The world's carbon trading markets growing complexity threatens another "sub-prime" style financial crisis that could again destabilise the global economy, campaigners warn today.In a new report, Friends of the Earth says that to date "cap and trade" carbon markets have done almost nothing to reduce emissions but have been plagued by inefficiency and corruption that render them unfit for purpose.As the world heads towards the Copenhagen climate summit, Britain and other developed countries want to see carbon trading expanded worldwide. The carbon market, mainly based in Europe, was worth $126bn in 2008 and is predicted to mushroom to $3.1tn by 2020 if a global carbon market takes off.
The world's carbon trading markets growing complexity threatens another "sub-prime" style financial crisis that could again destabilise the global economy, campaigners warn today.
In a new report, Friends of the Earth says that to date "cap and trade" carbon markets have done almost nothing to reduce emissions but have been plagued by inefficiency and corruption that render them unfit for purpose.
As the world heads towards the Copenhagen climate summit, Britain and other developed countries want to see carbon trading expanded worldwide. The carbon market, mainly based in Europe, was worth $126bn in 2008 and is predicted to mushroom to $3.1tn by 2020 if a global carbon market takes off.
AMY GOODMAN: Mark Schapiro, you mentioned the Green Police, and I wanted to turn to one of the video clips on the Green Police and how they harass local communities living near the GM, the General Motors, forest. MARK SCHAPIRO: We went on patrol with a Força Verde crew, taking off across the Bay of Paranaguá. Though the term "Green Police" may sound benign to us, it was clear that the locals feared them. They have the power to fine, confiscate and even arrest fishermen, hunters and others who violate the rules. Lieutenant Albano told us that enforcement has intensified since the carbon sequestration efforts began. They carry the guns. SPVS provides the intelligence. And ultimately, the US corporations provide the funds.
MARK SCHAPIRO: We went on patrol with a Força Verde crew, taking off across the Bay of Paranaguá. Though the term "Green Police" may sound benign to us, it was clear that the locals feared them. They have the power to fine, confiscate and even arrest fishermen, hunters and others who violate the rules.
Lieutenant Albano told us that enforcement has intensified since the carbon sequestration efforts began. They carry the guns. SPVS provides the intelligence. And ultimately, the US corporations provide the funds.
