The Financial Times reports:
A “climate bomb” of potent greenhouse gases 15,000 times more damaging to the climate than CO2 are set to be released by some of the world’s leading producers of refrigerants following a ban on climate credits.
The companies, the majority of them in China, argue that a ban on trading of climate credits for the incineration of HFC-23 makes it no longer financially viable to destroy the gas, which is a byproduct of a substance used in air conditioners and refrigerators.
The EIA said an investigation had shown that most of China’s non-CDM facilities were emitting HFC-23 already. “If all of these facilities [under the CDM] join China’s non-CDM and vent their HFC-23, they will set off a climate bomb emitting more than 2bn tonnes of CO2 equivalent emissions by 2020,” it said.
If my understanding is correct, this HFC-23 was created solely for the purpose of receiving EU Carbon Credits for its destruction, and that a substantial portion (60%) of the total EU Carbon Credits issued through July 2012 were for the destruction of this gas. It is also my understanding that Europol has stated that in some countries up to 90% of the EU Carbon Credits were fraudulent and that massive fraud in carbon credits has been found in the UK, Belgium, Norway, Ukraine, Australia, the Czech Republic, Bolivia, Mexico, India, China, Germany, Honduras and Uganda.
I would sincerely like to know if my understanding is correct.
“A “climate bomb” of potent greenhouse gases 15,000 times more damaging to the climate than CO2”
What’s 15,000 times zero?
2 billion tons of CO2 equivalent will have no measurable impact. It’s next to nothing. A few months worth of US CO2 emissions.
I’m not saying it’s a smart thing, it isn’t. If it were CO2 it would be beneficial, HFC-23 is not.
Beat at their own game. Nice. In theory, I should be cheering for my prez, but the Chinese have won my sympathy on this one.
The climate bomb will certainly go off — under Obama’s seat.