Profit of Doom
In a follow up to The Goracle’s energy bill imbroglio, Bill Hobbs has this stunner today:
As the controversy over global warming hypemaster Al Gore’s voracious energy-eater mansion rolls on, there’s an angle I think merits deeper investigation than it is currently getting. In its original story, The Tennessean reported that Gore buys “carbon offsets” to compensate for his home’s use of energy from carbon-based fuels. As Wikipedia explains, a carbon offset “is a service that tries to reduce the net carbon emissions of individuals or organizations indirectly, through proxies who reduce their emissions and/or increase their absorption of greenhouse gases.” (snip)
So far, so good. But how Gore buys his “carbon offsets,” as revealed by The Tennessean raises serious questions. According to the newspaper’s report, Gore buys his carbon offsets through Generation Investment Management:
Gore helped found Generation Investment Management, through which he and others pay for offsets. The firm invests the money in solar, wind and other projects that reduce energy consumption around the globe...Gore is chairman of the firm and, presumably, draws an income or will make money as its investments prosper. In other words, he “buys” his “carbon offsets” from himself, through a transaction designed to boost his own investments and return a profit to himself. To be blunt, Gore doesn’t buy “carbon offsets” through Generation Investment Management - he buys stocks. (snip)
One way to misrepresent things: Tell a newspaper your stock purchases are really purchases of “carbon offsets.”
Meanwhile, Gore runs around the country and the world trumpeting “climate crisis” and blaming man’s use of carbon-based energy - burning thousands of gallons of jet fuel as he goes. His efforts have served to put climate change at the top of the national and even global agenda, driving up the value of the stocks and companies viewed as “green” or environmentally friendly. Companies like those his investment management firm invest his own and other peoples’ money in. (You can see a list of Generation Investment Management’s holdings here, courtesy of the U.S. Securities & Exchange Commission.)
As one commenter posting here and on other blogs has noted:
Hmmm. The Goracle is chairman and a founding partner of Generation Investment Management LLP, a boutique international investment firm that invests other peoples’ money, for a fee, into the stocks of ‘green’ companies. ... So when Al beats the drum for possible future global warming, he’s also drumming up business.And profiting from hyping the “global warming” crisis.
In a nutshell, Gore consumes large amounts of carbon-based electricity while he trumpets a growing “global warming” crisis that drives up the value of “green” companies like the ones in which he
buys carbon offsetsinvests in their stocks...
Bill is doing work the mainstream media refuses to do. After 6+ years pounding Bush/Cheney for their “big oil” relationships, will they be as tough on Gore?
Don’t hold your CO2.
Comments
#1 2007-03-04 13:33 (Reply)
It is emphatically not true that “The [Generation Investment Management] firm invests the money in solar, wind and other projects that reduce energy consumption around the globe...”
The firm makes no such investments. The stock portfolio of Generation Investment Management can be found in its holdings report filed with the US Securities and Exchange Commission, at
http://www.sec.gov/Archives/edgar/data/1375534/000117266107000053/gen4q06.txt
You find insurance, software, medical, food service and other companies. No alternative energy stocks at all.
So Gore isn’t buying carbon offsets, he’s buying stocks. Period.
#2 2007-03-21 08:12 (Reply)
Generation Investment Management doesn’t now and hasn’t ever traded in carbon offsets. This is a lie perpetuated by Judi McLeod at Canada Free Press. The lie was then repeated by Hannity & Limbaugh.