Nobel prize-winner Al Gore yesterday urged financial leaders at a United Nations conference in Manhattan to unload their investments in businesses reliant on carbon-intensive energy. Gore likened such investments to the subprime mortgage market, warning that "the assumption you can safely invest" in business models that assume carbon is free is "about to go splat," AP reports.
Gore told the high-profile investors—who collectively control more than $20 trillion—to treat carbon emissions as a scarce commodity. The UN played host to nearly 500 prominent financial leaders seeking how to make money under mounting demands for cleaner energy. "As soon as people believe carbon has a price, it's going to have a price," said one venture capitalist.