Al Gore: world is on brink of
'carbon bubble'
Gore and partner David Blood call
on companies to 'do their fiduciary duty' and identify carbon risks in their
portfolios
Fiona Harvey, environment
correspondent
theguardian.com, Thursday 31
October 2013 21.08 EDT
The world is on the brink of the
"largest bubble ever" in finance, because of the undisclosed value of
high-carbon assets on companies' balance sheets, and investment managers who
fail to take account of the risks are failing in their fiduciary duty to
shareholders and investors, Al Gore
and his investment partner, David Blood,
have said.
"Stranded carbon assets"
such as coal mines, fossil fuel power stations and petrol-fuelled vehicle
plants represent at least $7tn on the books of publicly listed companies, and
about twice as much again is owned by private companies, state governments and
sovereign wealth funds.
As the danger from climate change intensifies, and as
rules on carbon and the introduction of carbon pricing in many parts of the
world start to bite, these assets are expected to come under threat, from
regulation and from the need to transform the economy on to a low-carbon
footing. The "carbon bubble" has been identified by leading thinkers
on climate change in recent years, but so far the findings have had little real
effect on investor behaviour.
David Blood
David
W. Blood was an advisory council member for the Acumen Fund, and is a co-founder & senior partner for the Generation Investment Management.
Note: Andrea Soros is a
director at the Acumen Fund, and is George Soros’s daughter.
George
Soros is Andrea Soros’s father,
and the chairman for the Foundation to
Promote Open Society.
Foundation
to Promote Open Society was a funder for the Climate Reality Project, and the Aspen Institute (think tank).
Albert
A. Gore Jr. is the chairman for the Climate
Reality Project, and a co-founder for the Generation Investment Management.
Peter
S. Knight is the president for the Generation
Investment Management, and a director at the National Park Foundation.
Jonathan B. Jarvis
is a director at the National Park
Foundation, and a director at the National
Park Service.
‘War’: Vets planning ‘Million Vet March on the Memorials’
against Obama
Sunday, October 13, 2013
As World Net Daily reported Wednesday, “veterans first
fought America’s
wars, then they fought the National Park
Service over White House-ordered closures of war memorials because of the
partial shutdown of the federal government.”
Bryan Traubert is
a director at the National Park
Foundation, and married to Penny S.
Pritzker.
Penny S. Pritzker
is married to Bryan Traubert, and a member
of the Commercial Club of Chicago.
James S.
Crown is a member of the Commercial Club of Chicago, and a trustee
at the Aspen Institute (think tank).
Lester Crown
was a lifetime trustee at the Aspen Institute (think tank), and is a
member of the Commercial Club of Chicago.
Commercial Club of Chicago,
Members Directory
Please note: This link for the
members of the Commercial Club of Chicago can no longer be found.
Valerie B. Jarrett
is a member of the Commercial Club of
Chicago, and the senior adviser for the Barack Obama administration.
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