The Heritage Foundation has many able analysts who have done great work on energy and the environment. But since the absolute farce that is the cap-and-trade “solution” to global warming is now the preferred plan of all three major presidential candidates, the need to highlight succinct analysis from others has never been greater.
Bryan Leyland, who is chairman of the economic panel of the New Zealand Climate Science Coalition, summed up not only why the European Union’s carbon cap-and-trade program is a failure, but also why all carbon cap and trade schemes are doomed to fail. He told Scoop:
So, to my knowledge, carbon trading is the only commodity trading where it is impossible to establish with reasonable accuracy how much is being bought and sold, where the commodity that is traded is invisible and can perform no useful purpose for the purchaser, and where both parties benefit if the quantities traded have been exaggerated. … It is, therefore, an open invitation to fraud and that is exactly what is happening all over the world.