George Soros gave Ivanka's husband's business a $250 million credit line in 2015 per WSJ. Soros is also an investor in Jared's business.

Wednesday, June 1, 2011

$7 billion more in carbon trading planned by European Investment Bank to roll docile European taxpayers. Organized crime in clover.

Also to enrich hand picked profiteers in possibly worthless 'carbon capture and carbon storage' scams. The EU has already said it has no way to stop billions in theft by organized crime until at least 2013. Such are not concerns of crony capitalists at the UK monarchy, the EU and UN, along with corrupt governments and state owned media. Taxpayers are not compensated for criminal losses.

6/1/11, "EIB says $7 billion carbon sale possible before year-end," Reuters, Barcelona
  • 'Sale needs support at mid-June EU vote'

"The European Investment Bank (EIB) could start selling 300 million European Union carbon permits before the end of the year, pending support at an EU vote this month, it said on Wednesday.

"A positive vote of the rules in the next Climate Change Committee in mid-June may enable the start of the monetisation process before the end of the year, depending on final practicalities related to delivery," the EIB said in a statement.

The EIB will sell the permits on the bloc's emissions trading scheme, in a bid to raise about 5 billion euros ($7.19 billion) to support innovative low-carbon technologies including

  • carbon capture and storage.

Last month, an EU official told Reuters that the bank would receive 300 million carbon emissions permits ready for sale in about three months, pending support at an EU vote in May. [ID:nLDE74G1FQ]

But the May vote was delayed until mid-June, thereby presumably pushing back the start date by a month or more. The EIB, however, did not specify the month the sales might start.

The sale date is important to carbon market participants, given it is equivalent to about 15 percent of the entire quota of permits, or European Union Allowances (EUAs), allocated to polluters in any one year.

The June vote will be held among climate change experts of member state governments to allow the Commission to deliver the EUAs to the EIB. It will also decide on changes to security of electronic warehousing of EUAs, or registries,
  • in the wake of tax fraud and cyber thefts.

"The EIB needs to see whether the proposed amendments to the Registry regulation find the support of the EU's Climate Change Committee," the bank said.

"If and when this happens the EIB can finalise decisions on monetisation and will discuss with the Commission further details about the delivery of the 300 million allowances upon entry into force of the amended registry rules."

The EIB has said previously that once it receives the EUAs, it would start selling or "monetising" them, either by auction or another sale process, within a month.

It would then sell them at least every two weeks thereafter through the current phase of the emissions trading scheme (ETS), which finishes at the end of 2012.

The 300 million EUAs, known as the "NER300" among traders, will be drawn from the quota of permits to be issued in phase three of the ETS from 2013-2020. (Reporting by Nina Chestney, editing by Anthony Barker)

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They have already said security cannot begin to be addressed until at least 2013 when a centralized system is expected:

1/27/11, "European commission extends carbon market freeze indefinitely," UK Guardian, Leigh Phillips

"Once there is a centralised clearinghouse, starting in 2013, (European Commission climate spokesperson) Kokkonen said these sort of problems will no longer be an issue:

"We have to survive till 2013.""

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2/1/11, ""Broken" EU spot CO2 market will struggle to revive," Reuters, Chestney

"It's an absolute disaster for the spot market," said Louis Redshaw, head of environmental markets at Barclays Capital.

"We're at the point now where the market is essentially broken.

  • You can't fix it with security alone."...
Liability rules differ across countries and are yet to be tested. In theory, Britain and Germany, for example, have opposite laws, where the seller and buyer respectively get legal ownership of stolen permits.

"The spot market will not be the same. The serious question of legal liability may mean the spot market remains all but dead," Andrew Ager, head of emissions trading at Bache Commodities, told Reuters.

"With different member states applying different legal interpretations for affected carbon permits it is a legal minefield with no clear path to safety," he added....

Regarding security, it was still too easy to open a carbon trading account in some EU countries, which provides easy access to the market."...



via Tom Nelson

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I'm the daughter of a World War II Air Force pilot and outdoorsman who settled in New Jersey.