Monday, November 8, 2010

So Long, Crap-and-Tax

Looks like the proverbial CO2 poot winds have been taken out of these scam sails. Hallelujah!!!

The air has been taken out of the carbon trading market.

The only national carbon trading market in the U.S. will close its doors next month, due to stalled legislation in Congress and Republican gains in the midterm elections -- a major setback in efforts to regulate so-called greenhouse gases, which environmentalists argue contribute to global warming.

Since 2003, the Chicago Climate Exchange (CCX) has operated a voluntary network where companies can pledge to meet annual targets for the emissions of carbon from their factories and businesses. Those below the targets can sell surplus allowances or bank them; those above can purchase credits to offset their emissions -- similar to President Obama's stalled "cap and trade" legislation

But according to an advisory posted to the exchange's website, participants simply didn't want to trade in carbon credits without a legal requirement that they do so. Jeff Sprecher, chief executive of the InternationalExchange and CCX's owner, confirmed to the Financial Times that participants in the CCX's cap-and-trade system wanted to pull out.

[From - Carbon Trading Grinds to a Halt in U.S.]