NO ADVERTISING, GOVERNMENT OR CORPORATE FUNDING

  • Latest News
  • Pitch a Story
  • Work with a Journalist
  • Join the Blog Squad
  • Afghanistan
  • Africa
  • Asia
  • Baltimore
  • Canada
  • Egypt
  • Europe
  • Latin America
  • Middle East
  • Russia
  • Economy
  • Environment
  • Health Care
  • Military
  • Occupy
  • Organize This
  • Reality Asserts Itself
  • US Politics
  • European Carbon Markets Fail - It's Time for Regulation


    Patrick Bond: Carbon markets are now at "junk bond" status but US sabotages all attempts at binding emission targets -   October 3, 14
    Members don't see ads. If you are a member, and you're seeing this appeal, click here


    Audio

      Share to Twitter
    Share to Facebook



    Honest, truthful, never doublespeak, news. - Elin
    Log in and tell us why you support TRNN

    Bio

    Patrick Bond is the director of the Center for Civil Society and a professor at the University of KwaZulu-Natal in South Africa. Bond is the author of the recently released books, South Africa - The Present as History (with John Saul) and the 3rd edition of Elite Transition.

    Transcript

    European Carbon Markets Fail - It's Time for RegulationJESSICA DESVARIEUX, PRODUCER, TRNN: Welcome to The Real News. I'm Jessica Desvarieux in Baltimore. And welcome to the latest edition of The Patrick Bond Report.

    Patrick Bond is the director of the Centre for Civil Society and professor at the University of KwaZulu-Natal in South Africa. Bond is the author and editor of the books Politics of Climate Justice and Durban's Climate Gamble.

    Thank you for joining us, Patrick.

    PATRICK BOND, DIRECTOR, CENTRE FOR CIVIL SOCIETY: Great to be with you again. Thanks, Jessica.

    DESVARIEUX: So, Patrick, what is the latest news? What are you tracking in the environmental world?

    BOND: Well, it's really a time for the big-picture problems, because the major climate strategies are now in question as of a vote on Tuesday, April 16 in the European Union not to bail out the European Union Emission Trading Scheme. That's the carbon market that was started with the 1997 Kyoto Protocol's mandate. And the idea was to put a cap on emissions and slowly bring that cap down and allow companies and governments to trade the ability to pollute within that cap, and then to be able to sell the right to those that were more efficient, and therefore maximize economic output while still achieving emissions reductions.

    And the problem is it just hasn't worked at all. In fact, Union Bank of Switzerland estimated that over $300 billion has been wasted because none of the anticipated outcomes have materialized.

    And the big problem for the European carbon market: price is down to under €3 a ton. I think it [trVft] down at about €2.50. And that's from peaks, 2008, 2006, of over €30. So this is a market that's sorely distressed because the European economy is in such a recession, and the pollution levels therefore don't warrant this big rush to buy the carbon emissions reduction certificates.

    So with that problem, with several major mainstream environmental groups and many of the policymakers now in a quandary, The Economist magazine this week asked, is this now a junk bond style market? And Time magazine asked, if it can't work in Europe, can this carbon market strategy to reduce emissions work anywhere, just as California's up and running this year, as Australia, New Zealand, and some of the emerging markets are also thinking about it?

    So I think it's an important moment, and the left, the climate justice movement, with about 50 different organizations, saying, scrap the ETS, scrap this emissions trading scheme, and instead let's move to the regulatory strategy that would be tried and tested and much quicker, much more effective.

    And then the big question is: will Europeans eschew the bankers' strategy and move to a regulatory strategy?

    DESVARIEUX: Another question is: do you believe this is a matter of just having enough political will to get these mandated emission cuts?

    BOND: Well, Jessica, that's indeed the proponents' argument, and it is worth considering, because the major polluters, now number one China and number two the United States, they were part of a sabotage of the European Union's emissions trading scheme, the Kyoto Protocol, and the entire United Nations back in 2009 at the conference of the parties in the Copenhagen United Nations Framework Convention on Climate Change summit. So that COP, COP15, was followed by Cancun and by Durban, and last year by Doha, and in each of these COPs, these conference of the parties, Washington really has been hell-bent on sabotaging the idea that there should be binding emissions cuts.

    So they set up their own strategy, the Copenhagen accord, and they got four other countries to join up. And this is the big question now. Those countries, the basic countries, Brazil, South Africa, India, and China—and they were joined here in Durban last month. And they're now called BRICS—Brazil, Russia, India, China, South Africa group. And that's a bloc economically that's the largest in the world. The GDP is about $20 trillion. In comparison, the U.S. and the E.U. are around $15 trillion.

    That means that these economies, especially fast-growing China with its massive industrial output—it's really outsourced a lot of the emissions from Europe and the United States. Will it be in a position to finally start addressing its vast environmental problems? You know, the last few weeks in China, people in Beijing, Shanghai have been unable to go outdoors without risk of respiratory disease, Jessica. So the question is: will these new leaders—. And we had the first visit by Xi Jinping, the new Chinese premier, outside China for the Durban BRICS. And I didn't get a sense that they had any intention whatsoever.

    I must say, Jessica, what we really found here in Durban was something similar to Berlin in 1885, namely, a carving up of Africa. That means the attempt here was to assure that the minerals, petroleum, the gas, the cash crops, would go from the mines and the plantations across the railroads and the roads and the bridges out to the ports, much like the old colonial powers in Berlin when they carved up Africa, set up the ridiculous borders, and assured more efficient extraction. And we really had a very clear sense that the objective of the Durban BRICS summit was rather similar and there was no intention whatsoever of addressing the huge social and ecological and economic aspects of the recourse curse of Africa with the kind of maldevelopment that we've seen with, especially, minerals and petroleum on the continent.

    So it doesn't really look very promising unless activists in these countries—and there was a BRICS from below countersummit here in Durban. And it may well be that over time, like the World Social Forum being held at the same time in Tunisia, at the end of last month, a revitalized movement of civil society is going to be the necessary check to get these big, big economies to finally address their huge emissions.

    DESVARIEUX: Well, we'll certainly continue to track this story. Thank you so much for joining us, Patrick.

    BOND: Thank you.

    DESVARIEUX: And thank you for joining us on The Real News Network.

    End

    DISCLAIMER: Please note that transcripts for The Real News Network are typed from a recording of the program. TRNN cannot guarantee their complete accuracy.


    Comments

    Our automatic spam filter blocks comments with multiple links and multiple users using the same IP address. Please make thoughtful comments with minimal links using only one user name. If you think your comment has been mistakenly removed please email us at contact@therealnews.com

    Comments


    Latest Stories


    The Real News Town Hall Pt. 3 Should the community control the police?
    We Dehumanize Those We Want to Exploit - Eddie Conway on Reality Asserts Itself (9/10)
    Baltimore Erupts with Protests in Solidarity with Ferguson
    Police Brutality Towards Black People Has Historically Gone Unchecked
    The Real News Town Hall Pt. 2: Should the Community Control the Police?
    "Democracy on Fire": Protestors Respond to Grand Jury's Failure to Indict Mike Brown's Killer
    Hagel Resigns - A Look at His Record
    Is Obama's Immigration Action Too Little, Too Late?
    Baltimore Residents Demand Legislative Action to End Police Impunity
    The Real News Town Hall: Should the Community Control the Police? Pt.1
    Who Is in Charge of Development: The Elite or the Majorities? (2/2)
    Protesting GM Auto Workers Attacked by US Embassy Staff
    The Life and Times of Emory Douglas, Minister of Culture in the Black Panther Party (3/3)
    G-20 Recommits to Lifting Private Sector Activity (2/2)
    Obama Unveils Immigration Plan, But What Will It Change?
    Study Finds Racial Profiling Persists in Toronto Despite Ban
    G-20 Recommits to Lifting Private Sector Activity
    Who Is In Charge of Development: The Elite or the Majorities? (1/2)
    Swedish Court of Appeals Rule to Continue the Detention of Julian Assange
    The Power to Create Money in the Hands of the Banks
    Animal Agriculture: A Neglected Agent of Global Warming?
    Despite Senate Vote on Keystone XL, Tar Sands Oil Will Still Reach the Gulf
    Seattle Begins Police Reforms in Wake of Federal Civil Rights Investigation
    All Eyes on Ferguson as Gov. Nixon Declares State of Emergency Ahead of Grand Jury Decision
    The Life and Times of Emory Douglas, Minister of Culture in the Black Panther Party (2/3)
    G20 Summit Failed to Seriously Address Global Problems
    Who is Behind the Ousting of President Compaore in Burkina Faso?
    Investigation Uncovers "Culture of Impunity" for Chicago Police Department
    RAP NEWS 29: The G20 with Tony Abbott - Feat. Senator Scott Ludlam
    Critics Say DC's 'Model' Police Review Board Can't Stop Abuses

    RealNewsNetwork.com, Real News Network, Real News, Real News For Real People, IWT are trademarks and service marks of IWT.TV inc. "The Real News" is the flagship show of IWT and Real News Network.

    All original content on this site is copyright of The Real News Network.  Click here for more

    Problems with this site? Please let us know

    Linux VPS Hosting by Star Dot Hosting