Restrictions Make Carbon Credits ‘Virtually Worthless’


David Miller, director of research and commodity programs for the Iowa Farm Bureau, tells the Des Moines Register that the House-passed climate change bill includes restrictions on farmers’ carbon-saving projects that could make the credits virtually worthless.

The legislation also includes provisions to guarantee that most of the credits permitted by the bill would go to landowners overseas who agree not to cut down rain forests. This would primarily benefit foreign landowners who generate the credits and hedge funds and other big investors who speculate in them.

Sen. Bob Corker (R-Tenn.) called the proposed credit trading a “Rube Goldberg notion” that would wind up “transferring wealth out of this country to other countries around the world.”

Sen. Bob Corker (R-TN)

Sen. Bob Corker (R-TN)

The Des Moines Register article also includes a graphic that explains how the cap-and-trade system works.

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