cap-and-trade extortion racket promoted by the EU and UN has now blown sky
high. Please consider Businesses hold world hostage over carbon
research reveals the European Union's cap-and-trade exchange is vulnerable to
a sophisticated form of corporate extortion in which EU bureaucrats in
Brussels are manipulated into paying hundreds of millions of dollars in
carbon permit bribes to keep companies from moving jobs to Third World
In fact, it appears the scam is already under way.
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.
Eurofer, a European trade group, is at the center of the scheme. The web of
the plot, however, weaves in not only several companies, but also the United
Nations' climate change chief:
its members, Eurofer represents two EU steelmakers, Corus Redcar and
ArcelorMittal, each of which has ties to India as well as to Rajendra K.
Pachauri, the Indian industrial engineer who has been chairman of the U.N.
Intergovernmental Panel on Climate Change, or IPCC, since 2002.
appears to have coordinated a threat to the European Union Greenhouse Gas
Emission Trading System that its steelmakers would move their operations from
the EU to India unless the EU cap-and-trade exchange issued them – at
no cost – carbon emissions permits worth hundreds of millions of
the bureaucrats in Brussels acquiesced, Corus Redcar and ArcelorMittal
maneuvered to cash in windfall profits from the EU carbon permits given them
at no cost.
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.
Ironically, EU and U.N. officials who might have thought requiring
cap-and-trade permits would operate as "protection racket" in which
EU companies need to buy carbon credits to continue operations, have now
found themselves on the losing end of the reverse scheme.
In the final analysis, the winners are the European Union corporations
willing to play hardball with the European Union Greenhouse Gas Emission
Trading System, and the losers are the EU middle class workers that are held
hostage in the scheme.
In On The Scam
Inquiring minds are reading how Carbon credits
bring Lakshmi Mittal £1bn bonanza.
MITTAL, Britain’s richest man, stands to benefit from a £1
billion windfall from a European scheme to curb global warming. His company
ArcelorMittal, the steel business where he is chairman and chief executive,
will make the gain on “carbon credits” given to it under the
European emissions trading scheme (ETS).
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.
The investigation has also shown that ArcelorMittal and Eurofer, which
represents European steel makers at European level, have lobbied intensively
in Brussels. This has included threatening to move plants out of Europe at a
cost of 90,000 jobs, and asking European commissioners to meet Mittal.
ArcelorMittal is now free to sell its surplus permits on the market or to
hoard them for future use. The latter would allow it to avoid cutting
greenhouse gas emissions for years, effectively undermining the point of the
ArcelorMittal, which is based in Luxembourg and has more than 80 steel plants
around Europe, has confirmed Pearson’s figures. The ETS covers 10,000
industrial installations, responsible for 40% of the EU’s greenhouse
world's biggest polluters wanted the carbon cap so they could trade their
permits (acquired for free), to other businesses who will have to buy them to
Now some of those polluters are going to move to India anyway after extorting
extra permits out of the EU.
Not only is the global warming data bogus and manipulated, the whole
cap-and-trade program is now easily seen as nothing more than an extortion
scam, a scam that has fittingly blown up in the face of the EU and UN clowns
who created it (unless of course that was their intention all along).
Unfortunately, EU workers and taxpayers are the ones who are going to suffer
over this, not the clowns who created this ridiculous scheme.