Europe and Carbon Emissions Story aired: Wednesday, June 01, 2005
Around the start of 2005, the European Union launched a new market, where a precious commodity is traded. Companies that need this commodity pray they are buying at the right price at the right time and don't get caught short. Speculators and hedge fund managers prowl for quick profits.
That precious commodity is carbon dioxide -- more accurately, the right to send carbon dioxide out of factory smokestacks and into the skies of Europe.
Carbon dioxide is the prime ingredient in global warming, and most scientists say the world faces a climactic disaster in about 50 years, unless industries start cutting back now.
Guests:
Joining us is Joel Buestein, he is president of Energy and Environmental Analysis in Arlington, Virginia.
