The last few weeks have seen those who advocate strict regulatory regimes on greenhouse gases scrambling to regain their footing in the wake of a landslide of bad news that started with the comically weak vote last Summer for climate legislation in the House (just 219 yeas), continued through the release of the Climategate emails, the disastrous breakdown of the international effort to address global warming at the U.N. Conference of the Parties at Copenhagen last December, the embarrassment of the Senate Democrats refusing to even allow a vote on climate change legislation this Summer, and concluded with a rash of Republican candidates for Senate announcing their disdain for the notion of man-made climate change (the nerve!).Deutsche Bank is a major contributor to the Society of Friends of Bayreuth which puts on the annual Wagner shindig.
As bad as those were, the sharpest, most telling, and perhaps lethal blow came earlier this month. Almost entirely ignored by the media, Deutsche Bank announced that it was exiting the carbon trading business in the United States (reported here). As explained to Reuters by Kevin Parker, global head of the Asset Management Division, “You just throw your hands up and say ... we're going to take our money elsewhere.” Parker also noted that Deutsche Bank will focus its "green" investment dollars more and more on opportunities in China and Western Europe, where it sees governments “providing a more positive environment.”...MORE
Their departure from the U.S. carbon biz was the proverbial Fat Lady singing, a phrase associated with some of the ladies who have played the Brünhilde role:
(Photo stolen from these guys)
Here's the end of the Ring:Götterdämmerung, conducted in a manic practice session by Sir George Solti: