The financialisation of nature’s resources as an asset class in South East Asia has several manifestations, including carbon credits, green bonds, and other initiatives that promote so called “sustainable development and environmental conservation.” Within the altruistic trappings of tapping into humanity’s desire to “save the planet” and for the perpetual quest to attain “the greater good” mythos, this dystopian road paved with green gold, is nothing short of a giant Ponzi scheme. It is a system of tyrannical control over (complicit) corporations and (unwilling?) citizens, whom shall be herded into a system of carbon tax, carbon credits, lifestyle choice curtailment, and ultimately, deprivation and despair.
Whitney Webb and Mark Goodwin wrote:
In a 2023 article, Lockton’s head of Digital Integration and Special Projects, David Briscoe, wrote that making carbon credits “a stable and trusted currency” would “require the support of the insurance market.” This is because, as Briscoe notes, “voluntary” carbon markets come with risks, particularly because “of the financial values involved.” Per Briscoe, these risks include “non- or under-delivery of forward purchased carbon removal credits,” “start-ups involved in the voluntary carbon market may face insolvency risks,” and “fraud and negligence.” Indeed, mismanagement and fraud has been a major driver of why carbon markets have failed to catch on despite relentless promotion and the adoption of ESG and climate change plans by many of the most powerful names in finance and industry. Instead of addressing the rampant fraud in carbon credits directly, it appears that the high probability of fraud and insolvency has been seen as an opportunity to create a new market for the insurance industry, with carbon credit insurance being framed as the only “feasible” means of de-risking the fraud-prone world of carbon markets, which have been criticized by environmental groups and have been shown to have a negligible impact on climate.
The Association of Southeast Asian Nations (ASEAN) has been exploring the creation of a regional carbon market to facilitate the trading of carbon credits among member states. This initiative aims claim to reduce greenhouse gas emissions, promote sustainable development, and generate revenue for participating countries. The ASEAN Carbon Market would allow companies to purchase carbon credits from other companies within the region, incentivizing the reduction of greenhouse gas emissions and promoting the use of renewable energy sources.
Hellbound and Down 
One thought on “Carbon Tax Dystopia”