China has promised to cut the rate of growth in its carbon emissions, which would nevertheless double over the next decade even on the most optimistic scenario.
Message 26160691
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The crux of the scheme is this: European steelmakers have threatened to leave the EU for India, eliminating the jobs of thousands of workers in the process, unless the EU grants the steelmakers free carbon credits worth hundreds of millions of dollars.
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Additionally, Corus Redcar has now announced a decision to close operations in Great Britain nonetheless and relocate its steelmaking activities to India in order to gain additional U.N. carbon credits.
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Inquiring minds are reading how Carbon credits bring Lakshmi Mittal £1bn bonanza.
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The scheme grants companies permits to emit CO2 up to a specified “cap”. Beyond this they must buy extra permits. An investigation has revealed that ArcelorMittal has been given far more carbon permits than it needs. It has the largest allocation of any organisation in Europe.
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Message 26180433
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The Kyoto Protocol of 1997 required signatories to reduce their carbon emissions, and the European Union in 2005 launched its own cap-and-trade system. The program sets a limit on carbon emissions, and companies are issued free carbon allowances that they can buy or sell based on their emissions needs.
Fast forward to this month's news that Corus, Europe's second-largest steel producer, is shuttering a giant U.K. steelmaking plant at Redcar, cutting 1,700 jobs. Corus blames the recession that has cut steel demand and says the British government hasn't done enough to help it.
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Corus was bought in 2007 by Tata, India's largest steel company. The Indian steel industry is set to more than double production to some 124 million tons a year by 2011-2012. Were Corus to move production to a "clean" Indian factory, it could receive hundreds of millions of dollars annually from the Clean Development Fund. The kicker is that none of this results in fewer carbon emissions. A Corus plant in India might be more efficient by Indian standards, but it will be no more efficient than Redcar.
Message 26184292
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Historically, the country that controls the world's energy supplies is the country that is assured a large share of the world's GDP and all that comes with it. We're engaged in a competition to secure the future energy sources. Right now, the US barely even recognizes that a competition exists, and so, we're falling farther behind. Meanwhile, China is going full bore to diversify their energy supplies.
They have no oil reserves. They have coal and are mining it fast, furious and carelessly. Republicans wanted to develop American reserves but have been blocked by democrats.
We tried to drill off South Florida, now China is developing it and probably drawing off American reserves.
We tried to develop in 1000 acres in Alaska. Nope.
We tried to drill off California. Nope.
Etc.
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There is no question in my mind that within our lifetimes, China will be the top economic superpower and they will have the military that comes with it. We're in decline, in no small part, due to the myopic thinking of our leaders
Leaders? I don't see much leading going on. President Bush was leading but democrats used to Clinton's daily polling to find out what was popular didn't like being lead.
I will grant you that Obama is leading. I don't want America to become the tyrannically ruled banana republic he envisions for us though.
I agree that China is ascending. They push allow capitalism. Our country has devolved into a place where big business and big labor conspire to keep cottage industry from growing and making the economy thrive. |
