Al Gore: The Dangers of "Sub-Prime Carbon" (UN Summit on Climate Risk)

[environmentalist]

Cross-posted from THE ENVIRONMENTALIST

Al Gore, addressing a United Nations summit on green investment, warned business leaders about the consequences of investment in technologies that did not reduce the carbon footprint, given the associated costs to both society and business of climate change:

UNITED NATIONS - Al Gore advised Wall Street leaders and institutional investors Thursday to ditch businesses too reliant on carbon-intensive energy — or prepare for huge losses down the road.

"You need to really scrub your investment portfolios, because I guarantee you — as my longtime good redneck friends in Tennessee say, I guarandamntee you — that if you really take a fine-tooth comb and go through your portfolios, many of you are going to find them chock-full of subprime carbon assets," the former vice president said. Link.

Gore's remarks took place at the under-reported but significant United Nations Investor Summit on Climate Risk where leading United States and European institutional investors released their climate change action plan:

Co-hosted by the United Nations Foundation, Ceres and the United Nations Fund for International Partnerships, the event was attended by over 450 investors, financial and corporate leaders from around the world. The signatories to the action plan included state treasures, controllers, pension fund leaders, asset managers and foundations, collectively managing over $1.75 trillion in assets. Press Release.

More at this link

[speedbird]

1. 'green investment' --> codespeak for carbon offset projects .n/t

[OKIsItJustMe]

2. No

http://www.un.org/News/briefings/docs//2008/080214_Climate_Risk.doc.htm

14 February 2008
Press Conference
Department of Public Information • News and Media Division • New York

PRESS CONFERENCE on institutional investor summit on climate risk

Nearly 50 leading United States and European institutional investors had released a climate change action plan at the Investor Summit on Climate Risk today, pledging to collectively invest $10 billion in clean technology opportunities over the next two years and to incorporate “green standards” into their investment decisions, correspondents were told at a Headquarters press conference this afternoon.

Co-hosted by the United Nations Foundation, Ceres and the United Nations Fund for International Partnerships, the event was attended by over 450 investors, financial and corporate leaders from around the world. The signatories to the action plan included state treasures, controllers, pension fund leaders, asset managers and foundations, collectively managing over $1.75 trillion in assets.

Mindy S. Lubber, President of Ceres and Director of Investor Network on Climate Risk, told correspondents that the action plan reflected numerous investment opportunities that existed today, while also seeking to put a dent in global warming and pollution, increase profits and benefit the global economy. It was about boosting investments in energy efficiency and clean technologies. It also required tougher scrutiny and analysis of carbon-intensive investments that could pose long-term financial risks.

She added that, as a result of pressure from the Investment Network, many companies were changing their carbon practices, because it was about shareholder value. The Network was also supporting mandatory caps on carbon.

...

How I do tire of the "Nattering Nabobs of Negativism."