The Profit of Doom
As the controversy over global warming doomsayer Al Gore's voracious energy-eater mansion rolls on, there's an angle I think merits deeper investigation than it is currently getting. While much of the focus has been on whether or not Gore is an environmental hypocrite, the story has raised the profile of the role of "carbon offsets" in achieving a "greener," more environmentally friendly world.
In its
original story,
The Tennessean reported that Gore buys "carbon offsets" to compensate for his home's use of energy from carbon-based fuels. As Wikipedia explains, a
carbon offset "is a service that tries to reduce the net carbon emissions of individuals or organizations indirectly, through proxies who reduce their emissions and/or increase their absorption of greenhouse gases."
Wikipedia goes on to explain that "a wide variety of offset actions are available; tree planting is the most common. Renewable energy and energy conservation offsets are also popular, including emissions trading credits."
So far, so good. But how Gore buys his "carbon offsets," as revealed by
The Tennessean raises serious questions. According to the newspaper's report, Gore's spokesperson said Gore buys his carbon offsets through
Generation Investment Management:
Gore helped found Generation Investment Management, through which he and others pay for offsets. The firm invests the money in solar, wind and other projects that reduce energy consumption around the globe, she said...
Gore is chairman of the firm and, presumably, draws an income or will make money as its investments prosper. In other words, he "buys" his "carbon offsets" from himself, through a transaction designed to boost his own investments and return a profit to himself. To be blunt, Gore doesn't buy "carbon offsets" through Generation Investment Management - he buys stocks.
BillHobbs.com - "News Offsets" from Nashville.