Carbon offsets make the rich richer.

Getting rich off carbon offsets

THE wealthy entrepreneur Vincent Tchenguiz is planning to build a £5 billion business by helping arms and aerospace companies go green.

Tchenguiz has set up a new company called Co2 — Offset to Ozone, which aims to help defence manufacturers find investment opportunities in environmental, technology and healthcare companies under so-called “offset” arrangements.

Tchenguiz told The Sunday Times: “I can see the money. I will make a fortune.” Read the full Times article.

So, carbon offsets are not about helping with lessening our impacts upon our environment. They’re about greed and business as usual. Just another economic instrument.

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10 Responses to Carbon offsets make the rich richer.

  1. Brian Cesarotti says:

    I think it’s good that there is money to be made, regardless of Tchenguiz’s motivation. More firms will enter this “green” industry if the profits are there and hopefully the environment will be helped even more.

  2. earthpal says:

    The carbon offset trade is a delusion. It sounds great in theory. It allow us to carry on as normal…business as usual. No need to change our lifestyles. A few pounds will allow us to damage the planet…take that flight, keep our 4X4’s, because it’s ok. We can undamage it.

    Carbon offsetting..paying others to make cuts for you.

    We can’t just buy our Green consciences. We need to make the big cuts now. The emissions are immediate. The effects from the offsets are delayed and uncertain. And some will fail altogether.

  3. matt says:

    Markets are complex. Nature is highly complex. Put the two together and you probably end up with pure chaos (theory) in action. No one determines the (desired) outcomes, oh except there will be those that make money on the way.

    The UK government’s latest Energy White Paper will be out soon. Nuclear expansion is expected. Various commentators are already on the radio warning of a lights out scenario or another rush for (imported) gas by as early as 2012, as even more nuclear power stations are decommissioned.

    Cutting emissions directly is key. Not trading in carbon. Cutting emissions/consumption. If businesses want to make money out of implementing energy efficient technologies, then let them!

  4. the Grit says:

    Hi matt,

    Why do you think Big Business and President Bush shifted gears on their belief in Global Warming. Follow the Money, is always a good first step when looking at a situation. Once Government started talking about large tax incentives and other monetary handouts for green technology development, there was guaranteed profit in developing, manufacturing, and selling various bits of energy efficient technology, alternative power generation equipment, and other such things. Not to mention that various Government mandates are going to provide a guaranteed market. The carbon indulgence scheme is just something thrown in to placate the very rich, and assure them that they can keep their lavish lifestyles at a minor price.

    the Grit

  5. matt says:

    Arh-huh, we do live in a capitalist society in which money does the talking.

    No market however is pure. In other words most need a signal from their government that at the very least the authorities aren’t going to manipulate their market in a negative direction. If it’s done in a positive direction, then of course the investor is very happy.

    Many new product markets need government direction at first. And by new product I mean new technological inventions. My point about the carbon market is that it appears to go nowhere, except into the investor’s pocket!

  6. Pete Smith says:

    Hi Grit,

    So what are we saying here? Global warming was a swindle/hoax/fraud when it looked as if it was going to cost businesses and consumers cash, but now that money can be made it’s suddenly a legitimate issue?

    Fine 😎 But what happens when we lick climate change? Perhaps the corporations that have grown fat selling ‘green’ technologies will try to preserve their profits by pumping CO2 into the atmosphere under cover of darkness, just to keep the alarm bells ringing.


  7. matt says:

    Gi-wiz Pete, that’s a rather crafty thought. 🙂

  8. Pete Smith says:

    Gi-Wiz? You back on that death trap electric car again Matt?

  9. matt says:

    Mixing my conspiracy metaphors for your attention Pete.

  10. earthpal says:

    Yes, great points there Pete. Well said.

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