Page 93 - Carbon Frauds and Corruption

Corruption of Bribery

Chapter 6 : Corruption in the “Carbon World”

 BLUE NEXT: Based in Paris, owned by NSYE Euronext, Caisse des Depots and APX deals
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mainly with the ETS spot market . There are around 120 members and seven spot and
six future brokers. Units are transacted through the French National Registry. BlueNext is
associated with the Beijing Registry (CBEEX) and in the USA to NSYE Blue
 European Climate Exchange (ECX): is owned by Intercontinental Exchange Inc which
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acquired Climate Exchange PLC in July 2010. Deals primarily in futures. More than 100
leading businesses trade ECX products as members and in addition, banks and brokers
can access ECX and process orders without having to be members themselves. Patrick
Birley the son of Robin Birley and half‐brother of Zac Goldsmith is the CEO

The European Climate Exchange (ECX") was hacked by activists forcing it off‐line as a protest against "cap and
trade" arguing that it helped polluters and manipulators and, generates outrageous profits. They also posted a
reminder that in 2009, Friends of the Earth had released a warning that carbon trading could trigger a second
sub‐prime style financial collapse.

14 GREEN INVESTMENTS AND INFRASTRUCTURE PROJECTS
There are billions of Euros sloshing around the “Carbon World” from sales of freely allocated
AAUs that are surplus to requirements, credits of all shapes and sizes, monies in the CDM
“Adaptation Fund” and subsidies. All of these funds are supposed to be used for “Green
Investment Schemes (GIS)” mainly in Less Developed Countries but this is not always the case
with funds snaffled by State agencies for their general funds. Income from future auctioning of
AAUs will add significantly to the GIS pool which is expected to invest at least $300 billion by
2030.

Illustrating the point that politicians have great difficulty in keeping their hands off other people's money, the
New Jersey government purloined about $65 million in funds raised through the RGGI auction of allowances ‐that
it should have invested in green projects‐for use in its "general funds". New York did the same grabbing an
estimated $90 million from its carbon funds.
GIS are what countries want them to be and they are normally subject only to local control and
verification. Schemes range from providing water and sanitation for the estimated 1.2 billion
people without them, through to electric cars and home insulation. At the end of each chain is a
commercial vendor or PFI project (see page xx) ‐ often a construction company, wind energy or
solar provider.

117 There are other exchanges throughout Europe such as the Nordic Power Exchange, European Energy Exchange,
Energy Exchange (Austria) and Climex. Currently there are 19 carbon exchanges worldwide of which 11 are fully
operational
118 Spot trading 10 to 15% of the market

119 Which at that time also owned the Chicago Climate Exchange

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PROJECTS