An interesting news story and more indepth article in The Guardian on failings in the carbon credit system. The system allows in effect the buying and selling of the right to pollute.
For information on the failings of the system there’s more at Carbon Trade Watch – see especially their report The Carbon Neutral Myth.
Market forces are often not left alone to operate by governments and powerful corporations who have a vested interest in the current reliance on oil and gas. For example the blocking of the electric car by General Electric and US government and in the UK the levels of subsidies to pump north sea oil vs subsidies to wind, tidal, solar etc.
There are many new innovations in renewables that are being investigated by certain companies (see the Economist June 9-16) that could prove more cost efficient than current non-renewable energy sources. Maybe these new technologies could deliver safe, cheap and most importantly sustainable energy, if they’re not prevented from doing so by governments and big business.
Whilst this would not exactly represent “market forces solving climate change” it does show that it’s not always pure market forces that are standing in the way of better and cheaper energy.
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