30 Fairmont
Park Lane S
Lethbridge, AB
T1K 7H7
Phone: (403) 328-1804
Sunday, November 27, 2005
The Editor
The Lethbridge Herald
P.O. Box 670
Lethbridge
AB, T1J 3Z7
Dear Editor,
David Suzuki’s adolescent enthusiasm over the United Nations climate conference in Montreal is exceeded only by the avaricious motivation of many participants. (“Canada’s reputation on line”, Science Matters, 05/11/27)
Canada’s new Climate Fund Agency was set up in October, 2005 to begin purchasing emission reduction “offsets” on March 31 of 2006. The goal is to purchase and “retire” on order of 100 million tonnes of carbon dioxide equivalent offsets annually over the Kyoto period of 2008 to 2012. That word “retire” implies Canada’s taxpayers will initially foot the entire bill for this. About five billion dollars is the estimated cost and it is apparent there is tremendous room for escalation. This opens up new financial opportunities for those involved in accounting for, registering and selling “offsets”. As the system moves toward a full fledged offset trading system, opportunities for profit taking will grow as still more effort is expended in managing the flow of money. It’s not much wonder thousands are flocking to Montreal.
Canada’s Environment Minister Stephan Dion said in Parliament a few months ago “We will decrease megatonnes, Mr. Speaker, of CO2, and we will make megatonnes of money with it, Mr. Speaker”.
No doubt he is correct. Unfortunately some of the “we” will have to pay megatonnes of money. Canadian taxpayers, brace your selves.
Yours truly,
Duane Pendergast