Thursday, June 9, 2011

Obama blows $17 million on failed carbon trading scheme

The U.S. has already had a carbon trading exchange. It was called the Chicago Climate Exchange (CCX). The venture was a complete failure and announced they were closing last October. Carbon trading is still going on in Europe where it is riddled with corruption and scams.
( Department of Agriculture (USDA) announced that it has awarded $17.4 million for pilot projects that will begin exploring how to establish a market for greenhouse gas (GHG) credits, a key component of a cap and trade system, to help reduce carbon and other emissions that apparently contribute to global warming.

Agriculture Secretary Tom Vilsack said the projects were the “foundational work” for establishing an American carbon market.

“This is really sort of foundational work that’s being done,” Vilsack told reporters on a conference call on Wednesday.

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