Most of you my have heard something about the closure of the UK Corus Steelworks.
This is an excerpt of a letter written by Nigel Farage a UK politician about it, explaining how this came about.
Corus’ steelworks at Redcar, near Middlesbrough, “Teesside Cast Products”, is to be closed (”mothballed” is the euphemism). It is Britain’s last great steelworks and an essential national resource. Without it, we are at the world’s mercy.
Corus is owned by Tata Steel of India. Recently, Tata received “EU-carbon-credits” worth up to £1bn, ostensibly so that steel-production at Redcar would not be crippled by the EU’s “carbon-emissions-trading-scheme”. By closing the plant at Redcar – and not making any “carbon-emissions” – Tata walks off with £1bn of taxpayers’ money, which it will invest in its steel-factories in India, where there is no “carbon-emissions-trading-scheme”.
If you don’t get the picture I’ll explain it.
A UK steel plant closes and the workers lose their jobs. The company receives a billion pounds and the same factory is built in India producing the same CO2.
Whoever worked that out is insane.
Let me produce another quote from Sunita Narain, Director of the Centre for Science and Environment and the Society for Environmental Communications in India that’s relevant
Greenhouse gas emissions in many industrialized countries are decreasing due to a global economic crisis. India is among the few countries that are still growing and polluting more–and rightfully so, says Indian environmentalist Sunita Narain.
The most difficult aspect of climate change is that it is about sharing wealth.
If there’s any logic to us paying other people to take over our industry, and still produce CO2, I can’t work it out.
Possibly related posts:
- Carbon prices say it all: Copenhagen was a failure
- UK leads the way in spending billions to achieve no benefit
- Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade
- Understanding Australia’s Ruddy ETS
- Who’s making the big climate change bucks?