Tuesday, January 01, 2008

Soros slams emissions trading systems

by Hugh Wheelan October 18th, 2007, Responsible Investor

George Soros, the billionaire currency trader, has slammed the use of cap and trade carbon emissions trading systems, claiming they are “ineffective” and do nothing to stop developing countries increasing their levels of pollution. Speaking last week at a high-level regional energy conference in Budapest, Hungary, Soros, said: “The cap and trade system of emissions trading is very difficult to control and its effects are diluted. It is pretty much breaking down because there is no penalty for developing countries not to add to their pollution. You count the saving but you don’t count the added pollution going on. As a world, I don’t think we are getting our act together on climate change at the moment.” (To continue: Sorus slams... )

My Comment: George Soros is a wealthy philanthropist, supporter of democracy in Eastern Europe and a major funder of liberal causes in America. In this article Mr Soros explains why the cap and trade system is failing in combating global warming and advocates a "flat rate carbon taxation system." It is gratifying to see Mr. Soros join the ranks of those who know that the only real solution to global warming is the taxing of carbon emissions.

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