How to lose money and waste resources on a grand scaleDecember 12, 2011
The green energy bonanza grew quickly, produced vastly less return than investment in fossil assets, destroyed its investor credibility and image in public opinion, and is now declining sharply.
That is Andrew McKillop on what he calls “the trillion dollar boondoggle” of green energy investing. This is, I believe, a very important piece. Read the whole thing, and remember it when you hear politicians rambling about the promise of the “green energy economy” in the upcoming election season:
We can ask: did a carbon trader running a “carousel” trade of buying emissions permits in a European country where VAT is not applied, and selling it another where VAT is applied – then pocketing the difference and running for it – really contribute to the sacred quest to “fight” global warming ? From 2005 to 2009 this was regular practice on those squeaky clean carbon markets of the European ETS. About 5 billion euro-per-year (around $6.5 billion/year) went down the drain, or in fact exiled itself to the Cayman Is and other “climate conscious” outposts of the neo capitalist financial community, simply from that one single rip-off. One among a long list of others. All known. All documented. All ignored by our political deciders who like to “keep the party going” with their finance sector chums.