Europeans Pay For China To Cut 'Greenhouse Gases'

The sun shines on the Goracle's Ponzi scheme.

Power generators and other polluting firms are buying "carbon credits" from countries such as China to offset their own emissions.

But where the Chinese gain by cleaning up their factories and selling the resulting credits, European consumers lose as the costs are often passed on in the form of higher energy bills.

Last year alone, European companies spent around $2.5bn (£1.25bn) on carbon credits from China.

Although action to tackle global warming is generally welcomed, consumer groups worry that poor people are finding it increasingly difficult to pay this energy "tax".

Jonathan Smith, a spokesman for the international power company E.ON, admitted the purchase of carbon credits had contributed to a rise in utility bills in Europe, and warned that the cost of buying carbon credits was likely to rise over the coming years.

Newly-minted environmental expert Jean-Pierre Kerry was unavailable for comment; and Nancy Pelosi was out shopping for trees.