Pop goes the global warming ‘investment’ bubble
“…But the main reasons why this is a bubble are more fundamental. Emissions trading has a future only if the Kyoto agreement, which runs out in 2012, is succeeded by an even more far-reaching and rigorous global accord. It is now clear this is not going to happen. And in today’s harsher economic climate, governments are more likely to look for ways to scale back subsidies for renewable energy than to boost them. Nor are voters likely to be willing to pay the larger energy bills that “green” policies demand.
All the more so since there is compelling evidence that no global warming is currently occurring. Although the alarmists are in denial about this, figures published annually by the Hadley Centre for Climate Prediction and Research, an offshoot of the U.K.’s Met Office, show there has been no global warming so far this century, and recent research suggests this lull will last at least until 2015 — when warming is expected to resume. Maybe it will: we shall see.
But a 15-year lull is not merely significant in political terms. It also needs to be set against the fact that the warming which caused the frenzy lasted only 25 years. From 1875 to 1975 internationally accepted records suggest that the average global temperature rose by a total of just 0.2C. It was only the 0.5C rise recorded in the fourth quarter of the last century that produced the hysteria that has sparked this gold rush among green entrepreneurs and investors. ….”