Pirate’sCove: Members of the Cult of Climastrology keep telling us that one of the great methods to stop the Earth from burning to a cinder from a marginal greenhouse gas increasing marginally is a cap and trade scheme. How’s that working out in California? Well, you surely read the headline, so
(LA Times) The latest auction in California’s cap-and-trade market for greenhouse gases fell sharply below expectations, as buyers purchased just 2% of the carbon credits whose sale funds a variety of state programs — notably, the proposed high-speed rail project.
The quarterly auction, conducted May 18 and announced Wednesday, will provide just $10 million for state programs, including $2.5 million for the bullet train. The rail authority had been expecting about $150 million. MORE