Wall Street banks are eyeing 2 trillion carbon deals to lobby Congress to release emissions cuts

China Web December 15 News Bloomberg website published recently, the weather and emission reduction is undoubtedly the most popular topic in the world, people concerned about the warming of the Earth, the ecological crisis to their own life brought about changes. However, in the eyes of Wall Street traders, carbon emissions are a market with huge business opportunities. They want to play the role of carbon intermediaries and play an important role in the new carbon trading market.　　However, given their previous performance in the subprime crisis, Wall Street executives were first to convince everyone that they were not doing a new gamble. African stoves match British car investment banks to achieve carbon in and now in Uganda, tens of thousands of women are cooking with a new 8-dollar stove, which consumes one-third more charcoal from clay and metal stoves than the locals used to use stoves. In East Africa, large areas of forests are being felled to maintain the lives of tens of millions of people. At a car dealership in southwestern London 4000 miles away, a Range Rover Vogue is priced at 90,000 pounds.　　The blue windshield sticker says the first 45,000 miles of the car will remain carbon neutral, as Land Rover is helping Uganda use the new stoves to cut greenhouse gas emissions. Linking British Land Rover and the Ugandan stove is masters, the 40-Year-old director of environmental operations at JPMorgan. By JPMorgan Chase in 2007, Land Rover purchased a carbon quota from the UK Organisation for Global Energy Efficiency research, "weather care".　　Today, Land Rover is using the carbon quotas it buys to offset the carbon dioxide produced by its vehicles. Wall Street finds 3 trillion business opportunities to lobby Congress to pass the bill on Wall Street brokers ' eyes, such a voluntary carbon deal just kicked off, and sooner or later the US will pass a mandatory greenhouse gas emissions trading program. As such, JPMorgan, Goldman Sachs and Morgan Stanley are watching closely for the Copenhagen Climate Change Conference, which is believed to pass a new climate change pact and will include the United States and China for the first time, with the world's top two carbon emitters.　　The Kyoto Protocol, which was passed in 1997, spawned a carbon trading market in Europe, which Wall Street banks now hope will be staged in the US. The U.S. Senate is debating a clean energy bill that wants to introduce a "carbon cap and trade" regime to the US. Similar bills were passed in the US House of Representatives this June. Once implemented, the plan will make a huge difference to the US industry, forcing large companies such as oil and natural gas drilling and cement manufacturing to calculate their carbon dioxide and other greenhouse gas emissions and buy emissions quotas.　　The potential size of the US carbon trading market is 300 billion to 2 trillion dollars, according to projections. Wall Street investment banks quickly sniffed the big business opportunities in the emerging market for carbon trading, and they want to be intermediaries in contacting buyers and sellers. While the passage of us carbon legislation may take a year or more, Wall Street has spent a huge amount of money hiring lobbyists to doMembers of Congress are working with companies willing to sell carbon quotas. JPMorgan bought an unspecified quota from "weather care" in early 2008, and this month they paid 210 million of dollars to the companies involved.　　Wall Street's financial institutions have been involved in alternative energy sources such as wind and solar, and loans to clean energy technology companies. Investment banks have a role to play in the carbon market. Masters, JPMorgan's chief executive, said that if the mandatory carbon trading plan were to save the planet at the lowest possible cost, investment banks must be given the lead in the process, and carbon derivatives must be part of the deal. "This plan requires a lot of capital transfer, and without the large involvement of financial institutions, it is impossible to achieve a successful weather policy," he said. "However, the profit-driven nature of Wall Street traders has also become a focus of attention." American lawmakers are still sceptical about handing new business to Wall Street, and the lesson of the subprime mortgage crisis is that investors are always concerned with derivatives and other money-making tools. Cantwell, a Democrat from Washington, said, "You don't know what investment tools they're going to create, and if we make a carbon future, we're in trouble." Michelle Obama, an analyst with the Friends of the Earth, has also expressed doubts about the investment bank's carbon-trading vision, "How can we create a new 2 trillion-dollar market without completing the reform and testing of the financial regulatory system?" "Even the financial giant, Soros, thought that fund managers would want to manipulate carbon quotas and trading markets," this area will become an investment competition, so a financial person like me would like it. "(YA)