We talked yesterday to Steven Joyce about James Shaw's desire to have our liability on carbon emissions put into the books so we can all see what sort of effect it would have on our finances.
The key lines in Joyce's explanation were that we can't do that because we don’t actually know what the figure is, remembering of course we promised to reduce emissions in the Paris Accord by a certain amount in a certain timeframe.
He also quite rightly pointed out that there is no one to pay it to, and the reason there is no one to pay it to is because the whole thing is invented. Which brings us back to the Climate Change Commission, who have put out their latest advice. And their latest advice advises the Government that they have their settings all wrong.
The previous Government had their settings all wrong as well, given the carbon auctions last year were a complete and utter bust. The carbon auctions happen four times a year but it's another invention - if you're a polluter you buy credits to offset your emissions.
The trouble was at each and every one of the auctions last year no one bought anything. Not one carbon credit. Nothing.
As each auction came and went the unsold credits got added to the next auction, so work out the ol' supply and demand equation and guess what happened? That's right - nothing.
Four auctions and not a single sale. The Government could have got $2billion-ish but they got nothing.
The commission says we need to do something about it because there are too many credits, there is too much uncertainty and we run the risk of not meeting our obligations.
Small question - what exactly happens if we don't meet our obligations? The answer, my bet, is nothing.
Very few, if anyone, is meeting their obligations. China certainly isn't, or America, or India, the world's actual polluters.
We have got ourselves caught up in a faux fight, with a market we invented, in a non-enforceable deal. All propped up by the idea that you should hand over money to an imaginary group, or organisation, or people if you burn coal.
Could it be the fact no credits were sold at our auctions last year and the commissions concerns over settings is largely because this is a scam? And when push comes to shove people don't mind espousing hot air about it, we love a bit of greenwashing.
It's just we are not so keen on handing over actual money.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
He also quite rightly pointed out that there is no one to pay it to, and the reason there is no one to pay it to is because the whole thing is invented. Which brings us back to the Climate Change Commission, who have put out their latest advice. And their latest advice advises the Government that they have their settings all wrong.
The previous Government had their settings all wrong as well, given the carbon auctions last year were a complete and utter bust. The carbon auctions happen four times a year but it's another invention - if you're a polluter you buy credits to offset your emissions.
The trouble was at each and every one of the auctions last year no one bought anything. Not one carbon credit. Nothing.
As each auction came and went the unsold credits got added to the next auction, so work out the ol' supply and demand equation and guess what happened? That's right - nothing.
Four auctions and not a single sale. The Government could have got $2billion-ish but they got nothing.
The commission says we need to do something about it because there are too many credits, there is too much uncertainty and we run the risk of not meeting our obligations.
Small question - what exactly happens if we don't meet our obligations? The answer, my bet, is nothing.
Very few, if anyone, is meeting their obligations. China certainly isn't, or America, or India, the world's actual polluters.
We have got ourselves caught up in a faux fight, with a market we invented, in a non-enforceable deal. All propped up by the idea that you should hand over money to an imaginary group, or organisation, or people if you burn coal.
Could it be the fact no credits were sold at our auctions last year and the commissions concerns over settings is largely because this is a scam? And when push comes to shove people don't mind espousing hot air about it, we love a bit of greenwashing.
It's just we are not so keen on handing over actual money.
Mike Hosking is a New Zealand television and radio broadcaster. He currently hosts The Mike Hosking Breakfast show on NewstalkZB on weekday mornings - where this article was sourced.
6 comments:
Superbly put Mike, your comments should be delivered in person to our ruling elite. In the meantime, arable farmland is being placed on the sacrificial alter to appease the climate gods. Years from now we will reflect on the madness that led to the destruction of our farming export potential to solve a problem that didn’t exist.
Can you buy carbon credits with Bitcoin ?
Neither are real.
Look - there comes the Emperor wearing his new clothes !
The big carbon emitters in NZ are the large industries, employers of thousands of people and earners of millions of dollars of foreign currency. If they all decided not to play ball with this scam, what would the govt, do, prosecute them, fine them, close them down if they didn't pay the fine?
Spot On Mike-
I would like carbon credits every time I plant a tree, or shrub, that enhance the atmosphere with their innate ability to suck up carbon dioxide and emit Oxygen through photosynthesis. However it probably only works the other way, when trees or plants are removed, or farts emitted.
Whoever dreamt up the carbon emissions scheme was a mastermind/mistressmind in fraud, deception and wool-pulling. NZ needs to wake up and smell the sacrificial lambs simmering away on the barbecue grill of "Scammers Inc. " Volcanoes, Solar Flares and Ocean Currents drive the climate and hence the weather. NZ has a miniscule role to play, if any. Yes Mike, we are being screwed.
If only we weren't paying billions to offset our carbon in the form of advancing climate change overseas. That is our taxpayers money!
I said when the Carbon Credit scheme first came out that it was a scam and when the scheme crashed would lead to a share market crash because all companies with carbon credits shown as an asset in its books will have to write them off.
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