Posted on 09. Nov, 2011 by jamesleaton in
Al Gore confirms Carbon Trackers analysis of the value of extractives companies sitting on the financial markets. Commenting on the need to build sustainable capitalism at the BSR Conference in November 2011, Al Gore stated:
“We now have around 7 trillion subprime carbon assets in the global economy and their value, like the subprime mortgages, is based on an assumption that is highly questionable.
“The assumption is that it is perfectly OK to dump 90 million tonnes of heat trapping pollution into the thin shell of atmosphere surrounding our planet every 24 hours as if the atmosphere is an open sewer. That assumption is incorrect. When will that assumption collapse, bringing down with it the stated value of these subprime carbon assets, I don’t know.”
Read the article at Greenbiz