[Note to staff: where can we at CFACT.EU short carbon?]
“One of the keystones of the Climate Change alarmist movement was its audacious attempt to create a functioning market by monetizing the atmospheric gas known as CO2…. Certainly, gaming the system has always been at the top on the agenda of the new green eco-trader.”
- Patrick Henningsen, “The Great Collapse of the Chicago Climate Exchange,” 21st Century Wire, August 28, 2010.
We were tipped off by the August 28th headline, “The Great Collapse of the Chicago Climate Exchange,” by Patrick Henningsen, editor of 21st Century Wire. And now it is official as reported by Chicago Business, Fox News , and Crain’s Chicago Business (sub. required): the Chicago Climate Exchange (CCX) is dead. Trading in carbon-dioxide (CO2) emission contracts at CCX has basically ceased with member emissions-reduction agreements expiring at the end of the year.
The death rattles have come with each price decline per ton of carbon credits. Compared to $7.40 per ton in May 2008 when cap-and-trade legislation was eagerly anticipated, CCX’s market price tanked to $0.10 per ton in August 2010 and half that last month. So much for a contrived opportunity in a pretense market. What a difference a couple of years, a few scientific scandals, and old-fashioned political gridlock make.
Reuters reported in August that the CCE was facing significant layoffs and an operational scaleback only a few months after being acquired by publicly traded Intercontinental Exchange Inc (NYSE: ICE). ICE acquired CCX earlier this year in an all-cash deal totaling nearly $600 million, a shocking valuation given CCX’s lack of traction and a paucity of sustainable revenue (more on this later).
ICE is a nearly $1 billion revenue company and leading global operator of regulated futures exchanges and OTC markets for agricultural, credit, energy, currency and equity index contracts. In other words, ICE is a real-deal commodities exchange as opposed to the faux market for CO2. As an example of ICE’s scale, its Futures Europe unit clears trades in nearly half the world’s crude and refined oil futures, according to SEC filings.
Left Environmentalist Lament
It is fitting that real market forces have imposed their discipline on this Enron-like market, leaving climate alarmists in spin mode. Howard Learner, president of the Environmental Law and Policy Center in Chicago, told Crain’s: “What CCX pricing sadly demonstrates is that unless there’s a regulatory cap on emissions, there’s no real market.” Well there you go! Learner’s admission describes rent-seeking in a nutshell. READ MORE…
by Einar Du Rietz
The EU Commission has presented its Energy Strategies for the next decade. To be correct, it’s a document for consideration, as both the Council and the Parliament will have to have their say. It’s a long process, but probably one that will dominate a large part of the EU debate over the next years.
It’s a heavy document, but the main focuses are on a “Eurpenisation” of the energy market, making sure that energy exchange can work between all the member states And efficiency.
Concerning the latter, the disturbing thing is a tendency to continue on the inefficient and market disrupting strategies earlier applied in the case of low energy light bulbs and subsidies for – efficient – high end products. Somehow, it’s all about costs. With this attitude, the EU risks hurting the natural incentives driving companies towards efficiency, i.e., cost savings, both in production and, for example in cars and appliances, during use. READ MORE…
Sent to us by our friend Drieu Godefrid*
[translation from the original French via Google].
Today the Academy of Sciences released its report on the climate in which it validates the whole three thousand pages of the latest IPCC report and its conclusions, it is time for the masks to fall. I am ashamed.
This is the confession of a climate prostitute.
Yes, I confess, I wrote a book discussing the Intergovernmental Panel on Climate Change (IPCC) under false pretenses;
Yes, I confess, my motives were not disinterested;
Yes, I confess, I’m sold to lobbyists, for reasons both financial and ideological;
Yes, I confess, global warming seemed a potentially lethal threat to the global capitalism that I idolize;
Yes, I confess, my work on the IPCC is an order of a cartel of companies, including oil, especially in Europe, whose publication was intended to open up the columns of newspapers and television to reach the general public;
Yes, I confess, the many “forums” and I gave interviews to mark the release of this book are only variations on the same theme that the IPCC is a false political organization;
Yes, I confess, I never thought through a quarter of the nonsense that I stirred;
Yes, I confess, whole chapters of my book were “blown away” by agencies and foreign think tanks;
Yes, I confess, I have extensively studied the precepts of Gramsci and Bernays (Propaganda, 1928) and the strategy developed by the tobacco lobby in the sixties and later to counter the first scientific studies attesting to the harm of smoking;
Yes, I confess, I have therefore exploited the noble concept of doubt to discredit the scientific work of the IPCC — I am a merchant of doubt;
Yes, I confess, I never doubted global warming or its anthropogenic origins, although these issues are beyond my very modest skill;
Yes, I confess, I have distinguished the debate about the IPCC’s climate debate itself so as to insinuate doubt into the minds of citizens;
Yes, I confess, though imperfect like everything that is human, the IPCC is indeed scientific, not political as vilely I tried to make believe;
Yes, I confess, I fear my safety forbids me to say more;
Yes, I confess, I am not a prostitute, but an intellectual climate realist.
(*) Author of Le GIEC est mort, vive la science! (The IPCC is dead, long live science!) (Texquis, 2010), a book funded by dirty money.
Original French after the jump. READ MORE…
International Conference on Energy and Climate:
Parallel to the UN Climate summit in Cancún we want to invite you to our 3rd International Climate conference. One year after the Climategate scandal, leading international scientists will present new findings in the fields of climate science and energy. In many cases these findings are contrary to the claims made by the IPCC. During two days we will cover topics from the science of climate change to the socio-political and economic impact of current climate and energy policies. Due to the current changes in Europe’s energy policy, this topic will receive special attention.
Programme: 3 -4 December 2010
All presentations of the main sessions will be simultaneously interpreted English to German and German to English
British documentary exposes green “misanthropy, exaggeration and damage”
Britain’s Channel 4′s What the Green Movement Got Wrong features former green campaigners explaining how radical ideology warped environmentalism, preventing it from conserving nature and causing unintended harm. Channel 4′s decision to air this documentary is the latest evidence that the media is finally moving away from mindlessly repeating radical green claims and at last permitting critical evaluation.
Former hippy Greens, directors of Greenpeace, the chairmen of the Copenhagen Climate Council and the like, queued up to admit error. Their reasons for doing so were interesting. None of them repudiated all their previous ideas. All continue to believe that there are serious environmental threats to the welfare of life on earth and most seem to be devoting their lives to addressing them. But, as one put it, environmentalists over the past 40 years have “failed to achieve Job One, which was to protect the planet”. READ MORE AT DAILY TELEGRAPH
A serious dialogue has started between the crème de la crème of the Dutch climate sceptics and climate scientists of the Royal Netherlands Met Office (KNMI). It is focusing on the mechanisms underlying the greenhouse effect (radiation, evapo/convection) and the ensuing climate sensitivity. Profound differences of view still remain.
The decision of the previous government to sequester carbon in the densely populated area of Barendrecht (near Rotterdam) has been canceled by the present government.
The parliamentary energy spokesman of the VVD (the classical liberal People’s Party for Freedom and Democracy, the major partner in the present coalition government) has questioned the wisdom of additional investments in off-shore wind energy. Hij was seconded by Shell CEO, Peter Voser. It was the first time that a high-ranking Shell representative made such a statement. Report (In Dutch)
American public opinions polls show a dramatic shift away from AGW among respondents.
By Einar Du Rietz
After our recent posting here about Al Gore’s travelling habits, the interest has indeed been intense. How wonderful!
Mr Gore – later than we had guessed – has now spoken, or has been spoken for by a spokesperson.
“According to Gore’s office, Gore did not idle his car at the event; he did not come to Sweden from Oslo; he flew commercial to Sweden, not on a “government aircraft”; and he was in Sweden to speak on “sustainable capitalism,” not the environment.”
This is either a misunderstanding or a deliberate attempt to cause confusion. As we are, quite bluntly, accused of lying, it feels a bit urgent to clarify.
Our article reported two different events. The most recent one being his lecture in Gothenburg. This is reported, complete with picture here. As Mr Gore apparently refused to answer any questions at the event, it feels odd that he now is sending out an assistant to make a denial.
That Gore used the governmental aircraft after the 2007 Nobel Prize ceremony is confirmed by the Swedish Foreign Ministry and has earlier been reported here (translation on request or using automatic translation).
Our post is accurate. The bottom line is this: Al Gore continues to arrogantly refuse to make himself available to journalistic inquiry. Mr. Gore continues to make travel and lifestyle choices that reveal his belief that making do with less is for you and me, but not for him.
The activists now say that by opposing nuclear power they encouraged the use of polluting coal-fired power stations, while by protesting against GM crops they prevented developing countries from benefiting from a technology that could have helped feed the hungry.
Gore chooses Swedish government jet over public transportation, leaves car running while telling the rest of us to cut carbon
By Einar Du Rietz
He did it again.
Recently, Nobel Peace Prize winner Al Gore was on tour again (or maybe he does that all the time). This time, he turned up in Gothenburg (Sweden) for the usual alarmist talk. In advance, all distinguished guests were politely advised to – if possible – use any form of public transportation to go to the event, in order to minimize CO2 emissions.
Intriguingly, the Master of World Climate himself arrived in a rental car (with or without driver is unclear), from the airport, and subsequently left the engine running for the entire lecture. That is to say, about one hour. Incidentally, local legislation prohibits – for very good environmental reasons, i e pollution – any car engine idling for more than 60 seconds. Fines are severe. As far as I know, he was not fined.
It starts to form a pattern.
After the ceremony in the Norwegian capital Oslo, it is customary that the laureate is invited to the Swedish capital Stockholm, for a cordial visit. The train ride, supposedly the environmental choice according to Mr. Gore, is approximately four hours. However, he opted for the cosier ride with one of the Swedish government aircrafts. As these can, according to the rules, only be used when a cabinet member is on board – and as the Swedish government after a short ceremonial visit – offered to fly him to Frankfurt (Germany) for his flight to the US, you can calculate both the manpower and the fuel used for this grand tour against man’s destruction of the planet.
Stupidity and hypocrisy – as well as vanity – are, like it or not, common human traits. I admit to some of them occasionally, but I don’t demand taxpayers to finance my stupid talks at dinner (yes, I love doing that). Here’s the deal Mr Gore: get out of my way, and I will keep out of yours.
Lessons learned from the Swedish temperature record. In science, observations must be taken much more seriously than theories or computer models.
by Dennis Avery
CHURCHVILLE, VA—The ten coldest winter-spring temperatures out of the last 500 in Stockholm, Sweden, were almost all during the Little Ice Age. No surprise there. The coldest was 1569, followed by 1573.
The warmest years: 1863, 1990, 1743, 1525, 1989, 1605, 1822, 1790, 1762, and 2008, in that order. The years since 1976, supposedly with “unprecedented warming,” claim only three slots among the top ten. Apparently, the Modern Warming isn’t all that hot. Nor do we have any temperature readings from the earlier Medieval and Roman Warmings, which the ice cores and seabed sediments tell us were even warmer than today.
In science, observations must be taken much more seriously than theories or computer models. The Swedish data came primarily from long-term records on sea ice conditions in the Stockholm harbor inlet—such as the dates when the ice broke up each year. The data correlation is good when the harbor records overlap with instrumental data. READ MORE…
Czech President Vaclav Klaus finds no evidence that government spending on global warming would be worth the cost.
“I don’t see empirical evidence of human-caused global warming. I see so many mistakes in the methodology of science and modelling.”
President Klaus, who recently served as President of the European Union, has long been a vocal critic of global warming science and policy. Last year he addressed the International Conference on Climate Change which was co-sponsored by CFACT.
A German entrepeneur got around the EU ban on incandescent light bulbs over 60 watts by importing them as heaters from China. His shipment of 4,000 bulbs sold immediately. That makes at least 4,001 Germans who see the folly of restricting individual consumers from choosing their own preferred light. The bureaucrats may prefer their light ghostly, expensive and laced with mercury, but that doesn’t mean the rest of us shouldn’t be allowed to choose a warm pleasant light, emitted by Edison’s benign tungsten filament in a vacuum, at a price affordable to all. Großartig!
by Einar Du Rietz
According to reports from the recent preparatory climate conference in China, the so called world leaders – most eager to show off in Copenhagen a year ago – are trying to avoid even showing up for the conference in Cancun, instead commissioning their ministers for environment to take the embarrassment.
One enlightning report comes from Louise Gray, in the Daily Telegraph. Writes Gray; “There are fears that Cancun may not even meet the drastically low expectations of its participants, and that the UN-wide process of negotiation could be abandoned in favour of thrashing out an agreement in a smaller group such as the G8.” READ MORE…
The draft Memorandum of Understanding of the new Netherlands government coalition (including the classical liberal party, VVD, plus the Christian Democrats, CDA, with parliamentary support by Wilders’ Party for Freedom, PVV, – the so-called ‘Danish Model’) contains only two – obligatory – references to climate change. Climate sceptics opined that backtracking from AGW did not go far enough. Nevertheless, it could be argued that this is, so far, the most important political victory for climate scepticism in the world. READ MORE…
by Einar Du Rietz
The – most likely – last preparatory conference before Cancun kicks off today in China. The fact that the debate has changed quite substantially during the past year, that the IPCC’s credibility is at an all time low, that more and more scientists have started questioning the validity of the entire Man Made Global Warming theory, and that no warming has been detected during the last decade, does not bother the delegates. What bothers most of them, and especially the big whig politicians, is to avoid creating the same fiasco all over again. Consequently, everyone is talking about trying to find the common denominator between all countries. Interesting. What was the strategy last time? Trying to maximise conflict?
What will be interesting to see, is what political bribes will be distributed under the table this time. In Copenhagen, the Danes, desperate to fulfil their mission as hosts, during the meeting broke of with Dalai Lama, to appease the Chinese. Will the Mexicans round up the usual suspects in the drug cartels, or increase control over the northern border, to make the US happy? And what will the Chinese do, in order to make sure everyone is happy with their common denominators? May I humbly suggest releasing some dissidents and improving civil liberties.