Countries Missing Kyoto Targets, Taxpayers to Foot the Bill
As climate alarmists around the world head to a tropical paradise on Bali next week to discuss how developed nations should pay to solve global warming, an inconvenient truth has emerged: many countries that are part of the Kyoto Protocol are going to dramatically overshoot their greenhouse gas (GHG) emissions limits.
While it seems a metaphysical certitude that America's green media will largely boycott such revelations so as not to put a damper on the hysterical proceedings, the fact that taxpayers in countries missing these targets will end up footing the bill also appears likely to be ignored.
As reported by Bloomberg Friday (emphasis added throughout, h/t Benny Peiser):
Japan, Italy and Spain face fines of as much as $33 billion combined for failing to reduce greenhouse-gas emissions as promised under the Kyoto treaty.
The three countries are the worst performers among 36 nations that agreed to curb carbon dioxide gases that cause climate change. The 1997 Kyoto accord designed to slow global warming demands that polluting nations buy credits for their excess emissions from other industrial polluters or investors.
``They're looking at a huge bill now,'' said Mike Rosenberg, management professor at the University of Navarra's IESE Business School in Barcelona. ``That is because none would pay to reconvert factories, power plants and paper mills'' to trim gases blamed for the planet-warming ``greenhouse effect.''
Why will they miss these targets? Hold on to your seats:
Spain, Italy and Japan are likely to miss their Kyoto commitments because they underestimated economic growth and future emissions from factories and utilities.
Hmmm. So, Spain, Italy, and Japan emitted more GHGs than they thought because their economies were stronger than expected. Think Spanish, Italian, and Japanese citizens benefited from this added growth?
Yet, because this expansion was better than forecast, businesses and citizens in these countries will be penalized:
Spain will pass 40 percent of the cost for the extra emissions on to businesses, Secretary of State for Energy Ignasi Nieto told journalists in Madrid July 31. The rest will come from taxes.
Do the math: that means in Spain, 60 percent of the penalties will be paid by the citizens. Interesting form of capitalism, dontcha think: grow your economy too much, pay a fine!
But there's more:
In Italy, taxpayers will foot 75 percent of the bill for extra permits. ``Italy's behind, and we need to keep cutting emissions,'' said Environment Minister Alfonso Pecoraro Scanio on Sept. 13 in Rome.
Japanese taxpayers will pay for two-thirds of that nation's excess, New Carbon Finance estimated, based on the current sharing between state funding and industry.
And, as reported by the Irish Independent Wednesday, Ireland faces similar difficulties (emphasis added, h/t Benny Peiser):
TAXPAYERS face having to fork out more than €270m so that Ireland can "buy its way" into meeting the Kyoto agreement on greenhouse gas emissions.
Ireland is set to overshoot its Kyoto targets by almost 100pc as things stand, according to the latest figures from the European Commission.
Welcome to green capitalism, coming to a country near you without any warning from your media.