Isramart : Carbon credits to replace US $ as global currency

Isramart news:
Till now the question was whether a group of currencies would replace the dollar or even gold? Now, here comes the prediction amidst global warming and cllimate change concerns that carbon credit will replace the US dollar as the currency of international trading within five years.

The forecast was made by research, development and advice consultancy Archial Sustainable Futures following the publication by Finance Secretary John Swinney of a Carbon Assessment of the Budget for 2010-2011 – making the Scottish Government the first administration in the world to produce a carbon assessment alongside its budget – which, according to John Easton, head of Archial Sustainable Futures, effectively makes carbon a currency for the first time anywhere in the world.

The Carbon Assessment, based on the expenditure data presented in the budget and a statutory requirement of the Climate Change (Scotland) Act, provides an understanding of the impact of Scottish Budget expenditure on global greenhouse gas emissions as well as the carbon impact of Government spend.

Easton said, “The macroeconomic study undertaken for the Scottish Government shows Scotland’s public sector organisations their budgets for the year ahead in both sterling and carbon.