Thursday, February 26, 2009

Just how absurd did climate hysteria get?

2009: Plugging cow farts key to climate change battle in Australia :: The Asia File
The Australian agriculture ministry is investing A$27m (£12m) in new technologies designed to reduce the harmful impact of cow and sheep farts, which are a major contributor to greenhouse gas emissions.
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Notable by its absence is the once-fashionable approach of cow fart capture, which was rolled out by a number of carbon emissions trading groups with mixed effects (see this story that I wrote last year).

The basic idea was to collect cow farts and then convert the methane into bio-gas that could be sold on. For a hilarious explanation of why this didn't go to plan, check out this article that was published by the Irish Independent in 2007 (entitled "Bum steer on the cow farts"). It is one of the most amusing pieces of financial journalism I've ever read.
2007: Bum steer on the cow farts - Irish, Business
WHEN former Anglo Irish Bank chairman Peter Murray, onetime Bank of Ireland and Aer Lingus finance chief Paul D'Alton, British boardroom heavyweight Sir Robert Malpas and ex-EU commissioner Franz Fischler signed up with Irish green firm AgCert, they must have really believed that trading cow farts was a good idea. By all accounts, it was a very bad idea.

AgCert, headquartered in Sandyford and listed on London's AIM, must be in the running for the worst performing share in the world. Less than 18 months ago, AgCert shares traded at over stg 272p, having floated at 140p in 2005. Last week you could have picked them up for about 1.5p. That means that €100 invested 18 months ago is now worth just 55 cent. There are very few companies that have seen more than 99 per cent of shareholders' money completely obliterated in such a short time. Certainly none with such a heavy hitting and blue chip board. And indeed such a well-paid bunch.

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