Looks like HSBC has had it with Carbon Trading. Evidently there is a new carbon sink just discovered, the one that makes your money disappear. From the New York Times article…
The banking giant HSBC removed two companies involved in carbon trading from its Climate Change Index on Monday because they had lost too much value.
“Carbon trading was the major loser from Copenhagen,” HSBC analysts said in their March 21010 Quarterly Index Review. “Cap and trade needs hard targets and binding rules – and Copenhagen delivered neither,” HSBC said.
The revised rating by HSBC is another example of how expectations for carbon trading, also known as “cap-and-trade,” have diminished over the past year – a topic covered by my colleague John Broder in an article in The New York Times last week.
Perhaps I should have used the photo of the RIP Headstone, instead.