Special Report: Carbon Capitalism.
This is one of three pieces.
One early October day in London, a financier named James Cameron was poring over a poster-size map of China inside his offices near the River Thames.
Dotting the map were 20 or so sticky labels, similar to small Post-it notes. There were pink ones, blue ones, green ones, yellow ones -- each marking a spot where Cameron's company, Climate Change Capital, is wagering tens of millions of dollars.
Cameron doesn't invest in stocks or bonds. What he invests in is carbon dioxide (CO2), the principal cause of global warming. In return for curbing emissions in, say, China, Cameron can sell the right to pump CO2 into the air in Europe. The going price: about 17 euros ($24) per metric ton.
Since co-founding Climate Change Capital in 2003, Cameron and his business partner, Mark Woodall, have turned their company into a powerhouse in the burgeoning global market in greenhouse gases. Driven by the Kyoto Protocol on global warming, an accord Cameron helped write, this corner of the derivatives arena is growing as never before.
Global warming may present the greatest challenge humans have ever faced. For Cameron, part of a new breed of climate- change capitalists, it also offers something else: a chance to make money....MOREHere are some of the sub-heads:
$565 Billion Market...
Expecting "Big Returns"...
Carbon's Goldman Sachs...
Luring Investors...
Cap-and-Trade...
Importing Cheap Credits...
"Birmingham or Beijing"...
HFC-23 Gas...
Factory "Subsidy"...
You get the point; the reporter, Stephanie Baker-Said did her homework.
I don't have time tonight to get to the rest of the report.
The other stories are: Carbon Capitalists Seize Gas From Pig Waste in Evangelical Profit Pursuit
And: Schwarzenegger's Wasting-of-Foes Persona Gives Way to the Green Governator
