Our sophisticated friends, the Europeans, are desperate to do anything to meet their Kyoto targets, which they are currently speeding away from in the wrong direction. That noted philanthropist Vladimir Putin is riding like a white knight to the rescue:
Russian energy group Gazprom will make its first significant foray into carbon trading on Tuesday through a joint venture with Dresdner Bank that could open up a â‚¬15bn ($19.4bn, £9.8bn) market.
The joint venture between Gazprombank, part of the Gazprom Group, and Dresdner Kleinwort will invest in projects generating “carbon credits” under the Kyoto protocol, mainly in Russia and eastern Europe.
Opposition politicians in Moscow have a name for the Russian oil and natural gas market: “Kremlin Incorporated.” It’s not the market that decides who the state-owned energy company Gazprom sells to — it’s Russian President Vladimir Putin. The gigantic concern is run by cronies from Putin’s days as deputy mayor of St. Petersburg.
So what’s the net result of Kyoto? Lowering of global temperatures? Nope. Giving greater world power to a man described by his former economics adviser as an “authoritarian thug” and his claque? Got it in one.
[Cross-posted from NRO Corner]