Bankers plot ways to get paid carbon credits for emissions they might have emitted, but didn’t
By Jo Nova
What other industry gets paid for what they could have done, but didn’t?
The carbon market is the perfect scam-quasi-tax currency for our banker overlords. They were always trading reductions in an invisible gas, now they’re trading reductions from an imaginary increase that may never have occurred.
Carbon credits were always atmospheric nullities that “might theoretically change the weather”. Now they’re less…
It’s a nice gig if you can get it. This elastic game can expand to cover as much of the economy as feasible. The bankers payout is limited only by how much they can squeeze out of their political vassals. Homeowners will not get a “carbon credit” for turning a heater off that they might have left on, or for not-buying a second-hand Dodge Challenger Hellcat. This is a game only the uber rich money-changers can play. The Blob has effectively set up a secondary fiat currency in the world that has a Byzantine web of rules that they control but has no physical products for delivery.
As Steve Milloy says — Coming soon: Unending bank climate fraud
Bankers Find Way to Claim Credit for Avoided Emissions
Bankers will soon be able to claim credit for emissions they say their financing has helped avoid, as the world’s largest voluntary carbon accounting framework for the finance industry works on broadening standards.
Under the approach, banks can assume a counterfactual scenario in which emissions remain elevated, and contrast that with the CO2 avoidance their loans or bonds enable, according to the Partnership for Carbon Accounting Financials.
Note the galactic size:
PCAF’s proposed standards are part of a larger package of changes and additions that will result in at least 90% of assets under management globally being covered by the carbon accounting system.
Why stop at 90%? When will it end?
The idea came from the Monster Banker Cartel, so we know it will benefit the bankers:
The Glasgow Financial Alliance for Net Zero, the largest finance sector climate coalition, introduced the idea of a new metric last year to drive transition finance, calling it expected emissions reductions (EER). The basic principle is that finance firms compare the emissions associated with the entity or asset in a business-as-usual scenario with those achieved if that company implements a science-based transition plan, or if a polluting asset is eventually shut down. The so-called delta is the EER.
Of course, companies drop inefficient products in favor of better ones all the time, but now, they’ll be able to say they’ve reduced the emissions they expected to have, and thus earn some carbon credits that they can sell to some other sucker, or use to offset their charter jet flights to Azerbaijan.
This will work best for corporate behemoths who can afford to pay “climate lawyers” to fill in the forms, and “climate lobbyists” to bend all the rules to suit themselves. It’s another tool to make life harder for small businesses and customers but easier for the Big Guy.
Note there is another monster banker cartel called PCAF — in this case with assets of $92 Trillion.
PCAF was created by Dutch financial institutions during the 2015 Paris Climate summit to encourage banks and investors to play their part in delivering a transition to a low-carbon economy.
Since then, the number of financial institutions committed to or already applying its accounting methods has climbed to more than 550, with combined financial assets of $92.5 trillion, according to PCAF’s website.
It’s time for a monster round of Anti-Trust suits.
