Professional climate skeptics are so yesterday. Why do the Think Tanks even bother to pay their salaries?
Private investors alone can't spur an environmentally friendly "green economy," Bank of America Corp. (BAC) Chief Executive Ken Lewis [pictured] said Tuesday, as he called on Congress to create a cap-and-trade system to help control carbon emissions....
"We favor a market-based mechanism to set a value for carbon allowances, and a clear, federal standard that would give investors the certainty they need to plan for the future," Lewis said.
And here's the money quote.
"There are a lot of great ideas out there," Lewis said. "This fact creates a huge risk-management challenge for banks...as a financial backer of new technologies, the bank is in the position of picking winners and losers."
Via::Wall Street Journal, Bk Of America CEO: Carbon Emissions Need Cap-And-Trade System Image credit::Bloomberg