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Gore's Profitable Environment
Green Is The Color Of Money
By MICHAEL P. TREMOGLIE, The Bulletin
During a House subcommittee hearing last week, former Vice President Al Gore was questioned about his ties to a company that stands to profit from proposed cap-and-trade legislation now pending before the committee. Mr. Gore testified in favor of this legislation. U.S. Rep. Marsha Blackburn, R-Tenn., wanted to know if he is profiteering.
During the April 24 House Subcommittee on Energy and Environment hearing titled “The American Clean Energy and Security Act of 2009,” Ms. Blackburn asked Mr. Gore about a potential conflict of interest he might have. She cited an Oct. 8, 2008 New York Times story that mentions his partnership in the venture capital firm Kleiner Perkins Caulfield and Byers (KPCB).
KPCB is “actively working with entrepreneurs to solve our climate crisis” according to its Web site. Mr. Gore’s firm, Generation Investment Management (GIM), formed an alliance with KPCB in November 2007. He became a partner in KPCB. He co-founded GIM in 2004.
The Times story referenced by Ms. Blackburn said KPCB invested $1 billion in 40 companies that would profit from new environmental and energy laws and regulations. She said the reason she asked Mr. Gore about this relationship is that her constituents wanted to know if there is any impropriety. She wanted to give him the chance to dismiss the notion.
"I wanted to give you the opportunity to kind of clear the air about your motives," she said. "I’ve got an article from Oct. 8 New York Times Magazine, about a firm called Kleiner Perkins, a capital firm called Kleiner Perkins. Are you aware of that company?"
Mr. Gore replied that he was a partner. Ms. Blackburn then cited some facts about the company and the proposed cap-and-trade legislation. This legislation requires energy companies to buy permits from the government to emit carbon while producing electricity.
The idea is to artificially increase prices to drive Americans away from buying electricity produced with carbon emissions. The government would use the funds to subsidize the creation of environmentally friendly, "green" technology. The government would then subsidize the purchase of electricity generated from this technology.
"So you’re a partner in Kleiner Perkins," she said. "Okay. Now they have invested about $1 billion in 40 companies that are going to benefit from cap-and -trade legislation. So the legislation that we are discussing here today, is that something that you are going to personally benefit from?"
Mr. Gore replied that he would not. He denied profiteering. But Ms. Blackburn wanted him to clarify this.
"For clarity," she said. "Are you willing to divest yourself of any profit?"
He did not directly respond. He just reiterated that he was not profiting from his ties to KPCB.
But the Capital Research Center (CRC), a nonpartisan watchdog organization that monitors the activities of nonprofit groups is not so sure. CRC reported in its August 2007 newsletter "Foundation Watch" (”Al Gore’s Carbon Crusade: The Money and Connections Behind It,” by Deborah Corey Barnes), Mr. Gore "has established a network of organizations to promote the so-called climate crisis."
The report also noted GIM’s role in the climate change business. It said, "GIM appears to have considerable influence over the major carbon credit trading firms that currently exist: the Chicago Climate Exchange (CCX) in the U.S. and the Carbon Neutral Company CNC) in Great Britain. CCX is the only firm in the U.S. that claims to trade carbon credits." It also revealed that Mr. Gore’s nonprofit arm "Alliance for Climate Protection (ACP), budgeted $300 million to promote climate change.
CRC concludes, "If carbon emissions trading ever comes to the United States, Al Gore will be uniquely positioned to cash in....Meanwhile, Gore is pushing for tougher environmental regulations on the private sector. It wants “cap-and-trade” legislation so that companies will be forced to lower their greenhouse gas emissions and buy carbon credits."
Michael P. Tremoglie can be contacted at mtremoglie@thebulletin.us
During the April 24 House Subcommittee on Energy and Environment hearing titled “The American Clean Energy and Security Act of 2009,” Ms. Blackburn asked Mr. Gore about a potential conflict of interest he might have. She cited an Oct. 8, 2008 New York Times story that mentions his partnership in the venture capital firm Kleiner Perkins Caulfield and Byers (KPCB).
KPCB is “actively working with entrepreneurs to solve our climate crisis” according to its Web site. Mr. Gore’s firm, Generation Investment Management (GIM), formed an alliance with KPCB in November 2007. He became a partner in KPCB. He co-founded GIM in 2004.
The Times story referenced by Ms. Blackburn said KPCB invested $1 billion in 40 companies that would profit from new environmental and energy laws and regulations. She said the reason she asked Mr. Gore about this relationship is that her constituents wanted to know if there is any impropriety. She wanted to give him the chance to dismiss the notion.
"I wanted to give you the opportunity to kind of clear the air about your motives," she said. "I’ve got an article from Oct. 8 New York Times Magazine, about a firm called Kleiner Perkins, a capital firm called Kleiner Perkins. Are you aware of that company?"
Mr. Gore replied that he was a partner. Ms. Blackburn then cited some facts about the company and the proposed cap-and-trade legislation. This legislation requires energy companies to buy permits from the government to emit carbon while producing electricity.
The idea is to artificially increase prices to drive Americans away from buying electricity produced with carbon emissions. The government would use the funds to subsidize the creation of environmentally friendly, "green" technology. The government would then subsidize the purchase of electricity generated from this technology.
"So you’re a partner in Kleiner Perkins," she said. "Okay. Now they have invested about $1 billion in 40 companies that are going to benefit from cap-and -trade legislation. So the legislation that we are discussing here today, is that something that you are going to personally benefit from?"
Mr. Gore replied that he would not. He denied profiteering. But Ms. Blackburn wanted him to clarify this.
"For clarity," she said. "Are you willing to divest yourself of any profit?"
He did not directly respond. He just reiterated that he was not profiting from his ties to KPCB.
But the Capital Research Center (CRC), a nonpartisan watchdog organization that monitors the activities of nonprofit groups is not so sure. CRC reported in its August 2007 newsletter "Foundation Watch" (”Al Gore’s Carbon Crusade: The Money and Connections Behind It,” by Deborah Corey Barnes), Mr. Gore "has established a network of organizations to promote the so-called climate crisis."
The report also noted GIM’s role in the climate change business. It said, "GIM appears to have considerable influence over the major carbon credit trading firms that currently exist: the Chicago Climate Exchange (CCX) in the U.S. and the Carbon Neutral Company CNC) in Great Britain. CCX is the only firm in the U.S. that claims to trade carbon credits." It also revealed that Mr. Gore’s nonprofit arm "Alliance for Climate Protection (ACP), budgeted $300 million to promote climate change.
CRC concludes, "If carbon emissions trading ever comes to the United States, Al Gore will be uniquely positioned to cash in....Meanwhile, Gore is pushing for tougher environmental regulations on the private sector. It wants “cap-and-trade” legislation so that companies will be forced to lower their greenhouse gas emissions and buy carbon credits."
Michael P. Tremoglie can be contacted at mtremoglie@thebulletin.us
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