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.
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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.
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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.
“Step right up”, barks the itinerant Carnie. “You have nothing to lose and everything to gain”
Here is the first business opportunity of that ilk, just announced in the Daily Mail. Electric car users will be charged £6 for 30 minutes of electricity, which means £1 or $1.32 for 5 miles. Why would you bother?
http://www.dailymail.co.uk/news/article-3693359/End-free-charging-electric-car-users-surge-popularity-environmentally-friendly-vehicles-leads-service-stations-unable-cope.html
What, they thought other people should have to pay for them “saving the planet” and feeling smug?
My heart bleeds.
$7T opportunity – for graft and corruption.
To politicians every issue (real or imagined) is an opportunity—of one sort or another—to divert taxpayer wealth toward their own favorite cause, much of which will somehow benefit themselves. The real same of it all is that there are occasionally real problems requiring that we be willing to sacrifice and most people are willing to do this, but every time our good will is so often exploited for these illusionary problems it makes us just a bit more cynical. And the abuse of the terminology and reputation of science is yet another nail in the coffin our collective civilization.
Why are so many bankers and Leftists so clueless about how economies actually work???
If feckless governments flush $7 trillion down the toilet on needless CO2 sequestration policies, that’s $7 trillion the private sector cannot invest wisely in: capital good expenditures, R&D, new product development, building new factories, hiring new staff, mergers & acquisitions, etc.
All bankers and political hacks should read Bastiat’s “The Broken Window Fallcy” to understand the important concept of unseen consequences…
Disasterous Keynesian economics has led to the ruination of the world economy for 70 years…
They aren’t clueless at all. Lying to us and spending money we don’t have is what they do. It’s what the electorate consistently favours. It’s our fault.
It is not a “$7 trillion opportunity” it is a “$7 trillion disaster”. Bank of England Governor Mark Carney is a Canadian financial expert but as people say, an expert is just a big drip under considerable pressure.
Climate change is scam to transfer money out of the hands of the productive middle and working class into the pockets of the politically connected rich elites. If the Workers and Middle Class can be kept hypnotised by Al Gore videos, it might just work.
If it is to be a $5-$7 trillion opportunity then the good banker must have some marvelous success stories of opportunities already realized. Where’s the beef?
This isn’t new. So he must have some success to cite causing his optimism and financial forecast.
Things begin, trends occur, patterns develop etc.
Yet it appears the entirety of his extremely careless vision is based upon some imaginary regulatory fiat which extracts from the unwilling and directs massive funding into the climate crusade and thereby providing the opportunity?
I’d like to slap his face. Like so many others of his ilk that may be what is most needed.
A crisp shot. Harmless in it’s aftermath but righteously appropriate and most enjoyable.
Good comment! Show us some examples! Just like climate change- smoke and mirrors!
Don’t think he will be employed by BoE for much longer under Brexit Government. 🙂
Perry commented: “….http://www.dailymail.co.uk/news/article-3693359/End-free-charging-electric-car-users-surge-popularity-environmentally-friendly-vehicles-leads-service-stations-unable-cope.html….”
It will only get worse over time as electricity rates are destined to go even higher. This is only the first shoe to drop. Next will be the realization that car batteries are a consumable and expensive. Couple this with the initial high cost of EVs and people will understand that all the hype of EVs being economical is false. TINSTAFL! EVs have their advantages over ICE cars but cost is not one of them.
http://oi67.tinypic.com/wkphdu.jpg
Finally we see how the West will be destroyed.
Greenbacks. 7 trillion greenbacks. The near unity correlation with the world’s population may also be significant. These people are, after all, Pro-Choice, with a notorious history of artificial selection.
Mark Carney the ringmaster for “Project Fear”.
And we still voted to leave the E U.
The projections, predictions, warnings and policy prescriptions of the Bank of England are reminiscent of those of climatastrologists.
Does this graph remind anyone else of the methane emergency that never comes?
http://blogs.spectator.co.uk/files/2015/09/Screenshot-2016-01-19-15.47.271.png
Mark Carney is a global climate flake of the first order. And, like Al Gore, he is mightily impressed with himself.
http://business.financialpost.com/fp-comment/hail-to-the-alarmist-in-chief-the-world-turns-to-mark-carney-for-climate-change-salvation
“Climate change initiatives a $7-trillion funding opportunity for capital markets”:
At best, Carney is an idiot. Valuing the cost of replacing the fossil fuel industry that the greens want to destroy as a net social benefit is a classic example of the “broken window fallacy”, wherein the social benefit of fixing the new glass, work for carpenters and glaziers,etc etc etc exceeds value of the unbroken window, thus making vandalism something that should be encouraged. (see below)
http://economics.about.com/od/output-income-prices/a/The-Broken-Window-Fallacy.htm
This is the level of economic understanding that is to be expected of grade-schoolers. That the chairman of the BOE could conceivably be a believer in this sort of nonsense should be horrifying to all Britons..
At worst,Carney pimp for the financial sector, believing that the BOE chairman is supposed to maximize the profits of the financial industry, at the expense of everyone else,
We have far too many of such societal vandals in positions of power and influence.
I hope he knows more about banking than he does about sceince!
Sorry – science. Must improve proof reading!
Financial opportunity. That says pretty much everything anyone needs to know on the realities and dangers of ‘man made climate change’
Huge investment opportunity. Throw a trillion dollars onto a bonfire. Watch it burn. Room for as much as 7 trillion to be pitched in! What are y’all waiting for?
$5 – $7 trillion per year, Isn’t that quite a lot of carbon per year?
Well Obama hasn’t done much to stop us from self inflicted Global warming and Hillary has a lame approach . The Republicans Pence or Trump don’t belive is a serious issue and hinders the economy stopping the pipeline and industry they don’t see it as an opportunity to make money probably in 2020 the U.K and the U S. will share the opportunity of exploiting Global Warming. Is real a real problem. Who will be the man to do such a job ? What Republican has done as much as Arnold Schwarzenegger for global warming cause an immigrant and European who whould unite NATO towards renewable energy reform and get rich in the process. Obama = Kenya, McCain =Panama, Ted Cruz= Canada , Arnold= Austria .C.I. Scofield Dn 11:39 Rv 11:18
Carney – one of two people we Canadians should have dumped far earlier – the other being Maurice Strong.
Carney is talking about $7 trillion of taxpayers money being a great opportunity for the get-rich-quick shysters to rip off.