Carney and Bloomberg Co-Author Op-Ed on Green Finance: Here’s How They Plan To Pick Your Pocket, for Their Green

Nov. 3, 2021 (EIRNS)—Facing the debacle of FLOP26, Mark Carney announced today that Michael Bloomberg will join him as co-chair of Glasgow Financial Alliance for Net Zero (GFANZ), which they proclaimed now includes 450 firms representing $130 trillion of assets. Carney and Bloomberg coauthored an op-ed in Bloomberg News today, to explain how they intend to beat the bushes for green trillions, which are to come mainly from private interests (i.e., speculators), who will then pick your pocket to provide an acceptable return on their “investments.” This is part and parcel of the “financial regime change” announced by Carney et al. in Jackson Hole in August 2019.

The op-ed argues:

“Ramping up adoption of clean energy and other sustainable infrastructure fast enough to avoid the worst impacts of climate change will require trillions of dollars in new investment—likely in the ballpark of $100 trillion. Most of that will have to come from the private sector.... Businesses and investors have significant exposure to risks from climate change—and at the same time, the race toward clean energy and sustainable infrastructure is a major opportunity for investment.”

Next came the hand-waving:

“Now more than 450 major financial institutions across 45 countries, controlling assets of more than $130 trillion, have joined the Glasgow Financial Alliance for Net Zero, or GFANZ. GFANZ is the gold standard for climate commitments—our best opportunity to get credible, high ambition in the financial sector quickly.... Each member has committed to achieving net-zero emissions across their portfolio of assets, and to backing up their words with actions. The alliance stands ready to help deliver the trillions of dollars required to fund the transition to a green future. But we need others to act in concert.”

In a recent interview, Carney had issued a clear threat, that he’ll be “ruthlessly, relentlessly” monitoring signers to make sure they live up to their promises.

At COP26, today was a day of discussion of such financial wizardry. British Chancellor of the Exchequer Rishi Sunak called the commitments announced by Carney and Bloomberg “historic.” He also used the opportunity to announce plans to make Britain, as COP26 host, “the world’s first net zero aligned financial center.”

But not everyone was sanguine about the prospects. Larry Fink, the chief executive officer of BlackRock Inc., said during a COP26 panel today that “deploying that capital is going to be far harder” than securing the commitments.