Carbon credits are a key component of national and international emissions trading schemes that have been implemented to mitigate global warming. They provide a way to reduce greenhouse effect emissions on an industrial scale by capping total annual emissions and letting the market assign a monetary value to any shortfall through trading. Credits can be exchanged between businesses or bought and sold in international markets at the prevailing market price. Credits can be used to finance carbon reduction schemes between trading partners and around the world. Continue reading World Bank Carbon Plan ‘A Protection Racket’
The food crisis in Latin America is eroding the spending power of the new middle class, and with it, their optimism in the future of the region’s economy. In Latin America, the global food crisis has done more than just trigger protests and force governments to scramble for stopgap solutions. The crisis has begun to reverse the most positive regional trend of recent years: the decline of poverty and the nascent emergence of a new middle class. Continue reading Food Crisis Reverses Middle Class Trend in Latin America
No single factor can be blamed for the global food crisis. An unlucky confluence of events over the past several years contributed to soaring prices.
Speculators blamed for driving up price of basic foods as 100 million face severe hunger. Monsanto reported net income for the three months up to the end of February this year had more than doubled. Cargill’s net earnings soared by 86 per cent and Archer Daniels Midland increased its net earnings by 42 per cent. Continue reading Multinationals make billions in profit out of growing global food crisis
As the world waits to see what will happen in Zimbabwe, Patrick Bond argues that lessons should be taught and retaught about the dangers of elite transition between a voracious, corrupt, violent and divisive set of rulers, and an incoming crew who might not withstand the blandishments of local power-sharing and global economic seduction. Continue reading Where to, Zimbabwe?