Remember Enron, the corrupt firm whose failure should have disproved the myth “too big to fail”, but didn’t? At the time it was the seventh largest corporation. It’s bankruptcy was the largest in history until Lehman Brothers failed. Incidentally, Lehman Brothers was also involved in carbon trading.
Enron owed part of its early success to emissions trading. Basically emissions trading was established as a way for some companies to profit from pollution while allowing some companies to continue to produce the chemicals that can cause acid rain.
Lawrence Solomon, executive director of Energy Probe and Urban Renaissance Institute, is reporting that Enron played a major role in pushing the global warming scam, including establishing the Kyoto Protocals.
Enron had already profited from trading sulfur dioxide credits and saw the potential for even greater profits from trading what would become known as “carbon credits“.
The articles is the first in a series of articles about those who seek to profit from what Weather Channel founder John Coleman calls “the greatest scam in history.”
Solomon states, ” The climate-change industry — the scientists, lawyers, consultants, lobbyists and, most importantly, the multinationals that work behind the scenes to cash in on the riches at stake — has emerged as the world’s largest industry. Virtually every resident in the developed world feels the bite of this industry…” which increases the costs of various goods and services.
Enron was an early player beginning early in the administration of Bill Clinton to push for a carbon dioxide trading system. Enron also sought from support from environmental groups.
“Between 1994 and 1996, the Enron Foundation donated $1-million to the Nature Conservancy and its Climate Change Project, a leading force for global warming reform, while [Chairman Kenneth] Lay and other individuals associated with Enron donated $1.5-million to environmental groups seeking international controls on carbon dioxide.”
Enron advised the Clinton administration what to do at the Kyoto Japan Conference in 1997.
To improve its chances for success Enron hired former Environmental Protection Agency regulator John Palmisano to become the company’s lead lobbyist as senior director for Environmental Policy and Compliance. Palismano wrote a memo describing the historic corporate achievement that was Kyoto.
“If implemented this agreement will do more to promote Enron’s business than will almost any other regulatory initiative outside of restructuring of the energy and natural-gas industries in Europe and the United States,” Polisano began. “The potential to add incremental gas sales, and additional demand for renewable technology is enormous.”
The memo, entitled “Implications of the Climate Change Agreement in Kyoto & What Transpired,” summarized the achievements that Enron had accomplished. “I do not think it is possible to overestimate the importance of this year in shaping every aspect of this agreement,” he wrote. He cited three issues of specific importance to Enron climate-change debate: the rules governing emissions trading, the rules governing transfers of emission reduction rights between countries, and the rules governing a gargantuan clean energy fund.
Polisano’s memo expressed satisfaction bordering at amazement at Enron’s successes. The rules governing transfers of emission rights “is exactly what I have been lobbying for and it seems like we won. The clean development fund will be a mechanism for funding renewable projects. Again we won …. The endorsement of emissions trading was another victory for us.”
“Enron now has excellent credentials with many ‘green’ interests including Greenpeace, WWF [World Wildlife Fund], NRDC [Natural Resources Defense Council], German Watch, the U.S. Climate Action Network, the European Climate Action Network, Ozone Action, WRI [World Resources Institute] and Worldwatch. This position should be increasingly cultivated and capitalized on (monetized),” Polisano explained.
Those who believe in Global Warming like to claim that they are opposed by corporate interests in the form of the energy companies. They neglect to mention that the battle isn’t against corporations, it is between different groups of corporations. The energy companies are attempting to continue providing energy to consumers. Companies on the other side are merely attempting to create a financial opportunity for themselves as financial parasites who provide nothing to anyone and get rich in return.
Democrats often criticize Republicans for being too close to business, but Democrats are just as close as Republicans. Democrats just favor different businesses.
As William O’Keefe, chief executive officer of the Marshall Institute, puts it: “The American people have had enough of convoluted, indecipherable financial schemes and the opportunists who exploit them. The public is understandably angry about Wall Street’s exploitation of Main Street, and yet our political leaders are setting the stage for another complex trading market, ripe for corruption. The future Enrons and Bernie Madoffs of the world would like nothing better than to see the U.S. impose a new market for carbon emission trading.”