As the developed world walked out of the UN Climate Change Conference (and back in again five hours or so later) over the greenwash proposed by First World heavies and allegations of planned abandonment of the legally binding Kyoto Protocol, things really looked bad all round........
But never fear those super greenhouse gas emitting Aussies are here!
* Only in Australia would humour manifest itself so blackly, with an invitation from the Centre for Energy and Environmental Markets (CEEM) at the University of New South Wales to trade in Loopholes on The Copenhagen Prediction Market (COPPM) with beaut live graphs of trading market fluctuations available and prizes at the end:
New market on loopholes launched!
Recent heated debate shows that reduction targets can only be truly interpreted if one takes into account the magnitude of loopholes. Therefore, a new market on loopholes is now open for trading.
At the COPPM, you trade on the outcomes of the Copenhagen Climate Conference (Conference of Parties, COP15).
No real money is used in trading. Instead, Participants trade with Experimental dollars (E$). The three participants who accumulate the largest final portfolio values (final value of shares plus experimental dollar holdings) on each question will be awarded a prize. On behalf of the winners, Baker & McKenzie will offset, using Gold Standard Certified Emissions Reductions (CERs), personal emissions equivalent to twelve months, four months and two months for the first, second and third prize respectively. Calculations will be based upon the world annual average per capita emissions. Winners will receive a certificate which states the offset amount (tonnes of CO2e cancelled).
Upon enrolment, you will be given an experimental cash position of E$5000 and 50 "market bundles". You can invest this experimental money in shares which represent the possible outcomes of the Conference. Only the shares that corresponds to the true outcome of the Conference pay out.
* A more sober look at what is happening in Copenhagen can be found at Climate Action Tracker with its detailed information on pledges by individual countries, including Australia's inadequate response:
With only five days to go before a Head of Government Agreement on climate change at Copenhagen, even the best emission reductions proposal are only half way to the limits in 2020 that would keep global average temperature rise below 2°C or 1.5°C as called for by 100 countries. The updated assessment by the "Climate Action Tracker" of the emission commitments and pledges put forward by industrialized and developing countries for the Copenhagen climate negotiations shows that the world is headed for a global warming of 3.5°C by 2100. Carbon dioxide concentrations are projected to be over 650 ppm, with total GHG concentrations close to 800 ppm CO2 equivalent. From these numbers, there is at least a one in four chance of exceeding a warming of 4°C.
This "Climate Action Tracker" is an independent science-based assessment, which tracks the emission commitments and actions of countries. The website provides an up-to-date assessment of individual national pledges to reduce their greenhouse gas emissions.
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