Carbon Credits Same as Cash!
“Law firm accepts carbon credits as fees”
“Law firm clients may now pay legal fees with carbon credits under a scheme launched by a Miami, Florida-based law firm.
The Cueto Law Group has started the first initiative of its kind in the professional services industry, allowing clients to pay up to 20 percent of their legal fees with carbon credits.
Carbon credits represent permits to emit climate-warming greenhouse gases. One carbon credit unit is commonly equal to one ton of carbon dioxide emissions.
Under the law firm’s program called “CO Too,” its clients can pay with carbon credits which the company can then trade in the international carbon markets.”
Carbon Credits for/by Dummies
After I let that short, innocuous announcement soak in, a few things became obvious.
Observation #1: I can now buy and sell permission to pollute. This seems ludicrous, but it leads me to…
Observation #2: I have the right to pollute if I have carbon credits. It’s no longer something I shouldn’t do (but do anyway).
Observation #3: It’s going to be a seller’s market. Companies that can’t reduce their pollution further and stay profitable will need a good supply of carbon credits no matter what the price.
Observation #4: Carbon credits can be exchanged for currency if you have access to a marketplace for carbon credits. This law firm isn’t taking lower fees: they’re just receiving part of their payment through a financial market that few know exists.
Observation #5: He who holds the most carbon credits wins. Power and wealth will belong to the credit holders for as long as companies pollute. Which countries and companies have a minimal carbon footprint right now? They have an invisible asset.
Opportunity or just more hot air?
Is this a big new opportunity or just a teaser? If you’re dusting yourself off from a company collapse, you’d be silly to ignore a developing market. For that matter, the economy is certainly encouraging us to get creative about finding and making new jobs. Is there something here?
Santiago Cueto poses the question, “Are Carbon Credits the New Global Currency?” I ask: Is this an economic opportunity, an environmental disaster or the emperor’s new clothes?
Want more? Here are the abbreviated, summarized, abridged “Cliffs Notes” to global business trends as identified by Laurie Phillips, who hates pollution, whether physical or digital.
photo courtesy of flikr.com/net_efekt