According to Al Gore, the creation of a carbon offset market is the magical solution to all our global warming problems. Create an American market similar to Europe’s and global warming will be halted in its tracks. And if a billion or two extra dollars should happen to end up in the Goracle’s pocket, well, that’s something that just can’t be avoided.
Just one thing: The European market doesn’t work any better than the crystal ball Gore used to predict global warming.
Reuters has the details:
Carbon offsets neared all-time lows Friday, confirming their status as the world’s worst performing commodity, as slumping demand meets rising supply of the U.N. instrument traded under the Kyoto Protocol.
Rising supply amid slumping demand? This sounds like the United States dollar under Geithner, Bernanke and Obama.
Carbon offsets have fared uniquely badly because a U.N. climate panel continues to print new offsets, regardless of a widening glut in emissions permits in the main demand market, the European Union’s carbon market.
Put the printing presses in high gear. More dollars. More carbon offsets. More opinions from Al Gore. More of everything no one wants.