The tide of money, the vested interests flows
H/t to Eric Worrall at WattsUp.
The current “green” industry is already around $1.5 Trillion a year. Mark Carney, the Governor of the Bank of England said he expects this to grow to $5-7 trillion.
Financial Post: Climate change a $7 trillion funding opportunity
He said that given the enormous funding needs for clean infrastructure — he estimates at somewhere between $5 trillion and $7 trillion a year — investment opportunities will rebound.
If clean green energy was efficient, cheap and reliable there would be no “funding need” as the market would leap to exploit that opportunity. Instead most leading investors act like they are skeptics. The fact that central bankers are selling it so aggressively says a lot. Perhaps central bankers want to help the poor and save the world, or could it be that the entire financial industry will profit from a fake, forced market and another fiat currency? What are the brokerage fees on a $7T market…
Again we get this “free market” myth:
[Carbon pricing is the cleanest way for markets to judge the tangible exposure to climate change," said Carney
From the Republican Attorney’s General in the US – the message that policing the “global warming debate through the power of the subpoena is a grave mistake.” The Rep AG’s point out this is a public policy debate, and if other AG’s are going to use the subpoena’s to shake down companies like Exxon for supporting free speech on one side of the debate, then suddenly a lot of players are opening themselves to similar cases.
Wall St Journal: Two can play at Climate Fraud
Eric Schneiderman and Sheldon Whitehouse, call your office. The New York Attorney General and Rhode Island Senator who helped to launch the prosecution of dissent on climate change may not like where their project is headed. Thirteen state Attorneys General have sent a letter pointing out that if minimizing the risks of climate change can be prosecuted as “fraud,” then so can statements overstating the dangers of climate change.
Since the money in this debate is so one sided, it follows that a lot more people have profited from exaggerating the scare:
But the AGs’ letter points out that, “If Exxon’s disclosure is deficient, what of the failure of renewable energy [...]
The Guardian are in hot pursuit of the nickel and dime Coal-Yeti.
Analysis of Peabody Energy court documents show company backed trade groups, lobbyists and thinktanks dubbed ‘heart and soul of climate denial’
The thing is, if Peabody was keeping the heart and soul of climate denial alive, it is now flat broke — it’s over for climate denial. No heart. No soul. Denial is dead! But can anyone spot the difference… ?
Poor Guardian schmucks. Peabody were funding people who write what they believe, so Peabody came and went and the same people are still writing what they believe. If climate skeptics were in it for the money, they’d be alarmists.
Yes, Do. Lets talk about the Funding If climate skeptics were in it for the money, they’d be alarmists.
Suzanne Goldenberg and Helena Bengtsson repeat all the usual sacred incantations completely blind to the real money. At one point they are so stuck for “big money” they whip out a $10,000 figure, and in an article about Peabody, that’s not even from Peabody, but from Arch Coal. General Electric make $20 billion a year in profits from “renewables” — when is The Guardian going to expose [...]
Shame investors who manage tens of billions are not good at assessing risk. They are missing something big and obvious:
Half of leading investors ignoring climate change – study
Reuters: A report by the Asset Owners Disclosure Project (AODP), a not-for-profit organisation aimed at improving the management of climate change, found that just under a fifth of the top investors – or 97 managing a total of $9.4 trillion (6.4 trillion pounds) in assets – were taking tangible steps to mitigate global warming.
These include investing in low polluting assets or encouraging the companies they invest in to be greener.
How low is this bar. Less than one-fifth are doing anything “tangible”. To even get the tally up to a half “not ignoring climate change”, the researchers had to include a category called “first steps”, nothing tangible mind you. Perhaps someone sent an email?
Anyone might think that four fifths of top investors think climate change is a complete non-event.
A further 157 investors managing a total of $14.2 trillion were taking “first steps” towards addressing climate change, while 246 managing $14 trillion were doing nothing at all, the report said.
Got no actual data-trail on “big-oil” dollars? That’s no reason not to run another name-calling smear article. A Yale group has spent countless months reading through the tea-leaves of old worn out climate themes and think they’ve discovered that the Kochs and Exxon carried the most influence.
What’s really remarkable is that the Yale group had so much funding they could trawl through 40,000 documents, track 4556 people and 164 “contrarian” organisations across 20 years and through 39 million words. Yet despite this, they found nothing. There’s no smoking gun, no proof that anyone was being dishonest, that the messages were wrong.
What the Yale team found was that “documents produced by lobbyists backed by two key corporate benefactors (Koch and Exxon) — proved to have been reproduced more often and with more “semantic similarity”. Justin Farrell (of Yale) thinks that means the Koch’s and Exxon are artificially skewing public opinion. Here’s another hypothesis — Exxon and the Kochs are smart businessmen. They spotted the leading skeptics in the 1990′s and gave them some help. The messages stuck with the public because they were good ones, not because they were “oil funded”. Farrell gets cause and effect confused.
Despite running [...]
Climate Change Business Journal estimates the Climate Change Industry is a $1.5 Trillion dollar escapade, which means four billion dollars a day is spent on our quest to change the climate. That includes everything from carbon markets to carbon consulting, carbon sequestration, renewables, biofuels, green buildings and insipid cars. For comparison global retail sales online are worth around $1.5 trillion. So all the money wasted on the climate is equivalent to all the goods bought online.
The special thing about this industry is that it wouldn’t exist if it weren’t for an assumption about relative humidity that is probably wrong. As such, it’s the only major industry in the world dependent on consumer and voter ignorance. This is not just another vested interest in a political debate; it’s vested-on-steroids, a mere opinion poll away from extinction. You can almost hear the captains of climate industry bellowing: “Keep ‘em ignorant and believing, or the money goes away!”.
To state the obvious:
Policy, or the anticipation of new policy, has been one of the biggest drivers of the industry, the report shows.
Most industries this size exist because they produce something the market wants. They worry that competitors might chip [...]
The ambit claims know no bounds. Who else would ask for $89,000,000,000,000? If the evil “more developed” nations pay for their carbon sins, the bill for those 1.3 billion people works out at $70,000 per person by 2030 (babies included).* When the target is 89,000 billion dollars, anything the Global Saviours get, can be painted as “not enough”. (It’s never enough). A trillion in funds is a “tiny”, “insufficient” amount that is “barely adequate”. Compliant journalists will print those headlines. The crowd will pay the money and feel guilty they are not paying more.
Speaking of the loot, the world’s GDP is currently $70 trillion, so asking for $89 trillion is a claim on 8% of all the money turned over in the world economy for a decade and a half. Handsome!
There is a grand array of climate junkets for Global Worriers this year. A gala of red-carpet events culminating in Paris, from November 30 to December 11. The wheeling and dealing is on right now, months ahead — and though they talk about the importance of Paris, I expect that Paris is mostly the cabaret show (like UNFCCC event in Bali that I went to), and it’s the [...]
Steve Milloy at JunkScience holds the media and EPA scientists up to the same standards they expect from skeptics like Willie Soon.
The Headlines are everywhere:
” E.P.A. Carbon Emissions Plan Could Save Thousands of Lives, Study Finds “– NY Times
And the media go out of their way to make sure everyone knows what independent angels they are:
Peer-reviewed, non-partisan academic study finds that the EPA emissions rule will save thousands of lives (Lindsay Abrams) — Salon
In most articles the study authors were just researchers from Harvard and Syracuse Uni, who declare “they have no competing financial interests”.
Milloy wonders if $31 million in EPA grants could be a competing interest? Five of eight authors are paid grants by the EPA.
Below are listed the article’s authors and the dollar amounts of EPA grants with which they are associated as principal investigators”:
Charles T. Driscoll: $3,654,608 Jonathan J. Buonocore: $9,588 Jonathan I. Levy: $9,514,391 Kathleen F. Lambert: 0 Dallas Burtraw: $1,991,346 Stephen B. Reid: 0 Habibollah Fakhaei: 0 Joel Schwartz: $31,176,575
Now how could Schwartz’s $31,176,575 or Levy’s $9,514,361 or Driscoll’s $3,654,608 from EPA [...]
The wall of money is enormous, and the media oblivious to the real flow from taxpayers to corporate welfare freeloaders.
The wall of money, part 23
Citigroup promised to spend, invest and loan $50 billion in 2007 and found it so easy, it managed to do it by 2013, three years ahead of schedule. This month it promised to send another $100 billion more towards “sustainability”.
How much of this is about being a green corporate citizen? Not much apparently. Citigroup are making the Citigroup buildings energy efficient, but what they didn’t say was whether they would stop investing in or taking money and profits from their fossil fuel customers. As it happens Citigroup might Big-Green, but they are also Big-Ungreen too, they were one of “the top providers of funding for the most damaging practices of the U.S. coal industry last year. “ Not that any journalist mentioned that when they repeated the press release.
The banks can sniff out a good subsidy — it’s money for jam, and they are happy to feed the machine that feeds them.
Easy money for “sustainability” will also generate thousands of scary press releases from each and every sub-project as they [...]
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