UN Climate Chief Cashes in on Carbon

Tied to conglomerate that stands to make hundreds of millions in emissions scheme

December 11, 2009
By Jerome R. Corsi
 2009 WorldNetDaily

NEW YORK A story emerging out of Britain suggests "follow the money" may explain the enthusiasm of the United Nations to pursue caps on carbon emissions, despite doubts surfacing in the scientific community about the validity of the underlying global warming hypothesis.

A Mumbai-based Indian multinational conglomerate with business ties to Rajendra K. Pachauri, the chairman since 2002 of the U.N. Intergovernmental Panel on Climate Change, or IPCC, stands to make several hundred million dollars in European Union carbon credits simply by closing a steel production facility in Britain with the loss of 1,700 jobs. (Here a man that is the chairman of the UN Climate Change Panel Stands to pocket billions in profit by the laws and mechanism that he has worked to create. In News yesterday a billionaire announced until further notice he would not be able to give 19 Million dollars a year to the ACLU as he has all his funds are tied up in Green and Environmental companies. --- We will catagorically state here that Liberals and Socialists world-wide have positioned themselves to make trillions not having to do anything. This is the real reason for all the pressure to pass this UN Legislation in the Copenhagen is break capitalism and to largely transfer the all this cash into the hands of Liberals, Socialists and Communists so that will have a seemingly endless supply of money to manipulate peoples governments and nations so as to created in their image and likeness. Another story today says that the EU has discovered that the MOB has talken over a large chunk of the Carbon Trade. Irregardless of whatever may come of this the whole of the EU is poised to fall to Muslimism. One might suggest that this is a looting of Europe to preempt the looting death and destruction that is to come. One can easily see how this UN Climate Legislation by design to weaken the EU, to effectively lay the EU bare for her Muslim overlords. We are talking about high unemployment, hunger, sickness, high crime, and these nations at that time will not have funds for the level of police protection needed, much less being able to afford any standing army. In that day and hour those that have robbed raped and beaten the EU shall fly like migrating birds fleeing to sunny safe havens to wait out the death of winter, to eventually return in spring again. [And buy up the dregs and scraps for pennies on the dollar.] But they Shall be taken and stripped, raped and beaten as the forth beast that is great and terrible shall show no mercy to anyone regardless of standing, wealth, or Understanding All shall be swept away, as spoken of by the Prophet Daniel. The Lord has raised His hand at this time to hold this back as the hour is not yet. But the hour is soon to be for the fall of Europe as prophesied by Ezekiel, Europe is the first of the two sisters to fall and be swept away.)

The Tata Group headquartered in Mumbai anticipates receiving windfall profits of up to nearly $2 billion from closing the Corus Redcar steelmaking plant in Britain, with about half of the savings expected to result from cashing in on carbon credits granted the steelmaker by the European Union under the EU's emissions trading scheme, or ETS.

Corus has accumulated 7.5 million European Union surplus carbon allowances, or EUAs, given the company free by the EU, after corporate officials lobbied EU officials aggressively in Brussels.

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The Corus-owned 7.5 million EUAs are estimated at up to $650 million; the company also anticipates "saving" 6 million tons of carbon dioxide by closing the plant and not producing the plant's capacity of 3 million tons of steel. The 6 million tons of carbon dioxide is worth an estimated $130 million at current rates and possibly as much as $325 million at expected market levels.

The British government also announced Wednesday it would auction off rather than cancel the millions of carbon permits resulting from the Corus Redcar steel plant closing The Corus Redcar facility is scheduled to be closed in January, and if the facility is to be closed more than 50 days, Corus would not be entitled to receive the permits, worth about $147.5 million per year at current market rates.

How does the closing of a steelmaker in Britain tie to the chairman of the U.N.'s global warming science committee?

In 1974, the TATA Group provided the financial resources to found the Tata Energy Research Institute, or TERI, a policy organization headquartered in New Dehli, India, of which Pachauri has been chairman since the group was formed.

Continued business ties between TERI and TATA are demonstrated by a press announcement on the TERI website dated Feb. 4 in which Jairam Ramesh, the Indian minister of state for commerce and industry as well as minister of state for power, announced a joint venture with TERI and TATA power to extract and use carbon dioxide for the propagation of micro-algae.

On Dec. 10, 2007, Pachauri shared with Al Gore the Nobel Peace Prize for his work on global warming. At the Nobel ceremonies, Pachauri in his Nobel lecture openly represented the U.N.'s IPCC.

The TATA Group decision to close the Corus steelmaking plant has caused the Labour government of Prime Minister Gordon Brown political difficulties. Manufacturing accounted for 22.5 percent of Britain's economic output when Labour came to power in 1997, while it accounts for little more than 11 percent today, according to the London Times.

Arguing that the Brown government needs to provide financial assistance to manufacturing in Britain, Kirby Adams, the chief executive officer of Corus told the newspaper, "Jobs paying 30,000 ($50,000) a year are only in manufacturing sectors or sectors where you are adding value you are not going to make that flipping burgers."

He added: "In some way I hope that this [decision to close Corus Redcar] will be the final wake-up call or alarm bell to get things across to people in Whitehall and Westminster we need to help other sectors of the economy, not just the columns of the Bank of England."

In July, thousands of steelworkers marched in Redcar, North Yorks, England, protesting the proposed closing of the Corus steelmaking facility.

The European Union Greenhouse Gas Emission Trading System began operations in January 2005, billing itself as "the largest multi-country, multi-sector Greenhouse Gas Emission Trading system world-wide."