[caption id="attachment_12999" align="alignleft" width="385" caption="Official White House Photo by Pete Souza"] [/caption]Here's the scam . A Chinese company manufactures hydrofluorocarbons, the refrigerant gases responsible for the ozone hole and climate change. The gases can efficiently be turned into cash, either by using them in products like refrigerators or air conditioners or, more lucratively, by destroying them. In the early part of the last decade, Chinese manufacturers of HFCs made more and more of them--more than necessary for use even in the rapidly growing Communist country--because the international market for buying and selling the right to pollute with greenhouse gases awarded credits for their destruction . The gas could be made more cheaply--and then destroyed--than the carbon credits that resulted from their destruction were worth. All told, Chinese manufacturers netted billions of dollars in profits from an international effort meant to pay for developing countries to reduce pollution via projects such as preventing forests from being cut down or building more expensive renewable energy projects. [More]

Source: Who Is Fooling Whom When It Comes to Combating Climate Change?