Posted on 09/16/2009 11:29:28 PM PDT by Libloather
Investors call for action on global warming
More than 180 of world's biggest investors aim to overcome opposition in US and elsewhere to climate change legislation
Suzanne Goldenberg
Wednesday 16 September 2009 21.16 BST
More than 180 of the world's largest investors, with collective assets of $13tn, put their combined weight behind a passionate call for strong US and international action on global warming in New York today.
"We cannot drag our feet on the issue of global climate change," said Thomas DiNapoli, who heads the $116.5bn New York state pension fund. "I am deeply concerned about the investor risks climate change presents, and the human cost of inaction is unthinkable."
The summit drew together managers of the world's leading investment funds, including those from HSBC, Henderson, Schroders, Société Générale and Scottish Widows, and pensions funds from California public employees to the BBC and Church of England. It was aimed at overcoming entrenched opposition within the US and elsewhere to climate change legislation, by showcasing the scale of investor support for climate change action and the potential for mobilisation of private capital.
"For anybody who suggests that regulating carbon or acting on climate change is impractical, here is appropriate contradiction," said Mindy Lubber, the president of Ceres, the green investor network that helped organise the conference. However, she warned: "Investors are ready to put money into green tech, but they are not going to act until the government acts and makes clear that the right incentives are in the right place."
The investors' endorsement for action on climate change comes amid signs of a loss of momentum in the final stretch of negotiations towards a deal to tackle global warming in Copenhagen in December.
(Excerpt) Read more at guardian.co.uk ...
Hurry up so that we can rob you!
This is nothing more than opportunisitic scavengers gathering at the stench of opportunity.
That the opportunity for them comes at the expense of all of us is of no concern to them compared to the chance of easy money.
Absolutely hilarious !!!!!!!!!!!!!!!!
180 investors (gigantic assets duly noted by admiring reporter) DEMAND that US take action to enable them to make even MORE money off poor working non-super-rich citizens like you and me.
Great . More good news for the USA.
Think they will get what they want?
I wonder what they are “invested” in? Windmills? Solar panels? Carbon Credits? “Eco-Cruises” to Antarctica? Those stupid mercury-filled, pigtail-looking “lightbulbs”?
Well, there's your problem right there...
I say that health care reform starts with the government, let them lead the way by showing us how costs can be reduced...
Is that crickets I'm hearing, or congress exempting themselves from something else again?
A more tangible risk is letting a political hack manage $116.5 billion. DiNapoli has invested hundreds of millions of pensioners’ dollars in the HSBC Global Climate Change Index and other dubious “green” schemes. If Congress doesn't pass Cap-and-Trade and establish a full-blown U.S. carbon trading exchange the world carbon paper market could collapse. DiNapoli could have a lot of explaining to do.
By BRIAN NEARING
ALBANY — The massive state pension fund is taking its first steps into the world of investing to fight climate change, both in the stock market and with a Silicon Valley equity fund betting on electric cars, solar power and waste recovery.
More than a year after state Comptroller Thomas DiNapoli announced the three-year, $500 million Green Strategic Investment Program, half of the money has been used.
The single largest investment came last month, when $200 million was invested into a mix of stocks based on two worldwide indexes — the FTSE Environmental Technology 50 and the HSBC Global Climate Change Index.
And in July 2008, DiNapoli’s office made its first green fund investment of $50 million in a private equity partnership. . .
http://www.timesunion.com/AspStories/story.asp?storyID=842000&category=STATE
>>”Investors are ready to put money into green tech, but they are not going to act until the government acts and makes clear that the right incentives are in the right place.”
>>”president of Ceres, the *green* investor network...”
These folks want Big Government to pass laws that will guarentee them a profit on *green* investments, which otherwise would not be “prudent.” Apparently, they don’t see the obvious: That Cap’n trade is intended to ruin the economy permanently; and when it has done that work, all their investments (*green* included) will be worth NOTHING!
DG
Warming is good. Too bad we aren’t causing any. And that there hasn’t been any since 1998.
How we gonna make money on carbon credits if you won’t pass legislation?
To use Glen Beck’s phrase..”It is all about corruption.”
My guess is that these investors, each and every one, have a vested interest in cap and trade laws simply to enrich themselves while pretending that there really is a man-caused source of global warming or cooling.
We have investors and politicians making assertions about climate. None of them are qualified to make such assertions, or, more importantly, to provide scientific evidence to support their findings.
The CBO just announced that it will cost every family over $1700 more a year instead of the original claim of $750 a year so of course investors want it signed. Investors feel they just hit the Global Warming jackpot.
“My guess is that these investors, each and every one, have a vested interest in cap and trade laws simply to enrich themselves while pretending that there really is a man-caused source of global warming or cooling.”
Agreed. Goldman Sacs will make multi billions every week once the Cap and Trade laws get going. They will make money on ever carbon credit exchanged.
I am investin in globull warmin too. I jus boughts me sum land on the artic ocean off one of them late nite TV adds, wer I plans to grow coconut trees and start a club med tropical resort in a couple years wen the climate changes.
It is a sure thing!
You Liberals/Progressives/Democrats/Communists/Demonrats can’t wait for a crisis to use it to cram Fascist Communism down our throats; and if you can’t find a crisis you make one; and if you can’t make one you lie and say “There is a crisis - can’t wait - don’t drag your feet - hurry up - go Socialist”!
These are not investors with trillions of dollars.
look here:
More than 180 of the world's largest investors, with collective assets of $13tn, put their combined weight behind a passionate call for strong US and international action on global warming in New York today.
The story pretends that these are people who have trillions of dollars of their money, and want to use it to push people to stop global warming.
But in fact, they aren't the people with the money at all, they are just the people who CONTROL how the money is invested:
"We cannot drag our feet on the issue of global climate change," said Thomas DiNapoli, who heads the $116.5bn New York state pension fund.
So, rather than being people who earned money and would be expected to be smarted than this, they are people who were put in charge of managing public investment funds, who are activists and probably political appointees and don't really understand what it means to EARN money.
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