December
11, 2009
By Jerome R. Corsi
© 2009 WorldNetDaily
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
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
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
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,
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
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
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."