Monday, August 20, 2007
In a post Billy Beck titled Extort-O-Rama, the catalyst for which was this post at Coyote Blog, he presents, without comment, a few words from Chris Horner, posted at National Review’s Blog Row, wherein Horner notes the next feeding frenzy for trial lawyers will very likely be centered around alleged global warming, since they’ve had ample time to digest the gluttony of tobacco litigation.
I thought of the above when I read this headline. Eco-millionaires see boom times ahead
The eco-millionaire article begins this way.
Mankind’s response to climate change will shift how the world gets its energy and is already making “green barons” out of early investors in renewable energy, clean technologies and carbon trading.
Reuters spoke to four entrepreneurs who are cashing in on the energy revolution and who say there is more money to be made.
The article continues with Reuters’ Chris Wills asking each of the four “entrepreneurs” the two questions. “How did you get rich?,” and “Is ‘the business of green’ a bubble?”
Here are abbreviated responses to the questions, mostly with the same underlying theme. First, Bruce Khouri of Solar Integrated Technologies.
...As long ago as the early 1990s Khouri saw a market for flexible solar panels which could be laminated on to large roofs, such as warehouses. He did not found Solar Integrated until 2001 once tax and subsidy incentives made the market more attractive.
Second, Pedro Moura Costa of EcoSecurities.
...“The only chance of it being a bubble is if we lack the political commitment to drive emission reductions worldwide—and if we do that we might as well forget about any environmental effort whatsoever because climate change is hitting us hard and the trend is likely to accelerate. I think it’s very unlikely political support will go away.”
Next up, David Scaysbrook of Novera Energy.
First, people were more worried about energy security and producing energy themselves. Second, the cost of traditional energy sources such as oil and gas had gone up. Third, tax breaks, subsidies and emissions caps had prompted even more conservative investors “to finally move off their perch”.
And last, but not least, Neil Eckert of Climate Exchange PLC, whose website link was not functional when I attempted to access it.
...but it’s vital we listen to the scientific consensus and create a financial solution.
Note, if you will, the portions of the above responses which I have put in bold type. Each of the so called “eco-millionaire” entreprenuers have profited handsomely only because of state interventions, whether in the form of tax breaks, tax subsidies, or legislation. And without “political support,” as Pedro Moura Costa notes, or supposed “scientific consensus,” as Neil Eckert states, these eco-millionaires would in all likelihood be beating a dead horse with all the hype and lack of success of the Segway.
There’s definitely money to be made in the “green” business, unfortunately not honorably.