While I appreciate the positive aspect of carbon trading – that it draws attention to the problem of overconsumption of energy, in particular fossil fuels – it is a distraction from focussing on the real problem of changing the way we do things.
A new report of carbon trading articulates the increasing risks of focussing on trading carbon as a means to reduce emissions, rather than directly changing behaviour through voluntary options, regulation or reallocation of supports from fossil fuels to renewable fuels from careless consumption to benign consumption.
The majority of the trade is carried out not between polluting industries and factories but by banks and investors. They are packaging carbon credits into ever-more complex financial products. This risks a collapse in confidence in the market, with terrible results for the economy and our climate. Existing carbon trading schemes are not delivering the emissions cuts promised. Relying upon this mechanism to reduce global emissions is gambling with the health of the planet.
A dangerous obsession – video and introduction.
A dangerous obsession – The evidence against carbon trading and for real solutions to avoid a climate crunch.
A dangerous obsession – summary – A 6-page Executive Summary of the full report.