Posted by: Grant | August 2, 2010

Acid Rain – Should Have Been A Warnin’

This article is very interesting.
    ONE   It points out that cap-n-trade has been tried before with SO2, not CO2, and failed dismally.
    TWO   It points out that the acid rain scare was just that, an unfounded scare proven wrong over time, and a dress rehersal for the mother of all Green scares – Climate.
    THREE   It points out that SO2 trading like CO2 trading had a fatal flaw – It did not give emission allowance the legal status of private property.
July 28, 2010
Cap-and-Trade’s Market Failure
By Joseph Bast
" …The market for SO2 emission allowances was created to address widespread concern that SO2 emissions from power plants were causing acid rain, which in turn was acidifying lakes and damaging forests. That connection, though heavily hyped by environmental groups and the media and still regarded as an article of faith in both circles, was never scientifically proven. Shortly before the cap-and-trade legislation was enacted, a massive research project called the National Acid Precipitation Assessment Program found that most of the damages attributed to acid rain were in fact due to logging and natural processes. But it was too late: Congress didn’t want to be confused by the facts…."
" …Johnston further predicted that the failure to give property rights status to emission allowances would discourage businesses from buying the allowances, causing the market to be too thin to have much effect on emissions. He was right again: The volume of trading never approached that of successful "real" markets. This remains a strange blind spot for many reporters… "

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