The carbon market has come back to bite the Government in the bum.
As part of their fiscal update this week we've seen that the last carbon auction produced nothing and cost the Government $1.2 billion, which simply adds to their ever-growing deficit.
I asked at the time whether this was bad news. They told us it was the market working as markets do.
The trouble with the answer was, although technically that is true, it was in fact a direct reaction, or reflection, of the lack of faith in the Government's climate change polices.
I note the lawyers for Climate Action are taking James Shaw to court to seek a judicial review around the Government's decision not to follow the Climate Commission's recommendation that would allow the carbon price to rise.
You have a number of competing factors here. On one hand the commission wants to send us all broke because they are obsessed with carbon emissions. You have a Government that can't live with their zealousness because they actually want to get re-elected.
But, you also have a Government that has made climate their nuclear moment and are now being caught out as being fraudulent when it comes to delivery on the rhetoric.
Somewhere in the middle is the carbon market, which is an invented rort, designed to raise money from polluters who are forced to offset their emissions by buying credits, with the money raised goes to climate positive projects.
Trouble is when the auction is held. The question is asked - why would I spend money on something I don't believe is going to come to pass?
So they don’t.
Hence the auction fails, nothing is sold and all those credits get shifted to the next auction. So that means double supply, but how much demand?
My guess is the court case will fail, based on the simple premise that Governments are the ultimate court and can do what they like.
The carbon market is a mess because the Government are a mess. The Climate Commission look increasingly out of touch and radical, offering up theories no one is taking up
And slowly but surely, the reality of crazy ideas invented to address issues that don’t have full buy in are exposed for all to see.
A failed auction, a court case and over a billion dollar not realised.
What a shambles.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings
I note the lawyers for Climate Action are taking James Shaw to court to seek a judicial review around the Government's decision not to follow the Climate Commission's recommendation that would allow the carbon price to rise.
You have a number of competing factors here. On one hand the commission wants to send us all broke because they are obsessed with carbon emissions. You have a Government that can't live with their zealousness because they actually want to get re-elected.
But, you also have a Government that has made climate their nuclear moment and are now being caught out as being fraudulent when it comes to delivery on the rhetoric.
Somewhere in the middle is the carbon market, which is an invented rort, designed to raise money from polluters who are forced to offset their emissions by buying credits, with the money raised goes to climate positive projects.
Trouble is when the auction is held. The question is asked - why would I spend money on something I don't believe is going to come to pass?
So they don’t.
Hence the auction fails, nothing is sold and all those credits get shifted to the next auction. So that means double supply, but how much demand?
My guess is the court case will fail, based on the simple premise that Governments are the ultimate court and can do what they like.
The carbon market is a mess because the Government are a mess. The Climate Commission look increasingly out of touch and radical, offering up theories no one is taking up
And slowly but surely, the reality of crazy ideas invented to address issues that don’t have full buy in are exposed for all to see.
A failed auction, a court case and over a billion dollar not realised.
What a shambles.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings
5 comments:
Was this meant to be such a funny item? Rolling on the floor laughing!!!
And, getting back to basics (i.e. actual FACTS) - the rationale for all this multi billion dollar spend which will impoverish our nation is all based upon falsehoods. For example:-
Using the IPCC data:-
Human CO2 emissions are only 3% of total global emissions.
Natures contribution to the 400ppm is 97%. (or 388ppm).
Mankind’s contribution is just 3% or 12ppm. The other 97% is natural.
New Zealand’s CO2 emissions only 0.17% of human emissions.
So New Zealand’s CO2 emissions are 3% x 0.17% of the total global CO2 emissions each year.
3% x 0.17% = 0.0051% !! This is 1 in 20,000.
So the other 99.9949% is generated by all other sources, NOT NZ !!!
This is NOT a “climate emergency”
And, also - here is the real truth:-
The IPCC has recently (2022) publicly admitted that it’s multiplying factor previously used in all their “computer models” is wrong.
The IPCC has categorically stated that ALL their previous predictions up till now 2022 have been highly exaggerated and are not accurate, not scientifically sustainable.
End of story !!
Doug I am a skeptic but your logic is not that sound.
Ultimately an input into a system which is in a state of equilibrium will alter the balance and produce an new equilibrium and that is what is happening currently as CO2 is released from FF's.
The question is what will the extra 100ppm of CO2 do to our climate that we have caused, and it was us sorry.
Read stuff on WUWT website especially by Willis Eschenbach to get a serious perspective on the level fraud in play.
To my mind anyone who takes part in an auction for a gas must surely be mentally deficient.
Anyone who believes that they personally can have any influence on the climate of a planet must be mentally deficient.
The only clever people in the above article are the legal professionals who are going to make a shit load of money which will eventually come out of the taxpayers' pocket.
Anyone who votes for a political party that believes in climate change must also believe in the tooth fairy even though she has resigned.
So is climate change a rort?
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