Cap-and-Trade Encourages Production of HFC-23. By James Kanter, NYTimes, August 30, 2010. "Opponents of offsetting have likened the system to the kind of financial engineering on Wall Street that helped precipitate the recent banking crisis. They say the offsetting encouraged by the Kyoto Protocol encourages profiteering, with little or no value in efforts to curb climate change... The controversy over offsetting is the latest blow to emissions trading, which has been racked by a spate of problems in Europe including cyberattacks, tax fraud and recycling of used credits... HFC-23... a byproduct from making refrigerants has several thousand times the potential of CO2 to trap heat in Earth's atmosphere.... has become a lucrative business, and over the past five years, financiers and industrial companies have begun turning those streams of waste into hefty returns... HFC-23 credits also make up about half the supply of international offsets approved by the United Nations to date... CDM-Watch, which is based in Brussels, raised allegations with the United Nations' climate office that some plants were producing more refrigerant than they needed to meet market demand to cash in on credits for HFC-23. CDM Watch also contended that some plants were failing to improve their processes to avoid unnecessary production of HFC-23."
2010-09-05
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