Nobel laureate Al Gore advised Wall Street leaders and institutional investors Thursday to ditch their "subprime carbon assets" - businesses too reliant on carbon-intensive energy - or prepare for huge losses down the road.
"You need to really scrub your investment portfolios, because I guarantee you - as my longtime good redneck friends in Tennessee say, I guarandamntee you - that if you really take a fine-tooth comb and go through your portfolios, many of you are going to find them chock-full of subprime carbon assets," said the former U.S. vice president who won a Nobel Prize for his environmental work...
Gore's remarks before a high-profile business crowd that collectively controls some $20 trillion in capital were intended to unleash a financial ripple effect that would force the entire world to start putting a price on carbon emissions and treating them as a scarce commodity.
It's pretty easy to flag those sub-prime carbon assets too. They're the companies with the huge energy bills. They're the ones lobbying Congress to go easy on the carbon cap, and to"do something" to prevent power plants from burning up all the natural gas to generate electricity when they could be using "clean coal."