Bank of England Governor Mark Carney: Climate is a “$7 trillion opportunity”
Climate change initiatives a $7-trillion funding opportunity for capital markets:
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
$1.5 trillion and Larry Bell book explain how profiteers of climate doom keep the
No warming in 18 years, no category 3-5 hurricane hitting the USA in ten years, seas
rising at barely six inches a century: computer models and hysteria are consistently
contradicted by Real World experiences.
So how do White House, EPA, UN, EU, Big Green, Big Wind, liberal media, and even
Google, GE and Defense Department officials justify their fixation on climate change
as the greatest crisis facing humanity? How do they excuse saying government must
control our energy system, our economy and nearly every aspect of our lives – deciding
which jobs will be protected and which ones destroyed, even who will live and who
will die – in the name of saving the planet? What drives their intense ideology?
The answer is simple. The Climate Crisis & Renewable Energy Industry has become a
$1.5-trillion-a-year business! That’s equal to the annual economic activity generated
by the entire US nonprofit sector, or all savings over the past ten years from consumers
switching to generic drugs. By comparison, annual revenues for much-vilified Koch
Industries are about $115 billion, for ExxonMobil around $365 billion.
According to a 200-page analysis by the Climate Change Business Journal, this Climate
Industrial Complex can be divided into nine segments: low carbon and renewable power;
carbon capture and storage; energy storage, like batteries; energy efficiency; green
buildings; transportation; carbon trading; climate change adaptation; and consulting
and research. Consulting is a $27-billion-per-year industry that handles “reputation
management” for companies and tries to link weather events, food shortages and other
problems to climate change. Research includes engineering R&D and climate studies.
The $1.5-trillion price tag appears to exclude most of the Big Green environmentalism
industry, a $13.4-billion-per-year business in the USA alone. The MacArthur Foundation
just gave another $50 million to global warming alarmist groups. Ex-NY Mayor Michael
Bloomberg and Chesapeake Energy gave the Sierra Club $105 million to wage war on
coal (shortly before the Club began waging war on natural gas and Chesapeake Energy,
in what some see as poetic justice). Warren Buffett, numerous “progressive” foundations,
Vladimir Putin cronies and countless companies also give endless millions to Big
Our hard-earned tax dollars are likewise only partially included in the CCBJ tally.
As professor, author and columnist Larry Bell notes in his new book, Scared Witless:
Prophets and profits of climate doom, the U.S. government spent over $185 billion
between 2003 and 2010 on climate change items – and this wild spending spree has
gotten even worse in the ensuing Obama years. We are paying for questionable to fraudulent
global warming studies, climate-related technology research, loans and tax breaks
for Solyndra and other companies that go bankrupt, “climate adaptation” foreign aid
to poor countries, and much more.
Also not included: the salaries and pensions of thousands of EPA, NOAA, Interior,
Energy and other federal bureaucrats who devote endless hours to devising and imposing
regulations for Clean Power Plans, drilling and coal mining bans, renewable energy
installations, and countless Climate Crisis, Inc. handouts. A significant part of
the $1.9 trillion per year that American businesses and families pay to comply with
mountains of federal regulations is also based on climate chaos claims.
Add in the state and local equivalents of these federal programs, bureaucrats, regulations
and restrictions, and we’re talking serious money. There are also consumer costs,
including the far higher electricity prices families and businesses must pay, especially
in states that want to prove their climate credentials.
The impacts on companies and jobs outside the Climate Crisis Industry are enormous,
and growing. For every job created in the climate and renewable sectors, two to four
jobs are eliminated in other parts of the economy, studies in Spain, Scotland and
other countries have found. The effects on people’s health and welfare, and on overall
environmental quality, are likewise huge and widespread.
But all these adverse effects are studiously ignored by Climate Crisis profiteers
– and by the false prophets of planetary doom who manipulate data, exaggerate and
fabricate looming catastrophes, and create the pseudo-scientific basis for regulating
carbon-based energy and industries into oblivion. Meanwhile, the regulators blatantly
ignore laws that might penalize their favored constituencies.
In one glaring example, a person who merely possesses a single bald eagle feather
can be fined up to $100,000 and jailed for a year. But operators of the wind turbine
that killed the eagle get off scot-free. Even worse, the US Fish & Wildlife Service
actively helps Big Wind hide and minimize its slaughter of millions of raptors, other
birds and bats every year. It has given industrial wind operators a five-year blanket
exemption from the Bald and Golden Eagle Protection Act, Migratory Birds Treaty Act
and Endangered Species Act. The FWS even proposed giving Big Wind a 30-year exemption.
Thankfully, the US District Court in San Jose, CA recently ruled that the FWS and
Interior Department violated the National Environmental Policy Act and other laws,
when they issued regulations granting these companies a 30-year license to kill bald
and golden eagles. But the death tolls continue to climb.
Professor Bell’s perceptive, provocative, extensively researched book reviews the
attempted power grab by Big Green, Big Government and Climate Crisis, Inc. In 19
short chapters, he examines the phony scientific consensus on global warming, the
secretive and speculative science and computer models used to “prove” we face a cataclysm,
ongoing collusion and deceit by regulators and activists, carbon tax mania, and many
of the most prominent but phony climate crises: melting glaciers, rising sea levels,
ocean acidification, disappearing species and declining biodiversity. His articles
and essays do likewise.
Scared Witless also lays bare the real reasons for climate fanaticism, aside from
lining pockets. As one prominent politician and UN or EPA bureaucrat after another
has proudly and openly said, their “true ambition” is to institute “a new global
order” … “ global governance” … “redistribution of the world’s resources” … an end
to “hegemonic” capitalism … and “a profound transformation” of “attitudes and lifestyles,”
energy systems and “the global economic development model.”
In other words, these unelected, unaccountable US, EU and UN bureaucrats want complete
control over our industries; over everything we make, grow, ship, eat and do; and
over every aspect of our lives, livelihoods, living standards and liberties. And
they intend to “ride the global warming issue” all the way to this complete control,
“even if the theory of global warming is wrong” … “even if there is no scientific
evidence to back the greenhouse effect” … “even if the science of global warming
is all phony.”
If millions of people lose their jobs in the process, if millions of retirees die
from hypothermia because they cannot afford to heat their homes properly, if millions
of Africans and Asians die because they are denied access to reliable, affordable
carbon-based electricity – so be it. Climate Crisis, Inc. doesn’t care.
Free market principles do not apply, and free marketers need not apply. The global
warming industry survives and thrives only because of secretive, fraudulent climate
science; constant collusion between regulators and pressure groups; and a steady
stream of government policies, regulations, preferences, subsidies and mandates –
plus taxes and penalties on its competitors. CCI gives lavishly to politicians who
keep the gravy train on track, while its attack dogs respond quickly, aggressively
and viciously to anyone who dares to challenge its orthodoxies, perks, power and
Climate change has been “real” throughout Earth and human history – periodically
significant, sometimes sudden, sometimes destructive. It is driven by the sun and
other powerful, complex, interacting natural forces that we still do not fully understand
… and certainly cannot control. It has little or nothing to do with the carbon dioxide
that makes plants grow faster and better, and is emitted as a result of using fossil
fuels that have brought countless, wondrous improvements to our environment and human
Climate Crisis, Inc. is a wealthy, nasty behemoth. But it is a house of cards. Become
informed. Get involved. Fight back. And elect representatives – and a president –
who also have the backbone to do so.
Paul Driessen is senior policy analyst for the Committee For
A Constructive Tomorrow, author of Eco-Imperialism: Green power – Black death, and
coauthor of Cracking Big Green: Saving the world from the Save-the-Earth money machine.
Scared Witless: Prophets and profits of climate doom is available on Amazon here