Graham Erion

South Africa: Capital's Dangerous Gimmick

With climate change posing one of the gravest threats to capital accumulation - not to mention humankind and our environment - it is little wonder that economists such as Sir Nicholas Stern, establishment politicians like Gordon Brown and Al Gore, and financiers at the World Bank and the City of London have begun warning the public. They are all pushing for more market solutions as the way to reduce carbon dioxide emissions.

This was the key theory motivating capitalist states' support for the Kyoto Protocol. And since February 2005, when the protocol was ratified by Russia and formally came into effect, a great deal more money and propaganda has been invested in the carbon market, including at a major Nairobi climate conference last month.

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