Feeds

There's gold in green: profiting from climate change

The double standards of our eco accountants

  • alert
  • submit to reddit

Seven Steps to Software Security

Imagine an unpopular, impotent, and fragile UK Government, trying to make political capital out of a looming crisis. To avoid being embarrassed by criticism of its shallow policies, it appoints an independent panel of experts, to which it defers controversial decisions. Now imagine that the panel proposes measures from which its members and their associates will directly benefit.

It couldn't happen here, you may think. Scandal and resignations would surely follow. Who could possibly allow vested interests to profit from the legislation they are instrumental in creating?

This week, an independent panel of experts called the Climate Change Committee (CCC) published the details of its recent advice to Parliament that the UK should reduce its CO2 emissions by 80 per cent by 2050.

There's no doubt there's money to be made from this new legislation, which was passed last week. A recent conference, given the title 'Cashing in on Carbon' was, in its own words, "aimed squarely at investment banks, investors and major compliance buyers and is focused on how they can profit today from an increasingly diverse range of carbon-related investment opportunities".

Amongst these bean-counters-turned-Gaia-botherers were representatives from IDEAcarbon, which offers carbon market intelligence, ratings and advice to governments, organisations and companies. Climate Change Committee member, Samuel Fankhauser, a former climate change economist for the World Bank, is the company’s managing director, strategic advice. IDEAcarbon’s parent company, IDEAglobal, appointed Nicholas Stern, author of the highly influential Stern Review on the Economics of Climate Change and former chief economist at the World Bank, as vice chairman, last year.

The group has its eyes on the carbon market, which it says "grew from $10bn to $34bn between 2005 and 2006", and projects to be worth well over $100bn in the future.

A "carbon market" is built on the idea that, if greenhouse gas emissions are capped by law, then the legal right to emit these gasses becomes a commodity that can be traded. But without legislation, there can be no market, as IDEAcarbon (pdf) acknowledges:

The global carbon market is moving into a critical new phase of development. If it is to succeed over the long term, both in its role in reducing carbon emissions and as a financial market in its own right, legislators need to provide certainty of a regulatory framework that will be robust, flexible, and valid over the long term.

The company’s website is surprisingly candid about the influence it exerts over the UK Government:

Working with the key decision makers who are shaping the future of the market enables us to accurately predict market trends and provide tailored strategic advice to clients.

In other words, the interests of investors and national policy makers must be aligned. And it would be most fortunate if they were one and the same.

The Power of One eBook: Top reasons to choose HP BladeSystem

More from The Register

next story
Bad back? Show some spine and stop popping paracetamol
Study finds common pain-killer doesn't reduce pain or shorten recovery
Malaysian Airlines flight MH17 claimed lives of HIV/AIDS cure scientists
Researchers, advocates, health workers among those on shot-down plane
World Solar Challenge contender claims new speed record
One charge sees Sunswift travel 500kms at over 100 km/h
Mwa-ha-ha-ha! Eccentric billionaire Musk gets his PRIVATE SPACEPORT
In the Lone Star State, perhaps appropriately enough
SMELL YOU LATER, LOSERS – Dumbo tells rats, dogs... humans
Junk in the trunk? That's what people have
All those new '5G standards'? Here's the science they rely on
Radio professor tells us how wireless will get faster in the real world
The Sun took a day off last week and made NO sunspots
Someone needs to get that lazy star cooking again before things get cold around here
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.