Accordingly, CCX was poised to make windfall profits selling CO 2 offsets if and when cap-and-trade was passed. Optimistic that a Democrat-controlled Congress would pass cap-and-trade legislation Gore lobbied for, GIM and David Blood’s old GSAM firm took big stakes in the Chicago Climate Exchange (CCX) for carbon trading. He stated: “It is built around the charismatic presence of the ex-vice president Al Gore, whose crusade is to persuade the world of the dangers of climate change caused by global warming…It is now common ground that this is not simply a science film- although it is based substantially on science research and opinion, but it is a political film.”Īs for taking their recent investment advice, it might be worth mentioning that some of GIM’s earlier low-carbon deals haven’t always worked out so great. Judge Barton pointed out that its “apocalyptical vision” was politically partisan, and not an impartial analysis. In 2007, following an investigation of the movie, Sir Michael Burton, a judge in London’s High Court, ruled that it can be shown in secondary schools only if accompanied by guidance notes for teachers to balance Mr. It was Skoll’s Participant Media that produced Gore’s feverishly frightening 2006 horror film, “An Inconvenient Truth”. By 2008 Gore was able to put $35 million into hedge funds and private partnerships through the Capricorn Investment Group, a Palo Alto company founded by his Canadian billionaire buddy Jeffrey Skoll, the first president of EBay Inc. Between 20 the company had raised profits of nearly $218 million from institutions and wealthy investors. Gore and Blood, the former chief of Goldman Sachs Asset Management (GSAM), co-founded London-based GIM in 2004.
Of course this carbon regulation is posited upon saving the Earth based upon a “consensus within the scientific community that increasing the global temperature by more than 2 o C will likely cause devastating and irreversible damage to the planet.” And where it comes to promulgating and capitalizing upon carbon-climate-crazed sociopolitical pressure, you would be hard-pressed to find two better authorities. They argue that such “unwise and increasingly wreck less” investment strategies pose three broad risks which will cause carbon assets to become “stranded” and lose economic value: through direct government carbon regulation as a result of market-share losses to “already competitive” renewable technologies and due to “sociopolitical pressures” causing carbon-intensive businesses to lose their “license to operate”.
Surprise! Al Gore and his carbon credit huckstering partner David Blood, both principals at Generation Investment Management (GIM), warn in their October 30 Wall Street Journal op/ed feature of peril to fossil fuel investments due to “The Coming Carbon Asset Bubble”.
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