THE HOCKEY SCHTICK
Nov 11, 2010
Although the Chicago Climate Exchange (CCX) collapsed and shut down this week, Al Gore’s Generation Investment Management LLP pocketed approximately $17.8 million on it’s 2.98% share of the exchange when it was sold to the publicly traded Intercontinental Exchange a mere 6 months ago. According to news reports, the brainchild of the exchange, academic Richard Sandor, founded the exchange with a foundation gift of $1.1 million, and pocketed $98.5 million for his 16.5% share of the CCX. This would place the value of Gore’s firm’s stake at almost $18 million. Note Gore is the founder, chairman, and largest shareholder in Generation Investment Management LLP. Barack Obama was on the Joyce Foundation Board when it provided the funding to establish the CCX. Maurice Strong, founding head of the United Nations Environmental Program (UNEP), precursor to the IPCC, was a CCX board member.
Collapse of Chicago Climate Exchange Means a Strategy Shift on Global Warming Curbs
By Ed BarnesÂ Published November 09, 2010 | FoxNews.com
The closing this week of the Chicago Climate Exchange, which was envisioned to be the key player in the trillion-dollar “cap and trade” market, was the final nail in the coffin of the Obama administration’s effort to pass the controversial program meant to combat global warming.
“It is dead for the foreseeable future,” said Myron Ebell, director of the Center for Energy and the Environment with the Competitive Energy Institute, which had fought the measure.
That assessment was echoed by environmentalists as well.
“Economy-wide cap and trade died of what amounts to natural causes in Washington,” said Fred Krupp, president of the Environmental Defense Fund, which had supported the plan.
The CCX was set up in 2000 in anticipation of the United States joining Europe and other countries around the world to create a market that would reduce the emission of greenhouse gases. Under the system, factories, utilities and other businesses would be given an emissions target. Those that emitted less fewer regulated gases than their target could sell the “excess” to someone who was above target. Each year, the target figures would be reset lower.
This article was posted: Thursday, November 11, 2010 at 4:54 am