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.
I want Mr. Carney and his ilk to give us estimated costs of socialist insanity-related risks, like the utter waste on “renewable” energy. It causes deformation of economic growth in the poorest nations (and everybody else), which leads to stunted growth, both economic and human, and to extended poverty and misery.
Carney just turned to junk status . The Banks are the biggest cluster F on the planet and this guy thinks he should be spending his time promoting another corporate welfare industry .
More than ever it is obvious some people in high perches see the financial crisis saviour being a massive carbon tax . The people voted get over it .
Why not put the large brains to work figuring out how the financial Ponzi scheme of derivatives and never to be repaid debt got out of control ? Oh so the solution is a deflection strategy about the earth has a fever and a $7 trillion ” opportunity ” . See a pattern here ,rouge AG’s acting as lobbyist’s and now a banker pumping a $7 opportunity ? Opportunity for another renewable charity case flame out ?
Buy gold and silver while you can , You know when it comes to advice you get what you pay for .and
mines free .
We need good bankers not more pump and dump men for an industry that is not even close to being viable without buckets of tax payer cash .
A wise mentor of mine taught me two principles, 1. Have the experts on tap, not on top and 2. Always follow the money trail. Applied to climate alarmists the first is obvious. When I apply the second to the said alarmists, what do I find? !. Scientists competing for government funding. Raising the probability of a crisis is a good tactic, especially when competing with health and education. 2. Bureaucrats with supranational aspirations (cushy U.N. jobs). 3. Hardwired anti-capitalists who, since the fall of the centrally directed economies in 1989 have been seeking other ways to slay the capitalistic beast. How better than to raise the cost of energy, on which all modern economies depend, by government fiat? 4 Purveyors of solar panels and windmills both of which cannot compete with fossil fuels without massive government subsidies. 5. Merchant bankers who can see money to be made trading carbon credits (short positions, of course.) 6. Finally, well intentioned idealists wishing to save the rest of us from ourselves.
David.
If you laid dollar bills end to end, 10 trillion of them would reach from earth to the sun. So 3yrs greens worth would take you there and back. I like the way progressniks toss off a trillion here and there. Before the advent of climateers one never used to hear such figures.
Just like we cannot reach 2C+ in 5 lifetimes no matter how hard we try, we can never accumulate 7 trillion a year for more than a few years by impoverishing the only engine for wealth creation, free enterprise. This is a fact that marxbrothers are totally blind to, no matter how many abject failures of the system they pile up. Even the elites can’t be made to realize that they themselves are not sustainable under the system they’ve designed. They too need a thriving free enterprise system and it doesn’t work like a milk cow.
I wonder if Mr. Carney is any relation to Kenneth Lay, CEO of Enron Corporation???
By the way, Enron Corporation was an energy corporation:
https://en.wikipedia.org/wiki/Enron
Based on what?
Perhaps Mr Carney should invite this Prof to his office for a cup of tea ( she is only a few hundred miles up the road or a quick train trip) -he might get some education
http://www.thegwpf.com/mini-ice-age-which-could-freeze-the-tyne-is-on-the-way-says-newcastle-academic/
Isn’t he just another Goldman Sachs bankster infiltrating governments around the world. We have our own as PM of Australia.
Carney can see the writing on the wall . They are no longer buying what he is trying to sell in the UK (Brexit ) . Why is a banker lobbying anyways ? Let’s see Caney’s source for the $ 7 Trillion “opportunity ” prophesy he claims.As every economists knows they are usually wrong and never held to account for their wonky predictions . He certainly wouldn’t pull a number from thin air would he ? So who gave it to him and where are the supporting figures ? Or have we now moved into the wild ass guess territory of $Trillions ?
This ranks up there in hyperbole with other fear mongering about global warming . The climate (global warming ) fear industry is running out of chicken little scare stories … so what’s next unsubstantiated “there is gold in them there hills” stories ?
People expect bankers to stick with something they are vaguely familiar with not pump some scheme to tax and prop up uneconomic businesses while pretending to save the planet .
His deflection statement confirms the shit is about to hit the fan .
The new marvelous Moncton’s Brexitany! Every time that Climate is Mixed with politics or anything else than Science, strange things occur. I miss the when this blog was more about Science and less about politics. Mixing both things is bad. Trying to glue Trump to some kind of climate savior is even worst. We can agree with him on climate issues but the guy has so many other issues that we all probably regret if he ever reach to the white house. Vade Retro.
Spartacus, the whole issue of climate change is so political trying to avoid politics starts getting to analogies about elephants in the living room. If one is dealing with a political issue, being overtly political is at least honest.
Trump is at least promising to do the right thing as far as climate issues, while Hillary Clinton has made various promises to the radical greens. QED
You’re right Tom, but as a Scientist, I still think that solid climate arguments concerning climate are achieved by science, not by politics. Any political argument, although it can produce results via political decision, will not be sustainable over time if proved wrong. That’s why I hope that this all climate histeria will be over as soon as the earth will cool a bit. As I told, Trump might be right on climate when compared to Clinton. However I prefer to calm down some greens, even with money if necessary, than having a madman that the only thing that seems to be right, coming out of is mouth, is about is climate. Hate speeches simple confuse me. I’m not american but I’m worried about the possibility of Trump being elected. The guy is a mess of ideas and spits hate whenever he is allowed to. He even as anti-bodies in is own political family. My sleep will not be the same just thinking that Trump as a button that can trigger mass destruction. Climate or anything else will be the least of my worries then.