Imaginary exchange goes poof
The Chicago Climate Exchange is shutting down at the end of the year.
Nobody’s buying carbon credits.
Right now, days go by when not a single trade is done. When trades are done, carbon dioxide sells for just five cents a ton.
In related news, the Pixie Dust Exchange has plenty of eager sellers but still no buyers. And the opening of the unicorn exhibit at the zoo has been postponed indefinitely.
None of these things exist in real life. Except the Chicago Climate Exchange. It was given millions of dollars in start-up subsidies, including from Chicago’s Joyce Foundation when Barack Obama was a board member. Buying and selling imaginary carbon credits was going to lead us to a bold, green future, when people would pay billions — Al Gore said trillions! — to buy hot air.
If only Enron and Bernie Madoff had been smart enough to call their pyramid schemes “green funds.”