A top advisor in the Clinton/Gore administration has told an audience of Australian business leaders to avoid emissions trading schemes like the plague.
Robert Shapiro warned ETS schemes will invariably make rich global players even richer, and do nothing to help the climate:
CAP AND TRADE HAS NO FUTURE, CLINTON OFFICIAL WARNS
The Age, 27 August 2009
Trading of emission permits around the world will become a financial rort that fails to reduce carbon emissions - and will ultimately be scrapped in favour of a simple carbon tax, a former senior official in the Clinton administration has forecast.
Robert Shapiro, former US undersecretary of commerce and author of Futurecast, predicted that the US Senate would reject the emissions trading scheme proposed by President Obama, which is now before it.
Speaking by video to the Trade 2020 conference convened by Austrade and the Committee for Economic Development of Australia, Dr Shapiro said 'cap and trade' systems as proposed by the US and the Australian governments to limit carbon dioxide emissions and allow trade in permits do not work as intended.
"Cap and trade has proved very vulnerable to vested interests, and therefore too weak to deliver the necessary emission reductions'', he said. ''Cap and trade creates trillions of dollars of new financial instruments to be traded, and subjected to the next financial fads. China and India will never accept a cap and trade regime.''
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Climate change Minister Nick Smith take note.