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Bank of America invests $50 billion for AGW (Read 4200 times)

Ajax

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Bank of America invests $50 billion for AGW
May 29^th, 2015 at 9:35pm

You alarmists talk about big oil and the kootch brothers throwing money into the denial camp.

Well it seems the alarmists have banks on there side.

Any way big oil is on board climate change and the forming of a $2 trillion dollar carbon credit market per annum.

They actually want it......!!!!

A new market that taxes the air we breath while the oligarcgy get filthy rich.

BTW when this market forms it will bite all you goody two shoes environmental foot soldiers right on the butt.

Once it has formed the only thing that will matter is the health of this market and its sustainability.

There not going to reduce CO2 cause they know it has no effect on Earth's temperature.

Their going to increase to keep the market healthy.

Quote:

Bank of America to Invest $50 Billion to Address Climate Change

Bank of America has announced it will direct $50 billion to address climate change over the next ten years, but it was slammed by an NGO for not addressing its financing of coal businesses.

The bank’s new goal will be effective from 2013, as its previous $20 billion target, set in 2007, will be met by the end of this year, four years early.

Its environmental business initiative will consist primarily of lending, equipment finance, capital markets, advisory services, carbon finance, and advice and investment solutions for clients.

The areas of focus include energy efficiency, renewable energy and infrastructure, low-carbon transportation and water and waste.

The bank also announced a goal to provide $100 million in grants and programme-related investments to non-profit organisations, community development financial institutions and other NGOs involved with low-carbon technologies and forestry.

But the bank did not address its role in financing fossil fuels, said San Francisco-based NGO Rainforest Action Network (RAN), which added that its financing initiative for renewables is not enough to reduce emissions and protect the planet.

“Bank of America’s commitment to renewable energy is a step in the right direction. However, the bank is simultaneously taking two steps back by continuing to underwrite the coal industry,” said Amanda Starbuck, director of RAN’s energy and finance programme.

http://oilprice.com/The-Environment/Global-Warming/Bank-of-America-to-Invest-50-...

« Last Edit: May 29^th, 2015 at 9:48pm by Ajax »

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Ajax Gold Member Offline CO2 has never controlled temperature on Earth Posts: 11070 Australia Gender:	Re: Bank of America invests $50 billion for AGW Reply #1 - May 29^th, 2015 at 9:49pm The World Bank is immersed in Climate change....!!!! Wonder why boys and girls....??????? BTW the world bank owns the United nations which in turn own the IPCC. http://www.worldbank.org/en/topic/climatechange/overview
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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #2 - May 29^th, 2015 at 9:56pm

Quote:

Banks and trading houses bought two-thirds of carbon permits

During the northern winter, there were more speculators in the carbon market than genuine players.

Those bankers must be very concerned about the environment.

Speculators main buyers in EU carbon auctions -report
17 May 2013

LONDON, May 17 (Reuters Point Carbon) – Banks and trading houses bought more than two thirds of the 138 million carbon permits sold by 25 European governments between Nov. 2012 and Feb. 2013 to help power plants and factories comply with the EU Emissions Trading Scheme, an EU Commission report published Friday showed.

Six “credit institutions” and six “investment firms” dominated the 35 auctions held over that period, picking up as much as 80 percent of the allowances sold in January alone, the report said, adding that only one of those companies was eligible to bid on behalf of clients.

http://www.pointcarbon.com/news/1.2378205 paywalled.

Things have changed in the carbon market. From 2005-2012 most allowances were given away free, but now they are being sold at auction. So the period starting Nov 2012 was probably the first sales under the new system. It is expected that the bankers and traders will sell the permits to the power companies in the futures market.

read the rest here
http://joannenova.com.au/2013/05/banks-and-trading-houses-bought-two-thirds-of-c...

interesting response on the cost...!!!!

Quote:

Andrew McRae

May 28, 2013 at 3:03 pm

I was just watching Parliament house live. (Very infuriating, brace yourselves.)
The prime minister said that “carbon pollution” was causing climate change, the science says so, and “no person of reason could possibly disagree”. (!)

At this point I believe the honourable Member for Tangey was ordered to leave the chamber for interjecting.
I shouted my approval at the television, “Good on ya Dennis Jensen!!” as Dr Jensen took one last disgusted look at the chamber before closing the door behind him.

The government then gave the opposition leader a “chance” to answer the question of “whether he believes in anthropogenic climate change” and is he still committed to a 5% reduction in carbon emissions by 2020. Obviously this was intended to highlight Abbot is also an adherent of the new religion and that there was still bipartisan agreement to a reduction target, so anything Abbot whinges about will ultimately have no substantial basis or lead to no significant change in outcome.

Tony Abbot’s reply (and you can look up the exact quote from Hansard probably within an hour) was basically along the lines of:

“ A) We accept the science that tells us that “something is happening to our planet“.
B) But our Direct Action plan on more trees, improved soils, and better technology will actually achieve domestic “carbon” emissions reductions when the government’s Great Big New Crippling Carbon Tax will not.
C) Domestic “carbon” emissions were projected to rise even under a $37/tonne price. The only way the government is reaching a 5% reduction target is by buying 100 million tonnes of emissions from overseas carbon traders. This tax is a 3.5 billion dollar gift to the foreign carbon traders, paid for by everybody in Australia.

I found this final admission of a nugget of truth in a house of lip-service and deceit quite surprising.
The fact the carbon tax is a gift to the banksters and the UN has been a poorly kept secret for over a year and based on the comments I just saw in Parliament it is totally out in the open now.

http://joannenova.com.au/2013/05/banks-and-trading-houses-bought-two-thirds-of-c...

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #3 - May 29^th, 2015 at 10:08pm

Do you honestly think anyone would try cutting their emissions with hand outs like this....?????

Quote:

Generators have received $1 billion in government compensation money in the six months since the carbon price has been in place, the report prepared for lobby group Environment Victoria says.
The report estimates generators will receive between $2.3 billion and $5.4 billion, depending on the future carbon price, unless the compensation system is reviewed.

http://www.9news.com.au/national/2013/02/20/01/00/power-stations-reap-carbon-win...

« Last Edit: May 29^th, 2015 at 10:29pm by Ajax »

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Ajax Gold Member Offline CO2 has never controlled temperature on Earth Posts: 11070 Australia Gender:	Re: Bank of America invests $50 billion for AGW Reply #4 - May 29^th, 2015 at 10:10pm Gillard should be in jail.......!!!!! Quote: "International carbon markets will cover billions of consumers this decade. Ask the bankers at your table whether they want Australia to clip that ticket. We’re going to help them get their share." Julia Gillard
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Ajax Gold Member Offline CO2 has never controlled temperature on Earth Posts: 11070 Australia Gender:	Re: Bank of America invests $50 billion for AGW Reply #5 - May 29^th, 2015 at 10:54pm
Back to top	1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax 2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos IP Logged

Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #6 - May 30^th, 2015 at 10:49am

Quote:

Former VP Al Gore, co-founder and president of Generation Investment Management, a carbon emissions trading company poised to make billions if cap and trade ever becomes mandatory, hawked his Global Warming re-branded as Climate Change 24 Hours of "Reality"last week to little notice.

Meanwhile, UN worldcrats are drooling over the Green Climate Fund in which "the world's richest countries

[places where political leaders financially rape productive citizens via ever-burgeoning taxes]

pledged to channel $100 billion annually by 2020, part of it through the fund, to help poorer nations

[places where leaders have already taxed their populations into abject destitution]

reduce greenhouse-gas emissions"

[while skimming as much Other People's Money as possible into their own secret bank accounts].

http://www.examiner.com/article/climate-change-the-scam-that-just-won-t-die

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #7 - May 30^th, 2015 at 10:51am

Quote:

Corporations try to hijack green climate fund at Durban

Sunday, December 4, 2011

The World Bank Out of Climate Finance coalition issued the statement below on December 1 from Durban, South Africa.

* * *

Today, 163 civil society organisations from 39 countries released a letter exposing an attempt led by the US, Britain and Japan to turn the Green Climate Fund into a “Greedy Corporate Fund” at UN climate talks in South Africa.

The Green Climate Fund was created to support people in developing countries — people who are the most affected by the climate crisis but are the least responsible for it.

But at the climate negotiations this week, developed countries are trying to allow multinational corporations and financiers to directly access Green Climate Fund financing.

This means companies could bypass developing country governments and their national climate strategies to get to public money.

“Turning the Green Climate Fund into a Greedy Corporate Fund would be shameful, yet this is what is being attempted at the Durban climate talks,” said Meena Raman from Third World Network.

Karen Orenstein from Friends of the Earth US said: “Led by the US and the UK on behalf of Wall Street and The City, this attempt to hijack developing countries’ funding is outrageous.

“Communities need this money to address climate change and to finance their own development — without repeating the same mistakes that the rich countries have made.”

Lidy Nacpil of Jubilee South Asia/Pacific Movement on Debt and Development said: “The role of private investment in financing climate activities must be decided at the national and sub-national levels in line with countries’ priorities, not corporate bottom lines.

“The move to allow the private sector to go directly to the Green Climate Fund for money undermines the possibility of a democratic, participatory process for meeting the needs of communities struggling to fight climate change.”

Few adaptation measures in developing countries will be attractive to the private sector, as they will not generate revenue. Some key mitigation programs may also not be financially lucrative.

Groups also warned against closed-door negotiations on the Green Climate Fund by South Africa, the US and other developed countries.

Bobby Peek of groundwork/Friends of the Earth South Africa said: “Whatever happens in Durban must be fully transparent. We are deeply concerned by reports that South Africa is informally consulting behind closed doors on the Green Climate Fund decision.

“This will greatly undermine the legitimacy, and ultimately the effectiveness, of the Green Climate Fund.”

The concerns expressed in the letter come on top of the long-held rejection by many in civil society of any role for the World Bank in the Green Climate Fund.

http://aussiepolitics.proboards.com/thread/367/good-carbon-tax

« Last Edit: May 30^th, 2015 at 11:16am by Ajax »

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #8 - May 30^th, 2015 at 10:55am

Just in case any of you dont know.........................................

Credit default swaps (CDS) are the primary reason why we had the Global Financial Crises (GFC) in 2008 and why most countries around the world today find themselves slaves to BANKERS.

Its not the countries that are in trouble its their PRIVATE banks that due to their greed and misuse of funds have enslaved the tax payers and citizens of all nations to bow down to bankers by handing over the riches of their land.

The woman that invented (CDS) is also the same architect for Carbon Derivatives.

Now what does that tell you about the carbon tax ETS and the relationship to bankers.

All the FOOLS that think the carbon tax/ETS will some how clean up manmade pollution you better reassess what is happening to you and your country.

Because you're been taken for a ride.

Some of you gullable fools say its better to do something than nothing.

Well the carbon tax ETS will do NOTHING to clean up manmade pollution.

Quote:

Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives, Which Would Be at the Very CENTER of Cap and Trade

As I have previously shown, speculative derivatives (especially credit default swaps or CDS are a primary cause of the economic crisis. They were largely responsible for bringing down Bear Stearns, AIG (and see this), WaMu and other mammoth corporations.

According to top experts, risky derivatives were not only largely responsible for bringing down the American (and world) economy, but they still pose a substantial systemic risk:

A Nobel prize-winning economist (George Akerlof) predicted in 1993 that CDS would cause the next meltdown

Warren Buffett called them weapons of mass destruction in 2003

Warren Buffett¡¯s sidekick Charles T. Munger, has called the CDS prohibition the best solution, and said ¡°it isn¡¯t as though the economic world didn¡¯t function quite well without it, and it isn¡¯t as though what has happened has been so wonderfully desirable that we should logically want more of it¡±

Former Federal Reserve Chairman Alan Greenspan ¨C after being one of their biggest cheerleaders ¨C now says CDS are dangerous

Former SEC chairman Christopher Cox said ¡°The virtually unregulated over-the-counter market in credit-default swaps has played a significant role in the credit crisis¡±

Newsweek called CDS ¡°The Monster that Ate Wall Street¡±

President Obama said in a June 17 speech on his plans for finance industry regulatory reform that credit swaps and other derivatives ¡°have threatened the entire financial system¡±

George Soros says the market is still unsafe, and that credit- default swaps are ¡°toxic¡± and ¡°a very dangerous derivative¡± because it¡¯s easier and potentially more profitable for investors to bet against companies using them than through so-called short sales.

U.S. Congresswoman Maxine Waters introduced a bill in July that tried to ban credit-default swaps because she said they permitted speculation responsible for bringing the financial system to its knees.

Nobel prize-winning economist Myron Scholes ¨C who developed much of the pricing structure used in CDS ¨C said that over-the-counter CDS are so dangerous that they should be ¡°blown up or burned¡±, and we should start fresh

A leading credit default swap expert (Satyajit Das) says that the new credit default swap regulations not only won¡¯t help stabilize the economy, they might actually help to destabilize it.

Senator Cantwell says that the new derivatives legislation is weaker than current regulation
Round Two: Carbon Derivatives

Now, Bloomberg notes that the carbon trading scheme will be largely centered around derivatives:

The banks are preparing to do with carbon what they¡¯ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They¡¯re also ready to sell carbon-related financial products to outside investors.

[Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity ¡ª in this case, CO2 and other greenhouse gases¡

Who is Blythe Masters?

She is the JP Morgan employee who invented credit default swaps, and is now heading JPM¡¯s carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article):

read the rest here

www.washingtonsblog.com/2009/12/woman-who-invented-credit-default-swaps-is-one-o...

From the same site:.......................

Financial experts are also opposed to cap and trade:

Even George Soros, the billionaire hedge fund operator, says money managers would find ways to manipulate cap-and-trade markets. ¡°The system can be gamed,¡± Soros, 79, remarked at a London School of Economics seminar in July. ¡°That¡¯s why financial types like me like it ¡ª because there are financial opportunities¡±¡

Hedge fund manager Michael Masters, founder of Masters Capital Management LLC, based in St. Croix, U.S. Virgin Islands [and unrelated to Blythe Masters] says speculators will end up controlling U.S. carbon prices

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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innocentbystander. Gold Member Offline Australian Politics Posts: 4723 Gender:	Re: Bank of America invests $50 billion for AGW Reply #9 - May 30^th, 2015 at 11:26am Who said CO2 was harmless, its caused the world to go completely mad
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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #10 - May 30^th, 2015 at 1:30pm

Hey hairy arse chimp, here's something for you to ponder over banana breath, its abit out dated but its still close enough.

Quote:

Known Data

From thermodynamics (ideal gas)

One mol at one atmosphere (101.3 Kpa)

@25° C = 24.465L/mol
@0° C = 22.414L/mol

From the periodic table (Molar mass number)

Carbon (C) = 12.011g mol-1
Oxygen (O) = 15.999g mol-1 use 16g mol-1

Therefore the molar mass of CO2 is
CO2 = 12.011 + (2x16) = 42.011g mol-1

From Wikipedia

Current concentrations of CO2 in our atmosphere are at 0.039%
--------------------------------------------------------------------------------
------

1. Calculations to find the total volume of CO2 in one cubic metre of air

Now one cubic metre of air is equal to one thousand litres (1000L).

Where L = Litres

Therefore the total volume in Litres (L) of CO2 in one cubic metre (1000L) of air is

1000 x 0.00039 = 0.39 L (Total volume of CO2 in one cubic metre of air)

97% CO2 comes from the ecosystems = 97% of 0.39 = 0.3783 L _ (378.3 milliliters natural CO2)

3% CO2 comes from man = 3% of 0.39 = 0.0117 L _ (11.7 millilitres manmade CO2)

Australia’s emissions are (1.5% of all manmade CO2) within that one cubic metre (1000L) of air our contribution of CO2 volume is

1.5% x 11.7 = 0.1755 millilitres that’s not even one millilitre

2. Calculations to find the total mass of CO2 in one cubic metre of air

The formula to find the mass of CO2 in one cubic metre (1000L) of air is,

m = n x M

Where m = mass in grams
n = moles
M = molar mass

Therefore one mole of CO2 = 0.39/24.465 = 0.01594

And the total mass of CO2 contained in one cubic metre (1000L) of air is

m = n x m
m = 0.01594 x 42
m = 0.6695 grams that's not even one gram

97% CO2 comes from the ecosystems = 97% of 0.6695 = 0.649415 grams (natural)

3% CO2 comes from man = 3% of 0.6695 = 0.020085 grams (manmade)

Australia’s emissions are (1.5% of all manmade CO2) within that one cubic metre (1000L) of air our contribution of CO2 mass is

1.5% x 0.020085 = 0.000301275 grams that’s way below one gram.

« Last Edit: May 30^th, 2015 at 1:35pm by Ajax »

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Chimp_Logic

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Re: Bank of America invests $50 billion for AGW
Reply #11 - May 30^th, 2015 at 2:45pm

Batman trolling himself now...

I wonder if the capped crusader knows how much TAX PAYERS money is funnelled into the fossil fuel industry? How much do Banks fund the fossil fuel industry? How many wars are fought over fossil fuels directly and indirectly?

Poor poor Batman, he is concerned about a few billion going in renewable resources. An investment that will help the children.

We all know what Batman thinks about the long wellbeing of children don't we ladies and gentlemen?

Mini Ice Age (2014-2029)
Dr Sircus cures cancer with Baking Soda and Magnesium - Jethro the MENTAL GIANT & his flute madness

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Ajax

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Re: Bank of America invests $50 billion for AGW
Reply #12 - May 30^th, 2015 at 3:07pm

Chimp_Logic wrote on May 30^th, 2015 at 2:45pm:

Lost for words again are we red arse, is that why your playing the children hand again....????

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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Chimp_Logic Gold Member Offline πολιτικός Posts: 4826 Mawson Base Gender:	Re: Bank of America invests $50 billion for AGW Reply #13 - May 30^th, 2015 at 4:17pm Batcrap talking to himself now, frothing at the mouth because people can see through his cut and paste fossil web spin. You need to apologise to everyone on this forum
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Ajax

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CO2 has never controlled
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Re: Bank of America invests $50 billion for AGW
Reply #14 - May 30^th, 2015 at 4:20pm

Chimp_Logic wrote on May 30^th, 2015 at 4:17pm:

Batcrap talking to himself now, frothing at the mouth because people can see through his cut a paste fossil web spin.

You need to apologise to everyone on this forum

What don't you mean you have to apologise for deceiving everyone with your alarmists religious ways.+

1. There has never been a more serious assault on our standard of living than Anthropogenic Global Warming..Ajax
2. "One hour of freedom is worth more than 40 years of slavery & prison" Regas Feraeos

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