A surreal scam

“Just how surreal the business of “carbon trading” has become is illustrated by another project, which has no direct connection with Dr Pachauri but which involves the plan by a Tata subsidiary to build one of the world’s largest coal-fired power stations in the state of Gujarat. Nearly $1 billion needed to build the 4 gigawatt Mundra plant is being supplied in cheap “green loans” by the World Bank and the Asia Development Bank (to both of which Dr Pachauri acts as an adviser), because the plant will emit CO2 at a “lower intensity” than older power stations in India. For the same reason, the plant will also qualify for a potential $560 million in “carbon credits” under the UN’s CDM scheme, which can then be sold on the world market.

If our own Government allows E.on to build a similar but much smaller coal-fired power station at Kingsnorth in Kent, however, we shall have to pay out millions of pounds through our electricity bills to buy those same “credits” which in India the UN hands out free – to help Tata build a plant which will be responsible for emitting 26 million tonnes a year of CO2, well over twice as much as Kingsnorth.

Similarly it is Tata which next month is to close down its Corus steel works at Redcar, to make a potential £600 million in “credits” from the carbon emissions this will save, while in India it will earn a similar amount in UN CDM “credits” by building a plant of similar capacity in Orissa. It will thus make a potential gain of £1.2 billion, at the expense of 1,700 jobs on Teesside, for no overall reduction in the amount of CO2 emitted to the atmosphere.” “The questions Dr Pachauri still has to answer

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: