"Carbon (Dioxide) trading is now the fastest growing commodities market on earth.....And here’s the great thing about it. Unlike traditional commodities markets, which will eventually involve delivery to someone in physical form, the carbon (dioxide) market is based on lack of delivery of an invisible substance to no-one. Since the market revolves around creating carbon (dioxide) credits, or finding carbon (dioxide) reduction projects whose benefits can then be sold to those with a surplus of emissions, it is entirely intangible." (Telegraph)
Thursday, 18 February 2010
The profits of doom
Matt Ridley celebrates Bjorn Lomborg, the environmentalist brave enough to tell the truth - that the end is not nigh...What can this mild statistician have said to annoy these great men so? In 1996 he published an obscure but brilliant article on game theory, which earned him an invitation to a conference on 'computable economics' in Los Angeles (and an offer of a job at the University of California). While browsing in a bookshop there he came across a profile in Wired magazine of the late Julian Simon, an economist, who claimed, with graphs, that on most measures the environment was improving, not getting worse. Irritated, Lomborg went back to Denmark and set his students the exercise of finding the flaw in Simon's statistics.They could find none. So Lomborg wrote The Skeptical Environmentalist, which not only endorses most of Simon's claims, but also goes further, providing an immense compendium of factual evidence that the litany of environmental gloom we hear is mostly either exaggerated (species extinction, global warming) or wrong (population, air and water pollution, natural resources, food and hunger, health and life-expectancy, waste, forest loss).You might think that environmentalists would welcome such news. ....Instead they are beside themselves with fury. ....His sin - his heresy - is to be optimistic. "