Deutsche Bank *really* wants us to trade carbon
Joanne Nova | March 15, 2010
Six months ago, Deutsche Bank was overcome with concern about the planet—bless its soul–and launched this 70 ft. vision of climate doom opposite Madison Square Gardens, New York. You can feel relieved. The bank paid for the carbon credits (no doubt through one of its own funds), so the 40,960 low-energy light-emitting diodes are “carbon-neutral.”
Kevin Parker for Deutsche Asset Management said: “We hope with this sign that it is going to foster a sense of urgency about the problem, raise public awareness, create a need for education and really spur a call for action”
Spurring action indeed. “Sign Copenhagen; Sign Cap N Trade; Give us that $2 trillion dollar market based on meaningless paper permits, and funded by consumers everywhere. Please!”
In a more candid moment, Parker said: “Well, what we’d like to see is a price on carbon. That is absolutely foremost in everyone’s minds involved in the climate change debate. The governments around the world have to get on with regulations…”
Yes, the real agenda is the legislation: forced payments from citizens. We all know we aren’t going to see the Deutsche Bank Top-Soil Clock coming soon highlighting the problem of erosion, or the Deutsche Bank Falling Fish Stock Clock…or the Deutsche Bank program to save the spotted owl.
In a brazen ambit, Parker suggested we all might like to invest more in renewable energy: $45 trillion more (over 40 years), and that’s only going to solve half the problem”. There is no end to the audacity.
Is this anything other than blatant advertising for a Cap N Trade scheme? Ponder if Exxon launched a similar billboard with the “costs” of carbon mitigation, it would be vandalized, scorned, and disparaged even by august associations like the Royal Society.
A NASA official would call for corporate heads to be jailed for crimes against humanity.
It’s ok for bankers managing $695 billion-dollar funds to take sides in a science debate…. That’s not the same as corporations trying to influence policy.
See also:
Carbon markets are failing says… Deutsche Bank
November 16, 2009 by Ricardo Sequeiros Coelho
In a report for investors, the Deutsche Bank says that more action is needed to reduce emissions and prevent runaway climate change. Carbon markets are most likely going to fail in the short term to achieve this goal, so stronger incentives, like feed-in tariffs, are recommended. The Bank also recommends auctioning the emissions permits, to get revenue to finance the decarbonization of societies (link).
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