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Viridian NotesOctober 29, 200611:44
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(((I am sending this Note live from within the Seattle Central Library, just to prove that I can do such things. By the way, this is a Rem Koolhaas building designed to Silver LEED standards.))) Link: (((The speaker quoted here in the last words of Twain's novel is Colonel Mulberry Sellers, a deluded American genius.))) "This grand new idea of mine == the sublimest I have ever conceived, will save me whole, I am sure. I am leaving for San Francisco this moment, to test it, by the help of the great Lick telescope. "Like all of my more notable discoveries and inventions, it is based upon hard, practical scientific laws; all other bases are unsound and hence untrustworthy. "In brief, then, I have conceived the stupendous idea of reorganizing the climates of the earth according to the desire of the populations interested. "That is to say, I will furnish climates to order, for cash or negotiable paper, taking the old climates in part payment, of course, at a fair discount, where they are in condition to be repaired at small cost and let out for hire to poor and remote communities not able to afford a good climate and not caring for an expensive one for mere display. "My studies have convinced me that the regulation of climates and the breeding of new varieties at will from the old stock is a feasible thing. Indeed I am convinced that it has been done before; done in prehistoric times by now forgotten and unrecorded civilizations. "Everywhere I find hoary evidences of artificial manipulation of climates in bygone times. Take the glacial period. Was that produced by accident? Not at all; it was done for money. I have a thousand proofs of it, and will some day reveal them. "I will confide to you an outline of my idea. It is to utilize the spots on the sun == get control of them, you understand, and apply the stupendous energies which they wield to beneficent purposes in the reorganizing of our climates. At present they merely make trouble and do harm in the evoking of cyclones and other kinds of electric storms; but once under humane and intelligent control this will cease and they will become a boon to man. "I have my plan all mapped out, whereby I hope and expect to acquire complete and perfect control of the sun-spots, also details of the method whereby I shall employ the same commercially; but I will not venture to go into particulars before the patents shall have been issued. I shall hope and expect to sell shop-rights to the minor countries at a reasonable figure and supply a good business article of climate to the great empires at special rates, together with fancy brands for coronations, battles and other great and particular occasions. There are billions of money in this enterprise, no expensive plant is required, and I shall begin to realize in a few days == in a few weeks at furthest. "I shall stand ready to pay cash for Siberia the moment it is delivered, and thus save my honor and my credit. I am confident of this. "I would like you to provide a proper outfit and start north as soon as I telegraph you, be it night or be it day. I wish you to take up all the country stretching away from the north pole on all sides for many degrees south, and buy Greenland and Iceland at the best figure you can get now while they are cheap. It is my intention to move one of the tropics up there and transfer the frigid zone to the equator. I will have the entire Arctic Circle in the market as a summer resort next year, and will use the surplusage of the old climate, over and above what can be utilized on the equator, to reduce the temperature of opposition resorts. "But I have said enough to give you an idea of the prodigious nature of my scheme and the feasible and enormously profitable character of it. "I shall join all you happy people in England as soon as I shall have sold out some of my principal climates and arranged with the Czar about Siberia. "Meantime, watch for a sign from me. Eight days from now, we shall be wide asunder; for I shall be on the border of the Pacific, and you far out on the Atlantic, approaching England. That day, if I am alive and my sublime discovery is proved and established, I will send you greeting, and my messenger shall deliver it where you are, in the solitudes of the sea; for I will waft a vast sun-spot across the disk like drifting smoke, and you will know it for my love-sign, and will say 'Mulberry Sellers throws us a kiss across the universe.'" O=c=O O=c=O O=c=OTHIS IS A PRETTY GOOD LIBRARY O=c=O O=c=O O=c=O October 20, 200605:31
http://www.amazon.com/gp/product/0810930951/ref=sr_11_1?ie=UTF8&tag2=worldchangi0b-20 http://www.hnabooks.com/product/extended/3421?imprint (((If you read Viridian List, you want this new book. The proper time for you to buy it is now. Why? Because the modern publishing system, such as it is, has become as deranged and sclerotic as the movie business, so a big early roll-out counts for a lot in their ridiculous biz calculations.))) (((There are two thousand of you out there, and what we Viridians lack in raw numbers we make up for in culture-hacking perspicacity. So I want you to buy three of them. Buy one for yourself, buy two more as propaganda, I mean "gifts," and give them to someone older than yourself and younger than yourself, so as to induce a nice demographic spread across the reader-buyer user-base.))) (((If this tome becomes as big a hit as its spiritual ancestor the WHOLE EARTH CATALOG, we can accelerate the change to a high-tech green 21C by years. Furthermore, even though it's reasonably priced, it comes in a gorgeously designed Stefan Sagmeister slipcase that looks really classy, so your gift recipients will not feel politically and culturally manipulated but will be all impressed by your good taste.))) (((They're going to read this thing, and they're going to have stretch-marks all over their heads, because in their morose sorrow during years of domination by fundie creeps, they've forgotten what new ideas look like and this book is full of them. You won't have to lift a finger to affect this change within them -- for these are the heavy guns of the movement here, assembled in battalion. I've been showing my copy to scientists, engineering professors, government workers -- serious, seasoned people, reality-based-community people. They are awestruck. And justly so.))) (((As it so happens, I wrote an introduction to this book. Then Al Gore muscled in and wrote a second introduction. That's how good this book is. It's heavy-duty. It's so heavy that guys who should have been President of the United States are all concerned. If you are into cybergreen issues you can't call yourself informed without WORLDCHANGING. Furthermore, the people involved in this effort are the absolute salt of the earth. They're bright, fluent, capable and they genuinely get it. They don't merely "get it," they are inventing that which it is necessary to get. These are people you need to know a lot more about.))) (((After buying some books, for the system requires financial stimulation, go talk about it. Talk it up, talk about it incessantly. Word-of-mouth the living daylights out of it. Normally this is annoying behavior, in the case of this book we can make a moral exception. This book demands discussion because it's full of amazing and completely apt material which can't be found anywhere else.))) (((Further note that there is an associated book tour. If your town is being graced with WORLDCHANGING authors you should get up, leave the screen, go there, press the flesh, vow some Bright Green fealty and buy more of the book, so that the tour is extended. Yes, I am completely in earnest about you doing this. That's practical, it's doable and it can make a serious difference. But, you know, not five months from now. The iron is red-hot right now.))) (((You may have been reading Viridian Notes for eight years. Lord knows I have. Imagine those hours of labor and, uh, occasional amusement. Well, the release of this book is a crux event. If this book is a hit, the world will actually change. And in a direction of which we strongly approve. If that happens, you're going to see sprightly, forward- marching Viridian Notes full of cheery news about cool Bright Green developments hitting mainstream acceptance, like, for instance, the Googletorium bedizened with a zillion solar panels. Who can't like that?))) (((Otherwise, you'll be locked in the souring terror-bunker watching black water pour in over the sill as a society poisoned by Lysenkoist denial drowns in its own spew. Okay, frankly, you're just bound to get some black darkside spew from Viridian List, no matter how grand things are going, but let's face it: this is a unique opportunity for you to take a direct and personal action that briskly heaves that slider-bar into the direction of light and reason. So do it.))) (((If you are one of our non-Anglophone readers, go pester somebody to translate it.))) WORLDCHANGING TOUR LAUNCH: SEATTLE, WAWorldchanging, the Book "In just over a week we'll be officially launching our book, Worldchanging: A User's Guide for the 21st Century, from WC's hometown of Seattle on October 28. Our first event kicks off a 6-week tour, and it should be a spectacular evening. "Worldchanging Executive Editor, Alex Steffen will take the stage in conversation with super-ally (and author of the book's introduction), Bruce Sterling, to talk about imagining, designing and building a bright green future. "Please join us if you are nearby. We love to meet our readers and supporters, and we're looking forward to having a chance to spend some time with you and create an opportunity for the local community to connect and build networks. The big event: Saturday, October 28
Town Hall Seattle WORLCHANGING TOUR: VANCOUVER Worldchanging, the Book "We often show our love for Vancouver in posts on Worldchanging, but now we can show it in person. Please join us for an evening of big ideas and fun people on November 5 at Workspace. Continue reading "Worldchanging Tour: Vancouver" Posted at 06:55 PM on October 17, 2006 | Permalink | Comments (2) | TrackBack (0) WORLDCHANGING TOUR: PORTLAND, OR Worldchanging, the Book "We've always had a lot of great friends and allies in Portland. That's part of the reason we chose to make it our first stop after our Seattle launch event. If you're in town October 29th and 30th, come on out! Continue reading "Worldchanging Tour: Portland, OR" Posted at 05:08 PM on October 17, 2006 | Permalink | Comments (0) | TrackBack (0) WORLDCHANGING TOUR: NEW YORKWorldchanging, the Book "New York is such a big town, we can't get it done in just one stop. We'll be in New York City three times, hosting four events. So although we're not covering too many cities on the east coast (D.C. and Toronto are the only others), you have ample opportunity to plan ahead for a trip into NY to celebrate with us. Please come! Details after the jump... Continue reading "Worldchanging Tour: New York" Posted at 06:49 PM on October 17, 2006 | Permalink | Comments (1) | TrackBack (0) Worldchanging, the Book We're ending the tour with a Rocky Mountain high in
Colorado. We'll be holding a reading and reception
at the legendary independent bookstore, Tattered Cover,
on December 14 at their Lower Downtown location.
In addition to that, we'll be spending a couple of
extra days around Denver (hometown of our Managing
Editor, Sarah Rich) and Boulder. Please do come to
the main event, and we may organize an informal
gathering at a bar during one of our other evenings.
Stay tuned. Worldchanging, the Book We have a lot of friends, allies and colleagues in
the Bay Area, so we're incredibly excited to be able
to offer up several big events there. As a hub of
all things green, we hope to get great a turnout
at 111 Minna on December 5 and the Commonwealth Club
on December 7. Spread the word! Worldchanging, the Book From Austin, we're heading west to LA for several
SoCal readings and parties. We'll be there from
November 30 - December 4 when we swing up to SF.
These events are still in the works, so please check
back here for more details. Worldchanging, the Book Austin's been an important star in the Worldchanging
constellation from the start. Right after Thanksgiving,
we're zipping down to Austin, TX, to join with some
core WC teammates and a number of great groups,
including Solar Austin, to have a reading at Book
People. Worldchanging, the Book In DC, it's a tour of the worlds, with Worldchanging
teaming up with our friends at Worldwatch, the World
Resources Institute and elsewhere to create several
terrific events. Come on out and celebrate with the
extended worldchanging network! Worldchanging, the Book Our Toronto stop is shaping up to be one of the biggest of the entire tour. It's been really amazing to see the way all our Canadian colleagues have come together to create what looks to be an absolutely phenomenal evening of big ideas, worldchanging innovation, and community celebration. Ed Burtynsky, the noted photographer (and WC board member) and Ron Dembo (of Zerofootprint) will be joining Alex on stage to present an evening of Worldchanging ideas on November 14. Folks from the Art Gallery of Ontario will be creating an installation. Various DJs will lay down some sounds while we meet and mingle and party until late. This promises to be one of the most exciting events of the year. We hope you'll plan to attend. Continue reading "Worldchanging Tour: Toronto" Posted at 03:29 AM on October 18, 2006 | Permalink | Comments (0) | TrackBack (0) WORLDCHANGING TOUR: CHICAGOWorldchanging, the Book In the Windy City WC is going aquatic with a big event at the Shedd Aquarium on November 12. We can't wait for this fantastic evening, with opportunities to hear about some breakthrough innovations (including appearances by a couple amazing special guests), meet and mingle with other folks out there trying to make the world a better place, and generally celebrate the whole worldchanging community. Continue reading "Worldchanging Tour: Chicago" Posted at 03:18 AM on October 18, 2006 | Permalink | Comments (1) | TrackBack (0) WORLDCHANGING TOUR: MINNEAPOLISWorldchanging, the Book Minneapolis is a hub for activity in arts and
sustainability. We're eagerly anticipating a lively
meetup with readers and allies at Kingman Studios
on November 8. TIME FOR ACTION DO IT NOW O=c=O O=c=O O=c=O October 13, 200609:07
(((Are you in Austin? How'd you like to come over to my house this Saturday night, Oct 14, and hang out with some science fiction writers? It's a meeting of the time-honored Turkey City Writer's Workshop. Nothing too strenuous; some literary gossip and beer. Send me email and I'll tell you how to get here.))) (((A few choice highlights from the 02006 "Austin Environmental Directory." Austin isn't that big a city, but it sure packs enviros all out of proportion to its populace. Look at this swarm of builders, gardeners, solar installers, et al, all of them in a modest place which, years ago, was already declaring itself the Clean Energy Capital of the World. Wouldn't YOUR city like to be a clean energy capital? Well, get in line! And if all goes well, then someday, your Dirty Energy burg will also be crawling with colorful, symptomatic green-biz entities, more or less like these.)))
The Austin Environmental Directory on the web:
Various interestingly-named weatherization contractors: A-Plus Energy Geothermal heat pumps: Climate Master Fixers: Good Company Associates Green architecture Center for Maximum Potential Building Systems
Earth-sheltered Living Barley and Pfeiffer, Comprehensive Sustainable Architecture
Thangmaker Strawbale and Earthfloors
Eco-Wise Environmental Remodeling
Sustainable Building Coalition
Materials Eco-Creto pervious concrete
Cell-U-Insel Soy-Based Foam Spray Insulation
Crazy Paver Stone Mosaic recycled quarry waste:
Terra Green Ceramics Exterminators Environment Sensitive Pest Control Treatments
Solar installers Armadillo Solar Meridian Energy Systems Solar Community Texas Solar Power Custom Solar Electric "Need a little extra cash? If you have an old refrigerator or freezer you need to get rid of, Austin Energy has a proposal for you. We'll pick up your old appliance, make sure it gets recycled properly, and PAY YOU $35! It's that simple. No fuss. No delivery charges. No trips to the landfill. We'll take care of everything."
Ecology Action of Texas City of Austin Household Hazardous Waste Programs
NGOs CLEAN Air Force of Central Texas
Sustainable Energy and Economic Development Coalition
Texas Solar Energy Society Environment Texas Texas Campaign for the Environment
Recycling Alliance of Texas
Liveable City Austin Eco Network Native Plant Society of Texas Austin Chapter
Native Prairies Association of Texas
TreeFolks Useful Wild Plants of Texas
Wildflower Center AMAZINGLY, THAT'S ALL DONE BY THE SAME TWELVE AUSTINITES! O=c=O O=c=O O=c=O O=c=O O=c=O October 1, 200612:13
Fun links before the depressing mayhem: In Iceland, they turn out all the city lights to watch the stars! The descendants of
seafaring Vikings have to be told what constellations are, since they've never seen any.
Rich hippies will save the world – while flying designer passenger rockets into outer
space!
Rubber sidewalks! That's bouncy news! Who can't like a METROPOLIS design competition?
And it's about energy! London City Hall is green! Rule Britannia!
This wild scheme actually turns CO2 back into fuel!
What? Huh? What happened to the Second Law of Thermodynamics?
by Tom Burke "The science is clear, the technology is available. To meet the challenge of 'the most serious threat to humanity since the invention of nuclear weapons,' climate-change campaigners now need to win the political argument, says Tom Burke of E3G. Link: "The public argument on climate change has been transformed by a series of recent interventions by scientists. First, James E Hansen, the global doyen of climate scientists, announced that the world has only ten years in which to take decisive action on the climate. "'I think we have a very brief window of opportunity to deal with climate change ... no longer than a decade, at the most,' he told the Climate Change Research Conference in Sacramento, California. (((Hansen may be right... or it may be time to figure out who to abduct and torture after the 'window of opportunity' stays nailed shut. But wait, that would be the glorious job of the US Congress!))) "Second, John P Holdren, the incoming president of the American Association for the Advancement of Science, said in his inaugural address that the world is already experiencing dangerous climate change. "Third, Britain's national academy of science, the Royal Society, sent a letter to the oil company ExxonMobil asking it to stop supporting organisations that were deliberately distorting the science of climate change. (((A stern letter from the Royal Society! I reckon they're trembling in their
snakeskin boots over at Exxon's Texan HQ.)))
"We are much more accustomed to scientists entering the public debate about risk to say that our fears are exaggerated. There is no precedent for the kind of interventions we are now witnessing. (((An entire scientific intelligentsia being wiped out by Lysenkoism springs to mind, but that may not be a "precedent" that our author is eager to contemplate.))) "They are a mark of the growing panic within the scientific community at the deepening abyss between what they know about the climate and what governments are doing. "Two things are now becoming clear. The climate is changing faster, and the impacts of this change are going to be nastier, than we first thought." (((A few change-impacts, like, for instance, these, thoughtfully assembled last month by Arlington Institute. It's a nothing deal to assemble reports like this now. The change is coming much faster than anybody is managing to "get real.")))
ENVIRONMENTAL ISSUES
"Scientists at the National Oceanic and Atmospheric Administration in Boulder have now figured out how to project the results of global futures scenarios, based on sophisticated computer predictions – formerly just rows of numbers – as changing colors on a 5-foot sphere with the continents outlined on it. A number of these spheres are now being installed in museums around the United States and the world, so the world can see what it's in for. Forecast Puts Earth's Future under a Cloud -- (Guardian -- August 15, 2006)
"More than half of the world's major forests will be lost if global temperatures rise by an average of 3C or more by the end of the century. This prediction comes from the most comprehensive analysis yet of the potential effects of human-made global warming. Extreme floods, forest fires and droughts will also become more common over the next 200 years as global temperatures rise owing to climate change." Greenland Melt 'Speeding Up' -- (BBC -- August 11, 2006)
"The meltdown of Greenland's ice sheet is speeding up, satellite measurements show. Data from a NASA satellite show that the melting rate has accelerated since 2004. If the ice cap were to completely disappear, global sea levels would rise by 6.5m (21 feet)." Aspen Trees in West Dying -- (ABC -- August 11, 2006)
"A conservative estimate is that about 10 percent of the aspen in Colorado may have died or become afflicted with something in the past 5 to 10 years. Possible causes include a fungus, hungry caterpillars, drought, man's interference with the natural cycle of forest fires, and even resurgent herds of hungry elk nibbling saplings to death. More Frequent Heat Waves Linked to Global Warming -- (Washington Post -- August 04, 2006)
"Heat waves like those that have scorched Europe and the United States in recent weeks are becoming more frequent because of global warming, say scientists who have studied decades of weather records and computer models of past, present and future climate." (((See? Nowadays, any and every futurist can sound just like Viridian List! Meanwhile, back to the political activist.)))
"But other, more hopeful, things are also becoming clearer. We may no longer be able to avoid dangerous climate change, but we can avoid catastrophic climate change. (((Or, if we trundle right along into 'catastrophic' due to continued political incapacity, maybe we can draw a firm line at 'apocalyptic.'))) "We already have the technologies we need to keep the eventual temperature rise to around two degrees Centigrade. But we need to deploy them with great urgency. "We also know that we can afford to do so. Economic analyses of the cost of tackling climate change suggest that it will require the equivalent of around 1% of GDP. This is well within the margin of error of these figures and would simply delay the arrival of the same level of wealth by a few months. (((Unless you're Exxon Mobil, in which case you're left in the toilet because, in your infinite market wisdom, you never did a thing about green energy.))) "Estimates of the economic damage resulting from a rapidly changing climate are often five times as much. It will not cost the earth to prevent catastrophic climate change, but it will cost the earth not to do so. (((The Earth doesn't pay the bills for denial lobbyists.))) "The problem is neither the economics nor the technology: it's the politics. "Preventing catastrophic climate change requires nothing less than the complete transformation of the global energy system in the next forty years. (((Actually, we're gonna get that change either way: we either rebuild the global energy system, or else it catches fire, blows over and drowns.))) "We must both reduce our dependence on fossil fuels and stop the carbon from the fossil fuels we do use from entering the atmosphere. (((You'd think that Members of Parliament had built all those smokestacks personally. Are smokestacks in the Magna Carta?))) "We currently add about seven billion tonnes of carbon to the atmosphere each year. If we continue to fuel our expanding economy as we do today this will become fourteen billion tonnes a year by 2050. (((I'm trying to think of a witty remark to make about fourteen billion annual tons of carbon. Let me know if you have one.))) "Agriculture adds another two-and-a-half billion tonnes that cannot easily be removed. The oceans and plants annually absorb some five billion tonnes of that carbon. By 2050, therefore, we must remove eleven-and-a-half billion tonnes of carbon a year from our economy, emitting close to zero from our energy use. Then we have to keep it there, effectively for ever. "This is certainly a daunting prospect. But the consequences of failure are terrifying. (((The future is a kind of slider-bar between 'daunting' and 'terrifying.'))) "In the face of such difficulty there is much glib talk about adaptation. Some suggest that instead of trying to meet such a difficult challenge, we should concentrate our efforts on learning to live with a changing climate. This is a shallow and deceitful proposal. "It is a fantasy to expect already fragile governments in the poorest parts of Africa and Asia to peacefully manage and adapt to the disruption (including migration) caused by climate change. The politics of insecurity in countries affected there will erupt into factionalism and conflict; Darfur is already one stark example of this reality. "Californians may be able to adapt to the loss of melt waters from the Sierra Nevada by building hugely expensive, and energy-intensive, desalination plants. But that option will not be available to the hundreds of millions of Indians and Pakistanis who depend on Himalayan melt waters. (((Okay, the Pakistanis are a basket-case, but I'm inclined to think that the Bangalore contingent might be much BETTER at this than the Silicon Valley crowd. I mean, just look at Vinod Khosla.))) "Some adaptation will be inevitable, as the climate is already changing. We who live in the rich world must be willing to help the poorest among us to deal with the consequences of climate change; this is an additional and obligatory, not a discretionary, responsibility for the industrialised nations that have benefited most from the profligate use of fossil fuels. (((Kind of in the same brilliant, noblesse-oblige fashion that advanced industrial Britain is already aiding and helping backward Iraq.))) "Since adaptation is not an option, we must address head on the difficult politics of prevention. The first step is to recognise that climate change is not just another environmental problem. It is a fundamental threat to prosperity and security. "An unstable climate threatens the social and political stability on which all prosperity depends. Equity will suffer as the poorest are hit first and worst. Opportunity will contract rather than expand as the stresses of a rapidly changing climate divide rather than unite nations and communities. (((The collapse of civilization isn't really an equity issue. That probably plays well with the Labour Party, though.))) "Politics is often referred to as the art of the possible. Meeting the climate challenge means expanding the realm of the possible dramatically. David King, chief scientific advisor to Britain's prime minister, is right to say that climate change is a bigger problem than global terrorism. "In fact, it is the most serious threat to humanity since the invention of nuclear weapons. In developing and responding to that threat the world has invested many trillions of pounds over the past sixty years. To respond to climate change, we have yet to invest more than a few billion. (((The key distinction is that we’re not actually in a real-life, ongoing, steadily mounting nuclear exchange. Though I certainly wouldn't write one off if there's no snow in the mountains of India, California and everywhere else.)))
"It is time for those engaged in the battle for a stable climate to get real. Political battles are essentially battles for resources. (((And if you watch those pipelines exploding, you can see that the same truism goes for actual battles.))) "We face a shared dilemma. To ensure wellbeing for a growing population with unfulfilled needs and rising expectations we must grow our economies. Should we fail, conflict and insecurity will be the result. "To grow our economies we must continue "There is a way out from this narrow ground between rock and hard place. It involves the very rapid expansion of energy efficiency, of biofuels and other renewables and of carbon capture and storage. "Left to itself, the $17 trillion that will be invested in energy technologies by 2050 will add the other seven billion tonnes of carbon a year to the atmosphere. To keep our climate stable we are going to have spend enough public money to make those technologies carbon-neutral. "This will be easier than many think. A relatively small carbon tax will yield vast amounts of revenue. That revenue can be dedicated to paying the difference between carbon-intensive technologies and those which are carbon-neutral. As the switch is made, the need for the revenue will decline and the tax can be reduced. (((Alternately, you can simply INVADE countries emitting carbon, which seems like a likelier scenario once things start hitting the fan.))) "Europe currently spends 46% of its annual budget on a problem it has already solved: food security. It spends practically nothing on a problem that threatens the livelihoods and wellbeing of every single citizen in the union: climate security. "It is time to look to the future rather than remain trapped in the past. That means a radical reallocation of European funds from the common agricultural policy into a climate security fund. "Some of this can, of course, be spent to enhance the role farmers can play in preventing climate change. (((Fewer butter mountains and wine lakes, more cellulosic European ethanol. Plus ca change, plus ce la meme chose.))) "Successful campaigning requires the relentless hammering away at a deliverable goal that can easily be understood. The present cacophony of ideas coming from climate campaigners simply confuses the public and lets governments off the hook. (((Hmmmm.))) "Good campaigning builds public awareness and then leverages it to compel specific actions. There is no shortage of public awareness about the threat to the climate. But this has not yet been leveraged by the campaigners. "It is now time they focused that awareness on three simple questions: how much governments need to spend, on what, and by when." (((I like it that he ends this by blaming scatter- brained enviros. Still, there's little in this urging to "get real" that is new to Viridian readers. It's a grim warning, but there's not a lot of skin in it.))) (((That's why I append this NEXT opinion piece, by a Katrina survivor. This guy is an American business manager and he probably votes Republican. He doesn't breathe a word in his speech about climate change; he's just suffering it. He represents the true avant-garde of weather violence: people catching it right in the neck with a glum inability to grasp the cause of their decline. He is the kind of guy who needs comprehensive convincing if anything "real" is to happen in reducing future sufferings. If he "gets real," the rest will follow.))) Source: Speech to the ISA Convention INDUSTRIAL DISTRIBUTION magazine, June 1, 02006 (. . . ) "The city that I love and that many of you love is a shell of its former self. "Eighty percent (not 8) of the city flooded, with as much as 20 feet of water. "Two hundred fifty thousand homes, not houses, were damaged, most beyond repair. "Five hundred thousand automobiles were flooded, many still remain on the streets. "I live 5 blocks from Tulane University and half a block from the St. Charles Ave streetcar line. "a. The water stopped 2 blocks from my house. "b. 8 miles from my house, north to the lake – very few houses you can live in. "c. 23 miles to the East (towards Mississippi) very few, if any, houses you can live in. "d. My family has long had a presence in Bay St. Louis. These houses on the water had survived all major hurricanes, including Camille. They are gone. You need a GPS to determine where a house was. Complete devastation. "e. The wonderful, beautiful antebellum homes on the Gulf in Mississippi, were not 'damaged,' they were eliminated. Miles and miles of nothing. "But many of you know this, what you do not know, is where are we now. (((June 02006.))) "Complete neighborhoods are still void of life. No attempt to rebuild. "There is a critical housing shortage. People have nowhere to live. Many FEMA trailers are installed, but many people do not have keys, and if they do, they must evacuate when the winds rise above 40 MPH. "Water service in some areas of the city is dangerously low and cannot support additional usage. Eighty percent of the water system is compromised. "Public schools in Orleans Parish are basically non-existent. Many damaged beyond repair. "Louisiana's labor force has shrunk every month since November. The unemployment rate of those that remain displaced is 35%. The well being of the hundreds of thousands of people still displaced by Katrina continues to be in doubt. "Medical care is unacceptably primitive. Only two hospitals in Orleans Parish are open, and these are smaller hospitals. The large private and public hospitals were destroyed, not to be re-opened. "Doctors are unable to make a living and are leaving the City. "Last week our controller had to be rushed by ambulance to one of the hospitals open. The hospital re-directed the ambulance to a hospital 40 miles away, because they could not take him, as the wait in the emergency room was 10-12 hours. "With significantly less population, there were 25% more death notices in the paper in Jan 2006 than in Jan 2005. Medical professionals (and I quote) have said 'stress, exacerbating underlying health issues, is blamed for many of these deaths.' "Post traumatic stress disorder and suicide are urgent public health issues. "Many businesses are still trying to recover from 8-10 weeks of no cash receipts. "Mail is very unreliable. I have not received a Wall Street Journal since Pre K. "Both medical schools in New Orleans are in danger of losing their accreditation because of lack of patients, hospitals and people. "Employees are very difficult to find. The days of $8-10 hour people are history. "Places to eat lunch are scarce. Many restaurants are open only a few days a week, with limited hours, some close by 8PM. Commander's, Mr. B's and Emeril's Delmonico have been and remain closed. "Grocery stores have limited hours and have no one to stock the shelves. "Fifty percent of the stoplights are still dark. "Blue Roofs are still the most prevalent color in the region. "People have exceeded their frustration levels in fighting with insurance companies. Most people and companies have not, nine months later, reached a settlement. "Insurance companies are not writing new business and are raising rates to unheard of levels, with significantly lower limits, in order to flee the area. "In addition, the fine print now excludes wind and hail. "The cost of construction and construction related materials have increased over 100% since Katrina. "Our utility provider has gone bankrupt and with the loss of 50- 60% of its customer base is raising rates as much as 2.6 times in order to spread the cost over fewer customers. "City services are a joke. Grass is not cut; garbage is once a week if you are lucky. "Our Governor is an embarrassment. She does not have a clue. It takes her 4 hours to watch '60 MINUTES.' "Our mayor, by his actions, has basically asked 42% of the population and 80% of the small businesses to leave. Taxes are still being assessed, with no plan for change, on destroyed property. Assuming that he does not get re-elected today, he probably should apply for a job working on the Hershey Chocolate candy line. "Our political issues are our own fault, but there are significant issues that belong to FEMA and the Corps of Engineers. "The Corps of Engineers is responsible for levee protection. Although we had patronizing levee boards, in the end it is the Corps, by law, it is their responsibility to protect us from flooding. (((Even if Greenland melts? Well, yeah! Legal is legal.))) "The Corps must take responsibility for their failure to properly supervise the construction of both the levees and the retaining walls. "A hurricane can be hell. But the good people of New Orleans – we were not devastated by the storm, rather it was the failure of the Corps to properly design and build and supervise the construction of the levee system and retaining walls that decimated us. (((He's gotta blame somebody for the decimation. But suppose the Army Corps of Engineers gets abolished. Where's New Orleans then?))) "Be not mistaken, Katrina was a bitch. In 12 hours fifty percent of the barrier island system and wetlands that protect Louisiana, Mississippi and Texas was eliminated. Each 2.7 miles of wetlands reduce the storm surge by 1 foot. Half of it is gone, not to return in my lifetime. This means that a 2006 Cat 2 storm could create as much devastation and a 2005 Cat 3 storm. (((He's tantalizingly close to catching on!))) "Hurricane season is 10 days away. The levees are not ready and neither are we." O=c=O O=c=O O=c=ONOBODY'S READY – BUT THE CLOCK IS STILL TICKING O=c=O O=c=O O=c=O September 12, 200609:57
Links: http://www.swissinfo.org/eng/multimedia/index.html?siteSect=15002&sid=7023638&gallery=y World Sustainable Energy Days. The ancient desert of Rajasthan as the more recent "Sea of Rajasthan." http://www.planetark.org/avantgo/dailynewsstory.cfm?newsid=37871 Source: "UK: September 8, 2006 "NORWICH, England – The earliest civilizations were not a product of favourable conditions but rather a last resort in the face of dramatic shifts in the weather, a climate scientist said on Thursday. "Flying in the face of accepted theory that settled societies emerged from the development of static farming in good climatic conditions that produced food surpluses and allowed specialisation, Nick Brooks said the opposite was true. Links: "Beyond Collapse," a paper by Nick Brooks detailing how climate calamity can turn everyday primitives into a high-tech race of civilized authoritarian slaves. "It has been noted that the rise of Dynastic civilisation in Egypt coincided with the onset of widespread Saharan desiccation," etc etc. http://www.cru.uea.ac.uk/~e118/publications/Brooks-BeyondCollapse-abs.pdf "'Civilisation did not arise as the result of a benign environment which allowed humanity to indulge a preference for living in complex, urban civilised societies,' he told the annual meeting of the British Association for the Advancement of Science. "'On the contrary, what we tend to think of today as civilisation was an accidental by-product of unplanned adaptation to catastrophic climate change. Civilisation was a last resort,' he added. "Brooks said he based his theory on close observation of archaeological remains of the Garamantian civilization in the Fezzan region of south-western Libya allied with evidence of changing rainfall patterns 3,000-5,000 years ago. Link: "But he said the pattern could also be found in societies as diverse as South Asia, South America and China. "As the climate became steadily drier formerly nomadic people were forced to come together for mutual support and to eke out the dwindling natural resources. But not all of the consequences of this merging movement were beneficial – social inequality arose as did organised violence, there was no increase in life expectancy and autocratic governments emerged, Brooks said. "When climate conditions improved again there was no return to the former order. "'Once the cat is out of the bag, it doesn't go back. You can't uninvent technology,' Brooks said. (((Unless you collapse, like the Garamantians did.))) "And he warned against drawing comparisons with the global warming that is predicted to raise average temperatures by around three degrees this century, noting that the temperature rise was well above that which forced the societal change 5,000 years ago." O=c=O O=c=O O=c=O O=c=OWE'RE ALL GARAMANTIANS O=c=O O=c=O O=c=O O=c=O August 11, 200605:34
Links: http://inmotion.magnumphotos.com/essays/ghosttown.aspx http://www.planetark.com/dailynewsstory.cfm/newsid/37599/story.htm http://www.planetark.com/dailynewsstory.cfm/newsid/37602/story.htm http://www.planetark.com/dailynewsstory.cfm/newsid/37603/story.htm http://www.planetark.com/dailynewsstory.cfm/newsid/37558/story.htm Source: Table: A Few Who Think The Market Is Ripe Online Extra: Denise Nappier's Green Vision Online Extra: Green is Virgin Territory Online Extra: A Second Try at Solar Energy Online Extra: Doerr to the Environment ((((Do BUSINESS WEEK a favor, go over there and read all the "online extras." I did. They rock.))) SPECIAL REPORT "Wall Street's New Love Affair "Why some of the world's smartest investors are betting billions on clean energy "You sense it from the waiting lists for Toyota Priuses. You see it on the faces of the solar-energy stalwarts who are suddenly being showered with attention. You read about it constantly in newspapers and magazines. And you hear it on TV and even at the movies. (((And, you've been hearing about it on Viridian List for eight solid years, because you're a futurist, early-adopter type.))) "Warnings about global warming grow more dire by the day: Experts say Manhattan, Washington, and San Francisco will eventually be under water unless people start filling their tanks with corn squeezings and bolting solar panels to their roofs." ADVERTISEMENT (((Okay, go over to BUSINESS WEEK, click on the stupid advertisement. It's probably another screed from BP. They're getting way "Beyond Petroleum" because their Alaska pipeline is collapsing.))) "As troubling as the predictions are, (((they're "retrodictions," for those of us who've been paying attention))) even more urgent problems are weighing on the American psyche these days – namely the price of oil, which is surging past $75 a barrel, and the deteriorating Middle East situation. (((Yep, there's nothing quite like throwing a glorious little war for oil and losing it.))) "In liberal and conservative circles alike, (((when was the last time you heard THAT))) energy independence is becoming a national imperative, and renewable energy is attracting an unprecedented array of groups. "'We're seeing an alignment of the environmental interests, automakers, the agricultural industry, the security and energy-independence proponents, even the evangelicals,' says billionaire venture capitalist L. John Doerr. 'When did all those [interests] come together before?' (((Hmmmm. Let me see. Well, they all fried together in the American heat wave last month. Does that count?))) "You know a cultural movement is real when the money men get on board. (((Truer words were never spoken, ladies and gents.))) In just the past year a broad swath of financiers – venture capitalists, hedge funds, investment banks, public pension funds, and even stodgy insurers – (((stodgy, DESPERATE, insurers))) have begun sinking billions of dollars into producers of ethanol, fuel cell superbatteries, microscopic bugs that turn glucose into plastic, environmentally friendly pesticides, anything that might tap into the green craze. (((The "green craze". It just sounds great, doesn't it? You know what's actually killing us? The "brown craze." That's been going on nigh two hundred years!))) "Saving the planet, protecting America, doing God's work, cynically exploiting a feel-good trend – call it what you will. (((How about: "one of the few acts of industrial policy that might conceivably keep America from collapse?" Could I call it that, or is that a little too "green craze"?))) "Wall Street sees money to be made. When John V. Veech, a managing director at Lehman Brothers Inc., showed up at a renewable energy conference in June, he was amazed to see that it was standing room only. 'If you went five years ago you'd see a lot of ponytails,' he says. (((Yeah, those would have been, you know, Viridian List readers.))) 'Now these conferences are packed with suits.' "Make no mistake: The U.S. is not about to resemble an eco-utopia anytime soon. ((("Eco-dystopia," that's another matter.))) For all the happy talk about clean energy and green technology since the 1970s, people just haven't adopted the gadgets and concoctions written about in science magazines. (((Because, unlike scientists, business people are stupid.))) "The government has provided billions in subsidies over the decades for ethanol, wind, and solar technologies to help make them more economically competitive – without much success. (((Unless, unlike the US government, they were a government that actually wanted that to work. Like the Danish and Brazilian and Swedish and Spanish governments.))) "In 1975 renewable energy accounted for 6.6% of total energy consumption. By 2005 the figure had slipped to 6.1%. It would take decades more and tens of trillions of dollars to produce the countless windmills, solar panels, geothermal plants, and power-generating dams needed to mothball the nation's coal- and gas-fired electric plants. ((((Unless, by some unheard of miracle, they were Brazilian or Danish. Oddly, they made that happen even without Wall Street.))) "And production of biofuels such as ethanol and biodiesel would need to soar from 325,000 barrels a day to nearly 16.5 million to replace conventional road fuels. (((How much is that in barrels of blood?))) "Getting there quickly would be 'physically impossible," says Steven C. Taub, director of emerging-generation technologies at Cambridge Energy Research Associates, a firm that advises big oil companies and utilities. (((I don't want to question this guy's credibility, but did BUSINESS WEEK have to find an advisor for big oil? I mean, couldn't they just ask Dick Cheney, and have him say "green fuels abet the terrorists"?))) BIGGER PIECE OF THE PIE "Wall Street isn't banking on a radically different future, though. It's merely betting that wind, solar, biofuels, and the rest will make up some bigger portion of the nation's $1.6 trillion energy market – enough to give clean-energy investing cred as part of a diversified portfolio. "Their confidence is bolstered by the federal and state clean-energy quotas that have appeared virtually overnight. (((Gee, I wonder why those didn't take decades. Before gas was three bucks a gallon, those were "impossible" goals too.))) "Already, 22 states have ordered utilities to obtain as much as 33% of their electricity from renewable sources within the next 10 years. Others are likely to follow. And given the green-is-good mood these days, it would take a budgetary calamity to prompt politicians to yank clean-energy subsidies. They'll likely be around for a while. (((There's already a "budgetary calamity." It's the price of oil.))) "Even modest gains at the margins could add up to real money for investors. (((This is the part where the BUSINESS WEEK demographic really leans forward in its leather chair.))) "Let's look at some small slices of the energy market. Cambridge Energy, hardly a haven for green warriors, expects demand for ethanol and biodiesel for cars and trucks to more than double, to 6% of all road fuels, in the next four years – a $28.4 billion opportunity. It expects demand for power from wind, sun, geothermal heat, biomass, and water to rise from 2.5% of the nation's electricity to 3.4%. "That translates to as much as $10 billion in new revenues for clean power producers by 2010. And these are baseline assumptions over the short run. If the technologies gestating today were to make, say, plant-derived jet fuel cost-competitive, the opportunities could increase by orders of magnitude. (((Or, we could see a Mad-Max style Peak Oil collapse where starving refugees are selling their grandmas for a liter of moonshine, but either way, the guys with some fuel on hand are gonna be power players!))) "Wall Street is champing at the bit to provide capital. Last year, $17 billion poured into clean-energy projects in the U.S. – 89% more than in 2004, estimates researcher New Energy Finance Ltd. Worldwide, the $49 billion collected in 2005 was up 62% from 2004. "Interest in this stuff is 'out of control,' says Credit Suisse Group (CSR ) banker Paul T. Ho (((a Swiss banker named "Ho." Now that's globalization))) as he sifts through stacks of papers on his desk for potential initial public offerings of companies that produce fuel from corn, restaurant grease, prairie grasses, orange peels, and municipal waste. (((How about stacks of bankers' papers? Those could be an endless source of cellulose fuel!))) "He says there aren't enough suitable opportunities out there for all the requests he's fielding from well-heeled investors. (((Oh the sorrow.))) "There is a downside to the flood of newcomers rushing in: They're sending valuations higher, making good deals more difficult to find. And lavishing capital on technologies that have been stalled for three decades will surely trigger painful dislocations. (((Not quite so painfully dislocating as losing the Ninth Ward in New Orleans, but this is Wall Street we're talking about.))) "For example, producers of today's leading solar panels, which use costly silicon wafers, might soon be threatened by companies like Phoenix-based First Solar Inc., which says it will make power from the sun as affordable as regular electricity within four years by using cheaper materials, such as glass, rather than pricey silicon. (((Solar power that's too cheap. Gosh, the pity of it.))) "A showdown is also coming in the ethanol business between conventional corn-kernel cookers and those who plan to use more parts of the corn plant as well as switchgrass and even municipal waste. (((Yeah, Khosla says switchgrass car fuel for 75 cents a gallon. Says it in public, too. I wish he'd cleared that with Wall Street first.))) "But look closely at how the market is treating clean-energy stocks, and you'll see why the moneyed elite are clamoring to get in. Since late 2003, as oil prices have shot up, stocks that make up Cleantech Capital Group's Cleantech Index have jumped 67%, vs. the Standard & Poor's 500-stock index's 31%. "A spate of initial public offerings by solar and ethanol companies in the U.S. have delivered returns of 31% on average since going public within the past year. "And the combined market capitalization of solar companies worldwide has soared thirty-eightfold, to $27 billion in the past 12 months, estimates Credit Suisse. (((Thirty-eight times! Folks, the sun is a giant bubble of flaming gas!))) "Given the euphoria, (((don't worry, if you want downbeat you can watch the war news))) it's tempting to compare green investing with the Internet boom of the 1990s. But there are important differences. (((Yeah, we get starved for power instead of subsidized novels from Amazon.))) "By 1995, when Netscape went public, the World Wide Web already existed. In contrast, truly transformative clean-energy technologies haven't even been created yet. Think of green investing in 2006 like technology investing circa 1976, when computer hardware was just starting to be introduced. Bet on the next Intel, and the sky's the limit. (((In point of stark fact, the sky literally is the limit. Thirty years of Chinese coal and the sky will be blacker than pitch.))) "Of course, the green gains of the past few years are directly related to the price of oil, which has doubled since 2003. Oil remains the main lens through which all energy is viewed, and it takes high prices to stir demand for alternatives. Some economists are forecasting $100 a barrel for the foreseeable future. (((You know another easy forecast? "Blood for ethanol." Really.))) "Others say it would take only the briefest of global recessions to push the price of oil below $40. (((Yeah, but give us a global recession, and $40 will buy you a house.))) Certainly the big payoffs for alternative energy would vanish in a second if oil prices were to plummet suddenly. (((They were supposed to plummet because of Iraqi democracy.))) "But the Street is focusing on the vast gray area that exists between these extreme scenarios, wherein oil prices remain high enough to keep renewable energy viable and profitable. With oil at $75 a barrel, it costs half as much to produce a gallon of ethanol as a gallon of gasoline. Right now it runs about 6 cents to generate a kilowatt hour of electricity power from wind, vs. a national average of 8 cents for electricity from coal or natural gas. To bet on renewable energy is to bet that those spreads won't go away. "NEWLY CONVINCED ((("First they laugh at you, then they fight you, then you win"))) "Even experienced oil pros are putting up money. David M. Leuschen, 55, is a founder of private-equity firm Riverstone, which co-manages about $7 billion with the Carlyle Group (((brrrrr)))) and invests in all types of energy, including coal-fired plants. It also has a $685 million renewable-energy fund invested in solar power, geothermal, and ethanol plants. Leuschen is a tall, fourth-generation Montanan who operates more than 100,000 acres of ranches, mostly near Yellowstone National Park. He's no radical greenie; in fact, he doesn't like to discuss global warming. That's "a debate for scientists," he says in his office overlooking New York's Central Park. (((It's a "debate for scientists" until Yellowstone calamitously catches fire. Oh wait, that already happened.))) "Like many others who are financing and investing in green technologies, Leuschen built his career largely on his expertise in the areas of energy that drive environmentalists nuts. In 1999, while a banker at Goldman Sachs, he helped advise Mobil on its $81 billion merger with Exxon. (((No comment.))) "He left Goldman in 2000 to co-found Riverstone. When some large public pension funds approached him about starting a renewable-energy fund two years ago, Leuschen hesitated, thinking alternative power couldn't deliver decent returns. "'Our first obligation to our investors is to make money, and I wouldn't have initially considered renewable energy the best place to make money,' he says. "Now he thinks otherwise. Leuschen isn't turning his back on coal, which generates more than half the U.S. electricity supply. But his company, together with Florida Power & Light Co., owns one of the world's largest solar-power plants, in California's Mojave Desert. (((And after Florida goes underwater, he may become the sole proprietor.))) "Investors in Riverstone's renewable-energy fund have been told to expect annual returns of 15% or so and perhaps much more, based largely on the fact that most alternative-energy producers are able to enter into long-term contracts with utilities, some lasting 15 to 20 years. "Investment banks are making long-term bets, too. Instead of taking green companies public and collecting the easy underwriting fees, Goldman is choosing to own companies outright and keep the profits for itself. It's putting $1 billion into everything from wind power to ventures that might one day produce ethanol profitably out of waste. (((Yeah, but there may be a "Waste Peak." Where's Hubbert when we need him?))) "JPMorgan Chase & Co. has invested in 17 wind farms and hopes to get into solar and geothermal plants soon. 'The wind business has been growing at 25% a year,' says John M. Eber, managing director for energy investments at JPMorgan Chase in Chicago. 'We're responding to today's market needs.' "What's striking about green investing is the sheer variety of players jumping in. Huge public pension funds CalPERS and CalSTRS together have committed more than $1 billion to green investments. Multibillion-dollar hedge fund groups like S.A.C. Capital Advisors and D.E. Shaw & Co. have invested in and financed producers of geothermal energy, ethanol, and wind power. Even insurer American International Group (AIG ) plans to steer private-equity investments to projects that help cut greenhouse gas emissions. "And venture capitalists earmarked some $917 million for clean-energy startups last year, almost double the amount in 2003, according to research firm Clean Edge Inc. 'Almost every venture firm now either has a clean-tech effort or a separate clean-tech fund or a few clean-tech partners and at least one clean-tech investment,' says venture capitalist Bill Gross, who invested in a slew of dot-coms and is now focusing on solar power at a company called Energy Innovations Inc. "ONCE BURNED, NOT SHY "Potentially lush profits are luring business luminaries, too, including Berkshire Hathaway's Warren Buffett, Microsoft's Bill Gates, Google's Larry Page and Sergey Brin, and Sun Microsystems co-founder Vinod Khosla. Such captains of industry as Virgin Group CEO Richard Branson and General Electric (GE) CEO Jeffrey Immelt are plowing hundreds of millions, and in some cases billions, into green ventures. (((Yeah. but what do they know about capitalism.))) "Each green banker, research analyst, and investor tells the story of an 'aha' moment. For Brion Tanous, an analyst at investment bank Merriman Curhan Ford & Co., it came when he drank a glass of clean water directly from the tailpipe of a Honda fuel-cell car on display at an auto industry seminar. "'Soon the question won't be whether you want a fuel-cell car,' he says. 'It'll be, what color do you want?' "John Doerr, a longtime partner at VC firm Kleiner Perkins Caufield & Byers who supplied startup funds to such New Economy giants as Google, Intuit, and Sun Microsystems, got turned on to eco investing in 2000, when Dean Kamen, chairman and founder of scooter maker Segway Inc., shared his vision for how traffic and pollution would overwhelm cities by 2030. "Doerr, now 55, told Time in 2001 that Segway would reach $1 billion in revenues faster than any other company in history. When sales didn't live up to the hype, Segway became fodder for critics, as did Doerr's decision to fund the company. Today, Segway has just $9.4 million in sales, estimates researcher Dun & Bradstreet Corp. Segway declined to comment on the estimate. (((Maybe they should have sold Segways with weight-loss treadmills inside.))) "But Doerr still thinks green. From 2001 through this year, Kleiner Perkins has quietly committed more than $100 million to nine ventures involved in everything from coal gasification to ethanol. One of them, Ion America Corp., is preparing a launch later this year of fuel cells that supply electricity to buildings. And in February, Kleiner announced that it has earmarked at least $100 million of its new $600 million fund for green investments. "To Martin Tobias, a self-described 'Republican tech-geek software venture capitalist,' what's exciting is how the wave of investment is drawing good ideas and top minds from universities and corporate research labs. "'This money is transforming ideas that have sat on shelves for years,' says Tobias, whose attention shifted to clean diesel after he cashed out of posts at Microsoft and Loudeye.com. "In 2005, when he walked into a former Seattle brewery that owner John Plaza bought with his life savings to make clean diesel, Tobias suddenly recognized the potential of renewable crops. Plaza was producing batches of diesel fuel cooked from soybeans – and selling every drop as quickly as he could make it. Together with Paul Allen's Vulcan Ventures and other top-tier VCs, Tobias plowed $10 million into the plant and joined the company, now named Imperium Renewables Inc., as chairman and CEO. Tobias is raising fresh funds to boost the company's production eightyfold. "The whole attitude toward green investing is shifting dramatically. Green 'has become a mainstream business that's attracting mainstream investments,' says Cambridge's Taub. When Mark Townsend Cox, 49, left his job as a portfolio manager at a family-owned investment firm in November, 2002, to start a hedge fund investing solely in clean-energy stocks, many prospective investors snickered or ignored him completely. "'People would say, 'It's all science experiments' or 'No one makes any money from it' or 'There [aren't] enough publicly quoted companies to invest in,"' recalls Cox, who keeps a small solar cell in his bedroom that splits water into hydrogen and oxygen to remind him of how simple green technologies can be. "With a scant $100,000, Cox launched the New Energy Fund on Dec. 30, 2004. He quickly set about scouring the globe for publicly traded companies involved in sustainable energy or green technology. He found more than 400 of them. His fund is up over 50% in 2006 and has more than $4 million in assets. "FILTERING DOWN (((They do go on, but there's a lot to say all of a sudden))) "Last year it was ethanol that grabbed the attention of Paul Touradji, head of Touradji Capital Management, which manages about $1.7 billion. Touradji has been roaming cornfields, sugar mills, and oil refineries for nearly a decade. After working in the refining division at Mobil while in college, (((No comment))) he was recruited to join the commodity team at Tiger Management in 1996 and became a protege of former hedge fund titan Julian H. Robertson Jr. "Touradji, who started his fund in January, 2005, perked up when he heard that some states were about to ban MTBE, a chemical added to gasoline to reduce emissions without hurting engine performance, because it had been found to contaminate groundwater. "Touradji reckoned that refiners would rush to ethanol, a cleaner substitute that also fit the bill. By Touradji's calculations, there would be an ethanol shortage even if supply zoomed. He bet on ethanol producers' stocks and bonds and made private-equity investments. By June, the wholesale price of ethanol had practically doubled, to nearly $4 a gallon. "Wall Street's hunger for all things green is filtering into businesses that have been around for years, such as the power-trading markets that Enron (((No comment))) used to dominate. Because so many states have ordered utilities to draw a big percentage of their electricity from wind, solar, and water sources in coming years, traders must bundle in green power as part of large transactions with utilities. "'If you don't have the ability to play in renewable energies, large deals are nonstarters,' says Beau Taylor, global head of energy trading at JPMorgan Chase. "Markets for hedging products are percolating as new regulations on utilities stoke demand for emission rights and renewable-energy credits and hedge funds dive in to get a piece of the trading action. Already the global market for carbon emissions and related credits has ballooned from practically nil at the start of 2005 to more than $11.7 billion by yearend, according to energy consultant Point Carbon in Oslo, Norway. "The market is on track to double this year. 'Carbon has the potential to be the biggest trading market in the history of the world,' (((!))) says Andrew Ertel, president and CEO of trading firm Evolution Markets. "At Evolution's headquarters in White Plains, N.Y., contractors are busy setting up new desks and terminals for the firm to double its staff of 50 – including a handful of ex-Enron energy traders (((No comment))) over the next year. Profitable since its first month in early 2000, Evolution has seen revenues compound by 50% a year. 'We're saving the planet, one trade at a time,' says Ertel. (((Only in the 21st century, folks.))) "Phenomenal growth, for sure. But it's no coincidence that oil prices have soared throughout the period, from $17 a barrel in 1999 to more than $75 now. If that upward spiral starts to unwind, the whole green market could unwind with it, from emissions to ethanol, solar power to superbatteries. (((Unless, that is, you actually believe that climate change is a crisis. A Category 5 up the Long Island Sound would shut down Wall Street even faster than 9-11.))) "Riverstone's Leuschen acknowledges this reality. 'It's the umbrella of high energy prices that's allowing us to do this,' he says. "If oil went back to $10, I don't think we'd be talking about renewable energy.' (((He wouldn't – because he was Exxon-Mobil.))) But that's a risk Leuschen and others are suddenly willing to take." (((After spending decades of pollution cheerfully risking the rest of us.))) O=c=O O=c=O O=c=O O=c=O O=c=O O=c=O O=c=OLIFE IS FULL OF LITTLE IRONIES, EH? BY OVEREXTENDING FOR OIL, GEORGE W. BUSH MAY YET SAVE THE PLANET! O=c=O O=c=O O=c=O O=c=O O=c=O O=c=O O=c=O |
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