Al Gore spoke to the United Nations Investors Summit on Climate Change today, and invoked the ‘s-word’ to warn that carbon is more like kryptonite to investors.
“You need to really scrub your investment portfolios, because I guarantee you — as my longtime good redneck friends in Tennessee say, I guarandamntee you — that if you really take a fine-tooth comb and go through your portfolios, many of you are going to find them chock-full of subprime carbon assets,” the former vice president said.
[Snip]
“The assumption that you can safely invest in assets that come from business models that assume carbon is free is an assumption that is about to go splat,” he said. “You have lots of assets, many of you do, in your portfolios right now that truly do deserve that epithet ‘subprime.'”
Read the whole thing. Also, be sure to follow Matt’s excellent dispatches from the summit.