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CA: Chicago Climate Exchange = FAIL, Now California opens “Pacific Carbon Exchange”
Watts Up With That? ^ | December 16, 2010 | Anthony Watts

Posted on 12/16/2010 9:43:48 PM PST by Ernest_at_the_Beach

California hasn’t learned from the failure of the Chicago Climate Exchange this year, when a ton of Carbon traded for a mere 5 cents. Nobody wanted to buy it even at that ridiculously low price. But, like a zombie, carbon trading rises again in brain dead broken California.

final day on CCX - click to enlarge

Now the the AB32 madness begins, and PCarbX (which sounds like some over the counter antacid remedy) is the new trading scheme. I give it two years, max. Here’s the story from the San Francisco Chronicle.

California poised to enter carbon-trading market

Andrew S. Ross

Today could be seen as the biggest day yet for California’s climate change law, assuming, as expected, the state Air Resources Board signs off on the rules to implement it.

It will also be a big day for Aaron Singer, CEO of San Francisco startup Pacific Carbon Exchange, (at left) which is engaging in an enterprise thought dead in the water not so long ago: carbon trading.

“It’s the official starting gun for California and for Western regional carbon markets,” Singer said. “It means we get to make this business a growing reality.”

Central to the law, which goes into effect in 2012, is a “cap and trade” system designed to limit the amount of carbon from the state’s 500 largest emitters – mostly power plants, energy companies and heavy industry.

Companies emitting less than their state-mandated limit can trade their unused allowance – also known as carbon credits, or offsets – with companies that may be seeking to emit more than their mandated share.

“This is a significant milestone,” said Josh Margolis, CEO of Cantor CO2e, a San Francisco offshoot of New York’s Cantor Fitzgerald, referring to the board’s expected action. “In the trading world, it’s been a decadelong anticipation.”

With the Bay Area Council serving as the firm’s incubator, Singer has been working on its trading infrastructure for the past two years and is in the process of obtaining the certifications and accreditations from the U.S. Commodity and Futures Exchange Commission.

In the meantime, PCarbX, as it is known, plans to begin some futures and options trading next year, pending a full rollout when the bell officially rings in January 2012.

In September, it also signed a memorandum of understanding with the Shanghai Environment and Energy Exchange to explore the establishment of more carbon markets in the United States and China.

Other entrants: PCarbX is not alone. In addition to Cantor CO2e, others in the “environmental commodity” business who are reported to be coming to California include the global Intercontinental Exchange and the Green Exchange, both with U.S. headquarters in New York. “We expect healthy competition,” Singer said.

“As a San Francisco-based entity with ties to policymakers, they’re in a unique position,” said Adam Raphaely, director of environmental markets at Karbone, an environmental commodity brokerage and project finance company in New York. “We see a potential relationship there.”

Neither is California alone, even though Congress and the Obama administration gave up on a national cap-and-trade policy this year.

The Western Climate Initiative, a cap-and-trade program, which includes several Western states and Canadian provinces, is due to go into effect – also in 2012.

Still, for all the anticipation, carbon trading here is likely to start small, especially as the Air Resources Board is initially giving emission allowances away for free, rather than the $10 minimum per ton the agency had proposed in its rules. And companies don’t necessarily have to trade through exchanges.

“You won’t see a big bang, but, rather, a buildup in intensity,” said Margolis, who has estimated the market could be worth anywhere from $3 billion to $58 billion by 2020 – the target year for California’s emissions to be lowered.

“This is much more than simply a business opportunity,” Singer said. “We’re here to serve the aims of AB32 and help the next generation of clean tech investment for our state.”

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/12/15/BUO21GQG0D.DTL#ixzz18L4gAqtW


TOPICS: Business/Economy; Government; News/Current Events; US: California
KEYWORDS: ab32; agw; capandtrade; carbontrade; ccx; economy; globalwarminghoax; ipcc; pcarbx

1 posted on 12/16/2010 9:43:52 PM PST by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

California has a Cap and Trade policy going into effect in January, to kill off more smokestack businesses, trucking, manufacturing, refining or many ag functions.

This is a way to bring Commmunism quickly.


2 posted on 12/16/2010 9:46:27 PM PST by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Ernest_at_the_Beach

California embracing a losing idea? What’s the surprise there? Really, that’s news? If there was ever a place that has exemplified the idea of mass hysteria and foolishness.. it’s the Land of Fruits and Nuts... Sad.


3 posted on 12/16/2010 9:46:39 PM PST by The Watcher
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To: NormsRevenge; steelyourfaith; Grampa Dave; SierraWasp; tubebender; Carry_Okie; Brad's Gramma; ...

fyi


4 posted on 12/16/2010 9:46:43 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: steelyourfaith

Ping.


5 posted on 12/16/2010 9:47:26 PM PST by Army Air Corps (Four fried chickens and a coke)
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To: wac3rd

Pelosi will be pleased!


6 posted on 12/16/2010 9:48:30 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

It’s all about the lucre...

following what their friends in NY, NJ, VT, ME, etc., etc. etc. do

http://newjersey.watchdog.org/


7 posted on 12/16/2010 9:50:45 PM PST by onona (dbada)
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To: Ernest_at_the_Beach

Yee Haw! bttt

Sensenbrenner will lead investigation into phony Global Warming BS

Senenbrenner takes number 2 spot on Science Commitee
Tems up with Issa of CA and Broun of Ga

Politico
http://www.politico.com/blogs/glennthrush/1210/Warming_skeptic_gets_key_Science_post.html?showall


8 posted on 12/16/2010 9:54:54 PM PST by Matchett-PI (Trent Lott on Tea Party candidates: "As soon as they get here, we need to co-opt them" 7/19/10)
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To: Ernest_at_the_Beach

It’s just mind boggling. These people are running a scam.


9 posted on 12/16/2010 9:55:46 PM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Ernest_at_the_Beach

This is a worse ripoff than anything Bernie Madoff did.

It’s trading free air for free air and selling it to airheads.

I would love for the California nuclear plants to just close down one day or week in protest. See how long this stupidity lasts after than.

I smell a “con” operation. Need to know who’s behind it, whose money, and who in the Calif. govt is supporting it, including groups.

I’ll bet that would open a can of red worms!


10 posted on 12/16/2010 9:55:52 PM PST by MadMax, the Grinning Reaper
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To: Matchett-PI; Marine_Uncle
Sensenbrenner will lead investigation into phony Global Warming BS

Marvelous!

Just like I asked....

11 posted on 12/16/2010 9:58:01 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: MadMax, the Grinning Reaper

“Need to know who’s behind it, whose money, “

Always wonder, “SOROS?”


12 posted on 12/16/2010 10:01:15 PM PST by Frank_2001
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To: MadMax, the Grinning Reaper
Can you get KFI....the John and Ken show has laid out a lot of History about Mary Nichols and her usage of a fake PhD for a research paper on Diesel....

She has no problem setting up fake studies.

She is or was a UCLA Professor.

13 posted on 12/16/2010 10:01:41 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Frank_2001
The scheme originally comes out of the UN....

Our local scam artists are just going to implement in here and plan to fund further scams with it....

They have labeled CO2 as a pollutant....so removing it cleans the air.

14 posted on 12/16/2010 10:04:03 PM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach
a ton of Carbon traded for a mere 5 cents.

Where do you store something like that?

15 posted on 12/16/2010 10:12:10 PM PST by Libloather (Teapublican, PROUD birther, mobster, pro-lifer, anti-warmer, enemy of the state, extremist....)
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To: Ernest_at_the_Beach

Will try to check out Mary Nichols. Lots of old lefties are cashing in on Obama’s stupidity and making out like bandits. That’s how they have supported themselves all these decades, getting govt and foundation grants to investigate nothing, but causing a lot of trouble along the way.

Soros is always behind these types of operations. He has more operational arms than a horde of octopi.

This is one guy congress must investigate. You’d be surprised what it will show and who is working for him. Color them “RED”.


16 posted on 12/16/2010 10:15:19 PM PST by MadMax, the Grinning Reaper
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To: Ernest_at_the_Beach
“You won’t see a big bang, but, rather, a buildup in intensity,” said Margolis, who has estimated the market could be worth anywhere from $3 billion to $58 billion by 2020 – the target year for California’s emissions to be lowered.

For liberal scumbags it's about the money.
It's always about the money.

17 posted on 12/16/2010 10:15:29 PM PST by Lancey Howard
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To: MadMax, the Grinning Reaper

I smell a “con” operation. Need to know who’s behind it, whose money, and who in the Calif. govt is supporting it, including groups.

Didn’t algore just move to CA?
Heard he bought a mansion and he need an income to suport it
a place like his uses a lot of energy


18 posted on 12/16/2010 10:17:07 PM PST by munin (Enki did it, George Bush did it)
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To: MadMax, the Grinning Reaper; Shermy

CCX was designed and operated by graduates of Michael Milken’s Drexel Burnham Lambert (con central before it imploded due to fraud)

PcarbX appears to have broader participation

http://www.pcarbx.com/

The Pacific Carbon Exchange and Shanghai Environment and Energy Exchange Sign a Memorandum of Understanding to Develop U.S. China Carbon Market

Pacific Carbon Exchange (PCarbX) and Shanghai Environment and Energy Exchange(SEEE) engage in broad partnership to help develop carbon and greentech markets in China and the U.S.

SAN FRANCISCO, September 13, 2010 — Signaling the start of a new era of mandated reductions of green – house gas emissions, today Pacific Carbon Exchange (PCarbX) and Shanghai Environment and Energy Exchange (SEEE) announced the signing of a Memorandum of Understanding, demonstrating the commitment of both companies to further developing carbon markets and clean and green technology partnerships in the United States and China.

“ This exciting pan – Pacific partnership allows the goals of California ’ s landmark AB32 Global Warming Solutions Act and China – s carbon – intensity reductions and renewable energy generation plans to be more fully realized, ” said Aaron Singer, President and CEO of the Pacific Carbon Exchange. “ The US & China release a combined 15 billion tons of green-house gas emissions into earth&rsquos delicately balanced atmosphere every year. This is a staggering number and represents the single greatest challenge of the 21st Century. The Pacific Carbon Exchange and Shanghai Environment and Energy Exchange are working together to turn back the clock on global climate change in the US and China and to help foster growth of renewable energy and cleantech innovation in both our countries. ”

“ It is a great opportunity for the Pacific Carbon Exchange and Shanghai Environment and Energy Exchange corporate with each other in low carbon field and relevant information sharing. Under the circumstance of global climate change, I believe through sharing the sourcing of green-tech technology and IP assets and business relationships in both American and Chinese market, also together explore the new market mechanism in both markets, we will be able to create a lot of chances and discover potential opportunities for reciprocity and mutual beneficial. ” Said Dr.Lin Jian, CEO of Shanghai Environment and Energy Exchange.

Specifically, the two companies agreed that:

· PCarbX will share sourcing of green-tech technology and IP assets and business relationships in the US to create partnerships in China through SEEE.

· PCarbX and SEEE will lend one another expertise and intelligence to create carbon, renewable energy and energy efficiency markets in the US and in China.

The environmental commodities market is growing rapidly worldwide. This market development partnership between the Pacific Carbon Exchange and Shanghai Environment and Energy Exchange will look to grow carbon, renewable energy, and energy efficiency markets both in China, California and the United States. The partnership will also help foster green and clean technology partnerships between US and Chinese technology companies who are members of both exchanges.

The Pacific Carbon Exchange will create California and the western region – s first environmental commodities exchange to serve California and the Western Climate Initiative mandatory market for carbon emissions. The Pacific Carbon Exchange trading platform will allow businesses and other entities to trade several regulated environmental commodities on the exchange including: carbon offsets, carbon allowances, carbon futures, options, and other derivatives.

Shanghai Environment and Energy Exchange (SEEE) was inaugurated on 5th of August, 2008 and is the first international comprehensive environment and energy trading platform in China. Based in Shanghai, SEEE is a diverse and multi – functional equity – capital market that provides an entrance and exit route for many investors in the field of environment and energy. Through expanding the domestic and international cooperation, SEEE continues to create an energy – saving, environmental – friendly society for a greener China and a better world.

Aaron Singer is Co – Founder and CEO of the Pacific Carbon Exchange, a startup environmental commodities exchange headquartered in San Francisco, CA.


19 posted on 12/16/2010 10:48:43 PM PST by calcowgirl (“Controlling carbon is a bureaucrat’s dream. If you control carbon, you control life” —Lindzen)
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To: Ernest_at_the_Beach
I just logged in a short time ago. And very shortly I must try to get back to bed. Things to do today.
A suggestion if I may. Do re-post this during prime time hours. More people should see it. I am sure Jim would forgive you if you where to post it more then once.
If you don't take me up on this. That is fine. Just a suggestion that might make sense.

20 posted on 12/16/2010 10:54:38 PM PST by Marine_Uncle (Honor must be earned....)
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To: freekitty
It’s just mind boggling. These people are running a scam.

Yep, right in broad daylight, it's the Emperor's New Clothes.

And it's openly designed to completely destroy modern technological civilization.

And liberals LOVE it - WHILE they stay addicted to modern technological civilization.

Liberals are people committing slow-motion, group suicide, who want to take the whole world down with them. They are completely, totally insane.

21 posted on 12/16/2010 11:21:54 PM PST by Talisker (When you find a turtle on top of a fence post, you can be damn sure it didn't get there on its own.)
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To: Ernest_at_the_Beach; meyer; Normandy; Whenifhow; TenthAmendmentChampion; Clive; scripter; ...
Thanx Ernest_at_the_Beach & Army Air Corps !

 


Beam me to Planet Gore !

22 posted on 12/17/2010 3:15:23 AM PST by steelyourfaith (ObamaCare Death Panels: a Final Solution to the looming Social Security crisis ?)
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To: Ernest_at_the_Beach

Companies emitting less than their state-mandated limit can trade their unused allowance – also known as carbon credits, or offsets – with companies that may be seeking to emit more than their mandated share.
You can still emit carbon only you have to pay for it wtf.


23 posted on 12/17/2010 3:32:12 AM PST by Vaduz
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To: Ernest_at_the_Beach
Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities”
24 posted on 12/17/2010 6:25:41 AM PST by SouthTexas (WE are the Wave)
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To: SouthTexas

I expect a repeat over here.


25 posted on 12/17/2010 8:02:34 AM PST by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

I don’t know, Chicago’s value never went up high enough for the mob to be interested. LOL


26 posted on 12/17/2010 9:06:10 AM PST by SouthTexas (WE are the Wave)
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To: Ernest_at_the_Beach

What’s in the Schwarzenegger’s Blind Trust??

Inquiring minds would like to know how he and Gore profits off of billions of FRee felonious PR.


27 posted on 12/17/2010 9:59:01 AM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Ernest_at_the_Beach

I remember the MTBE fiasco. One scientist wrote a report stating that MTBE was certain to pollute California’s water. I don’t know if Nichols was behind it or not, but CARB embraced some completely doctored study from UC Berkeley saying that MTBE was completely safe for the environment. I remember Lee Rodgers and Melanie Morgan on KSFO ripping it apart. Of course they were right, but CARB got its way and now the entire Tahoe Basin is polluted with MTBE.


28 posted on 12/17/2010 10:00:39 AM PST by Freedom_Is_Not_Free (TSA apologists deserve neither Liberty nor Safety. END the TSA.)
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To: Ernest_at_the_Beach; AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; ColdOne; ...

Grifters have a habit of dropping out of sight in one state and popping up in another, so, this is nothing new. Thanks Ernest!


29 posted on 12/17/2010 11:50:13 AM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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