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Oct
13
No Finance Means Fewer Greenhouse Inventions
October 13, 2008 | By TonyfromOz |
NO FINANCE MEANS FEWER GREENHOUSE INVENTIONS
The United Nation’s top warming alarmists are trying to see the silver lining in the collapse of the world financial markets:
The current global market crisis could provide an opportunity for the world financial system to reconstruct itself to promote “green” growth, a top UN climate change official has said.
Dream on.
Most realistic analysts agree that the melting of the markets will instead make voters less keen to spend money on the melting of the planet:
The ecologists are especially concerned that the global financial crisis is also hampering their cause, with company directors more worried about saving their businesses than the planet. Or as German foreign minister Frank-Walter Steinmeier put it: “It is clear that the failure of a bank preoccupies opinion more today than global warming.”
But this financial crisis doesn’t just sap the will of voters and governments to spend big, and cut growth, to cut emissions.
To cut emissions, billions need to be risked - largely by business - on projects exploring new technologies. To pick an obvious example: the Rudd Government’s climate change guru, Ross Garnaut, rests much of his plan to slash our emissions by 80 per cent on the invention of clean coal technology, which is yet to proved to work. Without it, we will have to scrap the power stations which are responsible for 70 per cent of our power, and which as the single biggest source of our greenhouse gases.
But the financial crisis hasn’t just killed the will to cut growth. For where, now, will come the finance for speculative projects exploring green technologies? Who actually has the cash to gamble, or can find a bank to risk it? How much riskier are such investments, given that the commercial viability of any proven technology will in most cases rely on governments’ to impose taxes, carbon caps or subsidies to make them competitive?
Read more excellent articles from Andrew Bolt.
Andrew Bolt is a journalist and columnist writing for The Herald Sun in Melbourne Victoria Australia.
Sphere: Related ContentTagged with Climate Change, Financial Crisis, Greenhouse Gas Emissions
Filed Under: Global Warming, Junk Science, News of the Day
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