates who had wanted to combine an interest in environment with making money

  • may have to adjust.

"I get young people coming to me saying they are looking into oil and gas trading. Carbon jobs just aren't out there," said Global Change's Fusaro."***

Reference: Reuters, "US Carbon Traders fear pink slips," 3/10/10, Sydney Morning Herald
  • " “Nuts.”
  • And that’s exactly what we’d be were we to surrender our freedoms, our economic growth, and even our simplest comforts to
  • duplicitous zealots before checking and
  • double-checking the work of the prophets
  • predicting our doom should we refuse."
via Tom Nelson

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