Page 94 - Carbon Frauds and Corruption

Corruption of Bribery

Chapter 6 : Corruption in the “Carbon World”

The World Bank estimates that between 5% to 20% is wasted through corruption in construction projects,
costing Less Developed Countries $18 billion per annum. It is estimated that OECD countries will be required to
spend approximately $2.5 trillion on electricity transmission and distribution between 2010 and 2035

The damage caused to New Orleans from Hurricane Katrina was much worse than it should have been because of
poor quality and possibly corrupt construction of flood barriers

Local Authorities throughout the UK are offering free house insulation to pensioners and others on state benefits.
The contracting companies respond, send an Inspector who makes a quick visual appraisal of what is required. A
few days later a team of workers appears with a lorry load of insulation and lagging material. Three hours later,
the team leader requires the occupier to sign an “Installation Acknowledgement” that does not specify the
material used and leaves. What amount is invoiced to the Authority remains a mystery.

15 GREEN BANKING
Recent election manifestos and the “Coalition Agreement” approved the creation of the Green
Investment Bank to support the “noble cause” of a low carbon economy in the UK. This has now
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been registered as a commercial company – primarily to keep the debts off Government books
‐ although it will be influenced if not controlled by HM Treasury. It will be initially funded with £3
billion of tax payers’ money but subsequently allowed to raise funds though commercial
channels, book revenue from AAUs auctions, green ISAS, a levy on energy bills, sale of
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government assets and green bonds. It expects to have invested £550 billion in green and PFI
projects by 2020. It will also underwrite loans by commercial banks and provide letters of
guarantee for green construction projects

The bank’s proposed organisation chart has already been published on the web. Guess what is
missing? It will make sub‐prime look safe, but don’t worry because tax payers will pick up the bill.

There are also hundreds of “banks” and investment houses that offer bonds and other securities
backed by schemes supposedly invested in green projects. Few are adequately regulated by the
FSA. Investments range from credible to highly suspect. Many encourage pensioners to invest in
“green funds”; if they do so, they are indeed “green”.

16 INVESTMENT SCAMS
The “Carbon World” has been likened to the Californian “Gold Rush” but is far less regulated
because it is almost impossible to find a single Sheriff or even a Deputy. Every day, UK citizens
and businesses are hammered with green investment schemes ranging from solar heating
through to reactors that turn fat into diesel or inducements to use pension funds to buy a cattle
farm in Costa Rica for $1 million, kick off all of the cows, thereby reducing emissions and claim the

120 Whole of Governments Accounts (WGA)
121 This is equivalent to the GNP of Indonesia or Switzerland

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