Investor wants climate concerned to put his money where their mouth is / News / The Foreigner

Investor wants climate concerned to put his money where their mouth is. OSLO: Sony Kapoor encourages climate warming fearers to stop bleating and start doing something instead. He started his presentation at the Zero Emissions Conference 2013 stating he used to be president of ‘The Schools’ Environmental Network’ in the 80s. He has since sought greener pastures of the cash rather than the environmental kind. “I don’t need to care about climate change like the previous speaker [British Solarcentury founder Jeremy Leggett], I’m a climate sceptic”, he uttered.

norwayclimate, co2, climatechange



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Investor wants climate concerned to put his money where their mouth is

Published on Tuesday, 5th November, 2013 at 16:53 under the news category, by Michael Sandelson   .
Last Updated on 6th November 2013 at 16:07.

OSLO: Sony Kapoor encourages climate warming fearers to stop bleating and start doing something instead.

Sony Kapoor
Sony Kapoor
Photo: © 2013 Linn Schjerven/The Foreigner


He started his presentation at the Zero Emissions Conference 2013 stating he used to be president of ‘The Schools’ Environmental Network’ in the 80s. He has since sought greener pastures of the cash rather than the environmental kind.

“I don’t need to care about climate change like the previous speaker [British Solarcentury founder Jeremy Leggett], I’m a climate sceptic”, he uttered.

Talking of so-termed dirty investments in coal, oil, gas, and other carbon-intensive assets, he talked of a gulf between Norway and developing countries; how to unite renewables and fossils.

“You are concerned about climate change, whilst people in developing countries are concerned about basic access to energy,” said Mr Kapoor.

Jeremy Leggett had just talked about an initiative to replace lanterns powered by kerosene – a fossils derivative- in many small households in Kenya with solar-powered ones.

Sold by company ‘Sunny Money’, these lanterns save households some 40 per cent of their annual incomes, incomes which can be used on something else.

Solar-powered lanterns also have health and climate benefits their kerosene predecessors do not.

“What these lighting sources emit is the same as smoking 40 cigarettes a day, as well as emitting one tonne of CO2 into during the course of its lifetime. Children also drink the kerosene because they think it’s lemonade,” explained Mr Leggett.

Sony Kapoor then went on to criticise Norway’s Sovereign Wealth Fund.

“What contribution does Norway make to climate change?” he asked. “Over 50 per cent of the SWF’s investments go into fossil-based fuels. They should sell all of and find other green investments. It’s also because keeping them means they will be exposed to great financial risk in the future. I told them this, but it fell on deaf ears,” Mr Kapoor stated.

“Also, everyone’s complaining there’s not enough access to long-term capital in the world, but at the same time Europe has financial assets totaling EUR 150 trillion,” added the investor.

Mr Kapoor also censured “everyone being asleep at the wheel” when it comes to climate risks of fossil fuels,” and they need to wake up.

He suggested those who care about the climate comes up with persuasive ways of “how to get people who sit on money to make it [climate mitigation] happen”, changing investors’ behaviour to renewable investments.

“You need to stress the increased perceived risks of dirty investments and underline the reduced ones of making green investments. You have to make investors want to make investments.

Sony Kapoor heads Think Tank Re-Define that advises policy-makers on financial system reform. He has been influential in advocating a green finance system in Europe since the financial and Euro crises.




Published on Tuesday, 5th November, 2013 at 16:53 under the news category, by Michael Sandelson   .
Last updated on 6th November 2013 at 16:07.

This post has the following tags: norwayclimate, co2, climatechange.





  
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