Free Market or Artificial Market?
By Arnold Kling
Evidently, there is a company offering a solution to CO2. It is called Planktos.
Our primary focus is to restore damaged habitats in the ocean and on land. Through iron-stimulated plankton blooms in the oceans and afforestation projects in Europe, we are able to generate carbon credits. We then sell these offsets to individuals and businesses that are looking to reduce their carbon footprint and lower their impact on climate change.
Pointer from Dennis Mangan, who comments, “Brilliant: leave it to the free market to come up with this.”
But it’s not a free market. It’s an artificial market, created by the “carbon offset” nonsense.
If dropping iron dust into the ocean is a great idea, then let’s just get on with it. Create a charitable organization to fund it, or try to talk legislatures into funding it with tax dollars. If there were a futures market in global temperature, then people who are betting on low temperatures could fund it. (On the other hand, does that mean that people who are betting on high temperatures would fund massive CO2 pollution-creation enterprises?)
But selling it as a way to lower your personal or corporate carbon footprint gives me the creeps. When it comes to climate change, I don’t necessarily want to be called either a believer or a skeptic. But you can definitely call me a Lutheran.