U.N. Climate Chief Tied to conglomerate that stands to make hundreds of millions in emissions scheme
December 11, 2009
By Jerome R. Corsi
NEW YORK – A story emerging out of Britain suggests “follow the money” may explain the enthusiasm of the United Nations to pursue caps on carbon emissions, despite doubts surfacing in the scientific community about the validity of the underlying global warming hypothesis.
A Mumbai-based Indian multinational conglomerate with business ties to Rajendra K. Pachauri, the chairman since 2002 of the U.N. Intergovernmental Panel on Climate Change, or IPCC, stands to make several hundred million dollars in European Union carbon credits simply by closing a steel production facility in Britain with the loss of 1,700 jobs.
The Tata Group headquartered in Mumbai anticipates receiving windfall profits of up to nearly $2 billion from closing the Corus Redcar steelmaking plant in Britain, with about half of the savings expected to result from cashing in on carbon credits granted the steelmaker by the European Union under the EU’s emissions trading scheme, or ETS.
Corus has accumulated 7.5 million European Union surplus carbon allowances, or EUAs, given the company free by the EU, after corporate officials lobbied EU officials aggressively in Brussels.
The Corus-owned 7.5 million EUAs are estimated at up to $650 million; the company also anticipates “saving” 6 million tons of carbon dioxide by closing the plant and not producing the plant’s capacity of 3 million tons of steel. The 6 million tons of carbon dioxide is worth an estimated $130 million at current rates and possibly as much as $325 million at expected market levels.
The British government also announced Wednesday it would auction off rather than cancel the millions of carbon permits resulting from the Corus Redcar steel plant closing The Corus Redcar facility is scheduled to be closed in January, and if the facility is to be closed more than 50 days, Corus would not be entitled to receive the permits, worth about $147.5 million per year at current market rates.
How does the closing of a steelmaker in Britain tie to the chairman of the U.N.’s global warming science committee?
In 1974, the TATA Group provided the financial resources to found the Tata Energy Research Institute, or TERI, a policy organization headquartered in New Dehli, India, of which Pachauri has been chairman since the group was formed.
Continued business ties between TERI and TATA are demonstrated by a press announcement on the TERI website dated Feb. 4 in which Jairam Ramesh, the Indian minister of state for commerce and industry as well as minister of state for power, announced a joint venture with TERI and TATA power to extract and use carbon dioxide for the propagation of micro-algae.
On Dec. 10, 2007, Pachauri shared with Al Gore the Nobel Peace Prize for his work on global warming. At the Nobel ceremonies, Pachauri in his Nobel lecture openly represented the U.N.’s IPCC.
The TATA Group decision to close the Corus steelmaking plant has caused the Labour government of Prime Minister Gordon Brown political difficulties. Manufacturing accounted for 22.5 percent of Britain’s economic output when Labour came to power in 1997, while it accounts for little more than 11 percent today, according to the London Times.
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YOU WILL NEVER GUESS WHO WAS A GUEST AT OBAMA’s FIRST STATE DINNER…..
Mr. Ratan Tata [The chairman of the Tata Group - India's biggest conglomerate]
Business Icon Ratan Tata and IT Services Leader Michael Boustridge Join X PRIZE Foundation Board of Trustees
Santa Monica, Ca.
The X PRIZE Foundation, an educational nonprofit that attempts to solve the grand challenges of our time by offering incentive prizes of $10M or more, today announced the appointment of Ratan Tata and Michael Boustridge to its Board of Trustees. Tata is the Chairman of Tata Sons, holding company of the Tata Group, India’s largest conglomerate. Michael Boustridge is the President of BT Americas, a high-growth region of BT Global Services.
Tata and Boustridge will join a world-class Board of Trustees that includes industry leaders and luminaries such as inventor Dean Kamen, geneticist J. Craig Venter, PayPal co-founder Elon Musk, futurist and author Ray Kurzweil, first female private space explorer Anousheh Ansari, Google co-founder Larry Page, and publisher Arianna Huffington.
The Board’s guidance is essential to exploring new industries where the X PRIZE Foundation can have a significant impact by creating innovative, high-profile competitions that motivate individuals across all boundaries to solve grand challenges. The Foundation’s motto is “Revolution through Competition.”
Haldia Petrochemicals: expanding capacity
Mar 07, 2005
Haldia Petrochemicals Limited (HPL) is a joint venture company of WBIDC (West Bengal Industrial Development Corporation, a West Bengal Government-owned entity), the Chatterjee-Soros Group (USA) and the Tata Group (one of India’s leading business group), with WBIDC holding 43%, the Chatterjee-Soros Group 43% and and the remaining 14% being held by the Tata Group.
As they say “follow the money”…….
1. On Dec. 10, 2007, Pachauri shared with Al Gore the Nobel Peace Prize for his work on global warming. Pachauri tied to U.N. IPCC. Al Gore tied to Maurice Strong and both are tied to the Chicago Climate Exchange.
2. In 1974, the TATA Group provided the financial resources to found the Tata Energy Research Institute, or TERI, a policy organization headquartered in New Dehli, India, of which Pachauri has been chairman since the group was formed.
3. Obama has as a guest at his first State Dinner:
Mr. Ratan Tata
The chairman of the Tata Group – India’s biggest conglomerate
4. Mr. Ratan Tata joins as Foundation Board of Trustees for X Prize: Arianna Huffington (the main leftist mouth piece for Obama: Huffington Post) just so happens to be on the same board.
5. Mr. Tata just so happens to be connected to GEORGE SOROS: Haldia Petrochemicals Limited (HPL) is a joint venture company of WBIDC (West Bengal Industrial Development Corporation, a West Bengal Government-owned entity), the Chatterjee-Soros Group (USA) and the Tata Group (one of India’s leading business group), with WBIDC holding 43%, the Chatterjee-Soros Group 43% and and the remaining 14% being held by the Tata Group.
FOLLOW THE MONEY.
Duping the World’s masses to think Climate Change is real? Or is it to line the pockets of the deceptors?