Hysteria Pays Dividends

Al Gore has just raked in another $US700m from institutional investors, including the Victoria Super Fund. The monies raised will be dished out in lots of approx $US30m to "renewable energy; energy efficiency technologies; energy from biofuels and biomass; and the carbon trading markets." Supposedly, Gore has also taken a "sizeable stake" in the fund and is thus contributing to the humanitarian crisis caused by grains being used to drive cars rather feed people. But Gore has a Nobel Peace Prize. So there!

David Blood, who manages the fund said that:

The fact we were able to raise $683m was extraordinary...A fear expressed by some is that the first thing to go in a downturn is the nice-to-have sort of investment. Some people put green investments in that category, but we think that is nonsense. This is not nice-to-have – it is fundamental finance...because the transition from a high-carbon to a low-carbon economy is a ginormous step that is going to happen quickly

I guess when you create an existential panic using Styrofoam you can trump panicked markets and create your own words. Why not?

Update 30/4/08 6:00PM AEST: If this trend continues, then we will all be having to wear two jumpers in winter. And there will be some unhappy super fund members in Victoria. So much for global warming.