World’s Largest Auditor of Clean-Energy projects was suspended by UN inspectors because they had NO qualifications and did NO vetting

The never ending story of the giant swindle that’s called cap and trade, carbon trading, CDM etc continuous with ever more revelations of the blatant corruption in the system.

As I have said in many of my posts: The cap- and trade scheme is a giant swindle where BOTH buyer AND Seller benefits from cheating. It’s an open invitation to fraud and manipulation. At normal peoples expense.

The latest episode of “The Sopranos” is the news that the BIGGEST company that is supposed to do the vetting, verifying and checking of the projects BEFORE THEIR APPROVAL is now suspended by it’s UN masters.

As it turns out (surprise, surprise) the staff of SGS lacks skills, knowledge and where under “external influence”.

And these guys spends billions of $ of our tax money

About 150 million tonnes of carbon units (CER- Certified Emission Reductions) were issued by UNFCCC (United Nations Framework Convention on Climate Change) on SGS recommendation. This is almost 50% of the total carbon credits issued by UNFCCC, since the start of the scheme in 2005.

One reason why the global head of SGS resigned was because of the severe criticism that SGS faced after recent blatant display of non-professionalism in evaluating projects.

Se also the interesting report by WWF and Öko Institute for Applied Ecology of these companies. And the abysmal scores they where given in this report (May 27).

On a scale of A (best) to F (very bad), both DNV and SGS received an F!

According to one of the authors of the report, Lambert Schneider of the Öko Institute, another major problem is that auditors are ”caught in an inherent conflict of interest. They should serve as the extended arm of the EB (CDM Executive Board ) but are paid by the project developers.” (se my lines above: The cap- and trade scheme is a giant swindle where BOTH buyer AND Seller benefits from cheating. It’s an open invitation to fraud and manipulation. At normal peoples expense.)

And these companies where “entrusted” to spend  $billions of our money.

The report here:

“A rating of Designated Operational Entities (DOEs) Accredited under the Clean Development Mechanism (CDM)”

http://www.oeko.de/oekodoc/902/2009-020-en.pdf

Se among other my posts:

Cap and trade – What food, clothes, travel etc is the common people to be without?

The blatant hypocrisy from the UN pack and their jet set allies

Cap and trade scheme defeated – And It should have been because it’s insane

The Best way to reduce CO2 emissions? – Civil War, Dictators, Political oppression and TOTAL poverty for the people!

Se also my posts on carbon trading here:

https://uddebatt.wordpress.com/tag/carbon-trading/

 

Article here:

http://business.timesonline.co.uk/tol/business/industry_sectors/

natural_resources/article6832259.ece

From The Sunday Times September 13, 2009

Carbon-trading market hit as UN suspends clean-energy auditor

Danny Fortson, Georgia Warren

The legitimacy of the $100 billion (£60 billion) carbon-trading market has been called into question after the world’s largest auditor of clean-energy projects was suspended by United Nations inspectors.

SGS UK had its accreditation suspended last week after it was unable to prove its staff had properly vetted projects that were then approved for the carbon-trading scheme, or even that they were qualified to do so.

The episode will be embarrassing for European lawmakers in the run-up to the global climate summit in Copenhagen, where they will attempt to lure big polluters such as America and China into a binding agreement to replace the Kyoto protocol. SGS is the second such company to be suspended – Norway’s DNV was penalised last November for similar infractions.

The EU’s carbon-trading system, which puts a price on pollution through carbon permits that can be bought and sold, is the key element in Europe’s fight against climate change.

About a fifth of the $100 billion of credits traded annually come from projects funded under the Clean Development Mechanism (CDM). The heavily criticised programme allows industrialised countries to offset their pollution by buying “certified emission reductions credits” generated by low-car-bon schemes in the developing world. China and India are the biggest generators of the credits: more than 900 projects are now running, producing billions of credits, with thousands more in the pipeline.

Critics say the system is not sufficiently policed and allows western polluters to buy their way out of more costly carbon-cutting measures.

All such schemes must first be approved by organisations such as SGS. DNV was the single biggest auditor until it was suspended last year, when much of its workload was shifted to SGS, which was simply unable to cope.

Simon Shaw, chairman of EEA Fund Management, a backer of emission-reduction projects and an investor in Climate Exchange, the carbon-trading platform, said: “There was obviously a lack of resources. We knew this was coming.”

UN inspectors said they found six irregularities in a recent spot check. The firm has now rectified these, but remains suspended until the UN verifies sufficient changes have been made. SGS could not be reached for comment.

Lawmakers are expected to reform the CDM in Copenhagen in December. A research firm that tracks trends in clean energy and carbon trading has been put up for sale with a £30m-£40m price tag. New Energy Finance was set up in 2004 by Michael Liebre-ich, a former McKinsey consultant who owns a key stake.

Its backers include former Reed Elsevier boss Sir Crispin Davis and Mike Luckwell, a one-time investor in Hit Entertainment. The corporate finance firm Quayle Munro was brought in to advise on options after takeover approaches were received.

Copyright 2009 Times Newspapers Ltd.

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