Anyone celebrating the recent abolition of the British Department of Energy and Climate Change needs to keep a few bottles of champagne on ice. Mark Carney, the powerful green enthusiast who runs the Bank of England, Britain’s version of the Federal Reserve, has just described climate as a “$7 trillion opportunity”.
According to the Financial Post;
Climate change initiatives a $7-trillion funding opportunity for capital markets: Carney
TORONTO The trillions needed to fund global carbon reduction commitments in the coming years is a big opportunity for investors, Bank of England Governor Mark Carney said Friday in a speech to Toronto’s financial community.
Carney, formerly the Bank of Canada governor, spoke at the Toronto Region Board of Trade with Catherine McKenna, the minister of environment and climate change. He said that given the enormous funding needs for clean infrastructure — he estimated at somewhere between $5 trillion and $7 trillion a year — investment opportunities will abound.
…
So how will companies be “encouraged” to participate in this “opportunity”?
Bank of England’s Mark Carney Seeks More Disclosure of Companies’ Climate-Related Risks
Central bank governor says there is risk to investors from catastrophic climate events that may affect insurers and reinsurers.
TORONTO—Only one-third of the world’s biggest 1,000 companies are providing enough disclosure to investors about the potential impact of carbon pricing on their businesses, Bank of England Gov. Mark Carney told a business audience in Toronto on Friday.
Policies aimed at meeting the goals of December’s international accord on greenhouse-gas emissions will lead to changes such as carbon pricing, and there is a risk that financial markets will adjust abruptly, said Mr. Carney, chairman of the Financial Stability Board, which has been asked by the Group of 20 industrialized nations to look at the issues around risk to the financial system from climate change and climate-change policy.
“The thing that keeps central bankers up at night is the sort of sudden change in risk,” Mr. Carney said to underscore the importance of disclosure in guarding against shocks to the financial system.
Mr. Carney, also responsible for regulating the U.K.’s banks and insurers, said that in addition to the lack of disclosure, there is a risk to investors from catastrophic climate events that may affect insurers and reinsurers.
…
Diverting $5 – $7 trillion per year to address largely imaginary climate risks probably won’t improve the lives of ordinary consumers. But I daresay Mark Carney and his banker mates would stand to make a lot of money, out of a vast surge in climate “compliance” activity which would be associated with the new regulations. Naturally I am not suggesting that green enthusiast Mark Carney is motivated by anything other than a desire to do the right thing, from his point of view.
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The Bank of England, the Bank set up to fund a war machine? The Bank, the creator of interest bearing debt ~300 years ago? The Bank that now claims this “opportunity”? I am ashamed to be British.
Does the bank of england really matter anyway?
If Theresa May is serious about working for everyone not just the city fat cats, then she will follow the abolition of the climate dept with all sorts of measures such as removing all renewables subsidies, removing all requirements to favour renewables over other sources of power, removing all requirements to control and report “carbon emissions”, etc, etc. I hope she does, but I’m not holding my breath. The weenies have such a firm grip on civilisation’s jugular that it is going to take herculean effort to dislodge them.
Mike, do you think that a little global cooling might solve that?
afonzarelli, short answer: no. A little global cooling would probably get the weenies out in force saying it shows that their their anti “carbon” policies work. A little more global warming won’t help, the weenies will say cutting “carbon” is even more important. A lot of global cooling, and they’ll say it’s caused by “carbon”. A lot of global warming … I don’t think I have to go into that one.
No, the best first step would be for Theresa May to say that Britain is going to stop the madness because it is ripping money out of the pockets of ordinary people in the form of high power prices and taxes to subsidise renewables, and delivering the money into the pockets of London fat cats. How much money? Well, Mark Carney at the Bank of England gives an estimate: Climate change initiatives a $7-trillion funding opportunity for capital markets.
https://wattsupwiththat.com/2016/07/16/bank-of-england-governor-mark-carney-climate-is-a-7-trillion-opportunity/
With Britain’s population around 70m, that’s £100,000 per person (woman, man and child). To bankers, that is barely loose change, and I think it would come as a shock to them to discover that there could be several people in Britain – maybe in the areas that voted for Brexit – who would find it quite inconvenient if they lost that sort of amount.
Come to think of it, maybe Theresa May could start by removing Mark Carney.
A Canadian on the kool-aid?
His wife is an enviro whacko and he is just following her orders. Mind you, $7 trillion would make a lot of banksters richer.
Too bad he didn’t marry someone with more realistic, useful ideas instead of an emoting individual who will never see the devastation environmentalism rains down on people. Assuming she cares…..
Of course she cares …. about the cash her website
makes from duping “green” enviro-hippie sorts, into
buying overpriced eco-crap. (it’s good for her cashflow).
http://ecoproductsthatwork.com/wp-content/uploads/2014/02/green.jpg
I especially liked that “Greenwashing” logo at her site,
as it would appear to exemplify both her and her own
interfering husband’s ethos.
Mr. Carney has NO Business making such eco-loon
speeches. He goes too far and will not be in tune with
inner workings of the New “PM’s Brain” … Nick Turner
I wonder how long Carney will last in post, but I gather
he can’t wait to get back to Canada for a last hurrah
with eco-pal Trudeau and brag that he gets paid more
than Three times as much as the hapless Canada Premier,
Carney might have been Canada PM, but shunned the
Liberal nomination, for the sort of “green” that he and his
“Fox” love best in merrie olde England instead.
Trouble is this $7trillion “investment” “opportunity” probably isn’t going translate into “Profits” for investors. You know, Profit, that quaint concept where your earn more that your associated costs?
There are no investors, other than tax payers who reap nothing, just takers like Carney et al.
$7 trillion x bankers commission of 2.5% = $175 billion for the bankers.
What’s not to like? (from the bankers point of view)
They obviously believe the taxpayers possess deep pockets.
He overstate this, but a trillion isn’t out of the question. This just means that moving climate science away from adherence to a political narrative and back towards following the principles of objective science has at least a trillion dollar upside and maybe $5-7T.
I have no doubt they want to spend this money and therefore fortunes will be made. But returns are not there so other fortunes will be lost.
“Mr Carney, also responsible for regulating the U.K.’s banks and insurers,”
Ah! Head nanny has decided to keep the regs below 7 trillion!
For a possible non-problem.
How good is that?
I would’t be too concerned. He’s pronouncements are frequent and seldom followed up. He told markets to expect an iminent interest rate cut. The first thing Philip Hammond did was off to the BofE,less than three hours later it was announced no rate cut.
He is a Canadian financial expert but Brexit people stated: “we need no experts !”
I am not sure you felt the BoE pronouncements in the 80’s.
Every time Carney makes pronouncements to the world, the value of the pound and FTSE indices fall.
Far from reassuring and stabilizing markets, his interventions cause alarm and negativity.
That these effects are quickly neutralized by more rational analysis by saner heads does not mean that we can tolerate such a loose cannon randomly firing sour grapeshot onto the decks of world opinion and we look to Phillip Hammond to spike him and then fire him in short order.
At first, these ideas are neutralized by rational analysis, but over time, the will dies down and the opposition grows quieter, then the ideas go mainstream before anyone realizes what’s happening.
Perhaps, Reality check, my post was a little off topic in that it referred to his responses to Brexit rather than his musings amongst countrymen in Canada to which I think your post refers and with which I agree.
However, in the UK he has exacerbated negative sentiment both before and after the referendum and is now generating problems by his rhetoric rather than providing solutions.
He must go.
Thats because he came out strongly for the remain camp, predicting all kinds of financial armagedon if we voted to leave.
Now he’s just pi$$ed off that we ignored his advice and is trying to bring about financial woe so he can say “told you so”.
I don’t think he is expert at anything apart from talking nonsense. He thought the markets would find trailing the first rise in the interest rate after the crash helpful, except that every time we approached his trigger point he moved the goal posts and in doing so missed a chance to start normalising our rate. He was part of Project Fear – which should have earned him the sack for politicising his post – and was forecasting the end of the World if voted to leave the EU. A totally overrated man.
Gerry,
could not agree with you more:-)
Climate change is a golden opportunity to transfer lots and lots of money out of the hands of the middle and working class into the pockets of the politically connected rich. And it won’t solve the non-existent problem.
Well put!
Exactly right, Rhoda. You boiled it all down into two sentences.
Ah. But when ‘climate change’ doesn’t happen the fraudsters will declare a victory and withdraw – it’ll be “see! if we hadn’t acted and bankrupted the entire world except for a few bankers who now have all the money, we’d be roasting in the dark while up to our necks in freezing seas by now”. And no-one will be given a platform to disprove it.
All solutions to climate change seem to have some common features:
1. Enrich the elites
2. Improverish the common man
3. Justify transfer payments to the third world
Global warming solutions seem designed to enrich the rich, eliminate the middle class, and turn the “non-elites” into serfs or dependents.
On #3 I would add that about the last thing the third world wants or needs is expensive, inefficient non-solutions instead of cheap, reliable power.
Well, that isn’t the biggest problem with the transfers.
China got 61% of the carbon credits in 2007 (FT article). Carbon credits are simply a transfer of money from the west to China which makes no sense on any level.
China structures projects they are going to do anyway to collect carbon credits. They must be amazed at just how dumb westerners are.
How else are “we” all going to be equal? Don’t you believe in Social Justice? Why are you a horrible person? Why won’t you roll over, accept all criticism and give up all the money that rightfully belongs to others? Here, let me help you with your wallet…
“Don’t you believe in Social Justice? “
Well… when someone mentions “social justice” to me, my innate response is one of many colloquial phrases the imply a demand for them to give me gratification, or that they go find self gratification, or suggest a destination where they can join the paving crew.
There is no need to be nice when directly confronted by one of Satan’s minions.
+100000
This is the guy who’s about to take the Pound into negative interest rate territory…
A $7 trillion opportunity like breaking all windows $7 trillion opportunity.
Insurers are like bookies, they offer odds and we place a bet with them as to whether an event will happen. These contracts are usually on short terms such as yearly. Unless Carney is suggesting a ‘Day after tomorrow’ type occurrence, the insurance companies are guaranteed to make a profit as long as they balance their book. The climate change scare is likely to increase their profits, as the punters are more likely to pay up than risk the consequences of being caught without insurance.
Good of him to pop his head up. Now, May, get rid of him!!!
Yes, she needs to bring him up to speed when he arrives back in England.
One “risk to investors” is simply weather. As if bad weather has never happened before, and will always happen, and as if it isn’t already factored in. FAIL. The other “risk to investors” is the very same one he and his fellow liars and thieves are pushing – carbon pricing. How convenient.
Carney is a menace. He has his own agenda. This week he has been fear mongering through a puppet, trying to talk down the economy.
Please sack him.
7 000 000 000 000 dollars
Money which could have been used to solve real problems for real people.
United Nations should be ashamed of themselves.
Corrupt kleptocracies do not know shame.
That is 1000 dollars for each of every man on earth.
This was the percentage of the population living for less than 2 dollars a day in 2008:
Investors tend to like getting their investment back, this will not bring about affordable energy – that´s for sure.
Add in another thousand for every women and child, and you get to near 7 trillion.
Thanks – silly mistake by me.
SoF
That is also about $7,000 annually for each world citizen age 15-24. Imagine the education/vocation opportunities which could be funded!
But no, lets dig thousands of open pit mines and lay down thousands of miles of service roads (using oil-based binders), bury mega-tons of rebar (smelted with coal), and bury mega-tons of concrete (calcinated in kilns) and string thousands of miles of power-lines (at maybe 25% utilization rate), then erect hundreds of thousands of steel towers (smelted with coal), topped with huge plastic fans (made of petrochemicals and energy-intensive fibers), then replace it all every 20 years or so, and back it all up with coal fired (Germany, India and China) or natural-gas fired (U.S.) powerplants.
Sure, that’s the ticket.
Wereman and wifman, we’re all in it together 😉
Warren Buffett says bad weather is no problem for insurers. How can it be when they simply raise the premiums? Nothing is happening with either weather or climate that is new to insurance, anyway.
Carney is another scare-monger. Having failed to stop Brexit he has returned to Green meddling which has never been anything except a money spinner for the already rich and another way for them to get their fingers into the tax-payers’ pockets. I wonder how long he will last at the Bank of England? Not long is my guess. Theresa has already shown her teeth.
“Investment opportunity” sounds a lot like “Let me hold your money.”
Anyone endorsing prayer wheels, should take a look at this story :
http://notrickszone.com/2016/07/16/i-could-throw-up-wind-power-mafia-clandestinely-destroys-rare-stork-nests-to-clear-way-for-turbines/#sthash.r0IFsFrc.dpbs
“prayer wheels” = wind turbines
I am s-o-o-o stealing that one, ole jensen!
eco-prayer wheels. Buddhist prayer wheels are far more useful and far less destructive.
Back again, how can spending 7 trillion whatevers on a non-problem be good? Sounds like spending 7 trillion on digging a hole and then filling it up again. Nothing of value is added. They don’t seem to get that.
What a dangerous loon. That’s getting up towards 10% of global GDP. Every year. Why would anyone bother? Just put up with the heat. Or start terraforming – put out heaps of aerosols, they seems to prevent every (modelled) consequence of CAGW for zero or negative net cost.
Wouldn’t it be cheaper to simply write realistic climate models. Of course, we would have to study how the climate works for a few thousand years before we could do that.
Perfect.description
Just a form of the broken window fallacy – except that the replacement window is less transparent, leaks both water and heat and will fail in half the time of the old window.
Well, there ya go. Future investment opportunity as well.
And…..it isn’t broken!
They’d design the windows to automatically break a year to the day of installation, if they could get away with it. Nothing guarantees repeat sales like a built-in expiration date on your product.
He’s drunk with power and fiat money.
This bit of green news…is actually bigger than Britain’s
Germany has led the greed cause…nuking nukes, solar, wind
It’s the first time I’ve even seen anyone admit that green power is damaging the grid.
…and I’m surprised it’s not all over the internet and news
Germany Votes To Abandon Most Green Energy Subsidies
Germany’s government plans to replace most of the subsidies for local green energy with a system of competitive auctions where the cheapest electricity wins.
Germany’s wind and solar power systems have provided too much power at unpredictable times, which damaged the power grid and made the system vulnerable to blackouts.
http://dailycaller.com/2016/07/10/germany-votes-to-abandon-most-green-energy-subsidies/#ixzz4EPHQGAW1
And the slow climb-down begins. It’s also happenning in the UK with May getting rid of the DECC.
I think we all hoped for Mann, Hansen, Greenpeace, etc to be held up for ridicule and financial retribution in an international court, but it’s unfortunately not going to happen.
It’ll just slowly fizzle out as all governmental support for CAGW begins to dry up. Consequently, the commercial sector will drop it like a hot coal as there’s no money to be made without govt subsidies (despite what that plonker Carney says).
Al Gore will dissapear into the background to count his cash, the radical left will find a new anti-human cause to hang their hat on, whilst Mann and his gang will be left ranting hopelessly on warmist blogs such as Sk4p Sc1 and Hot Wh0ppa.
What do we do? Relax? Laugh? Celebrate? Tweet Joe Romm to wind him up? I don’t know.
Yes. I always said climate change was too big to crash, but it will fizzle.
People will as time goes by simply forget it was ever an issue as grants slowly reduce and the public gets bored. And it doesn’t get warmer.
There were always three prongs to the trident.
The public support for economic suicide in the name of ‘saving the planet’ That’s gone.
Academic support to saving the planet. That depends entirely on grants being available: starve the grants and it will wither. And because its no longer an election winning stance, grants will wither.
Big business and the eco-capitalists.
And that’s where Carney is still banging the drum, BUT that opportunity depends on government grants or at least favourable legislation, and that’s under pressure from people who have other priorities.
This “investment opportunity” makes Bernie Madoff look like a petty thief.
Bruce, it should be easy to make a small fortune in the climate sector. Just start with a large fortune. : > )
7 trillions dollars per year divided by 7 billion people on earth is $1000 per year out of an average global GDP of about $14,000, equals about 7% per year.
So what is being talked about is diverting 7% of the total output of every man woman and child on earth into funding climate change.
Talk about unsustainable. Governments have been brought down for much, much less. You cannot transfer this much money annually without consequences. The Law of Unintended Consequences guarantees that whatever happens will not save the earth from climate change.
My economic interest for some days has been generally central banks negative interest rates – and this idiot is blathering about investing in a Ponzi scam. Has any individual ever bragged on his profit from his alternative power source?