Credit Crunch Update

Credit Crunch Update

our money has set sail for an unknown destination

It started in the United States, smashed through Europe, and slapped the shores of Asia with enough impact to send Singapore into recession. Though on a positive side the credit crunch in all its austere gloom may have proved one positive aspect of our dying planet. That, world leaders can in fact begin to work together.

In no time soon the EU is to debate whether to allow European industrial giants tens of millions of pounds off carbon allowances they have to buy as part of the Emission Trading Scheme (ETS). Günter Verheugen, European Commissioner for Enterprise and Industry, said the move will prevent hundreds of thousands of job losses in the EU industrial sector. This is bound to upset the ‘green groups’, seeing this as a move which puts economic concerns above environmental imperatives.

Last week Friday a group of protesters targeted the Royal Bank of Scotland for its aggressive pro-fossil fuel investment policies. And just when things couldn’t get any worse for the RBS, Sir Fred Goodwin (chief executive) resigns, the UK Government is now expected to own around 60% of the bank, and new board members will not receive a bonus for this year 2008. Ouch! And Lewis Hamilton thought he had problems over the weekend. At least he’s still five points on the plus side.

Now, if you’re an environmental activist you’re probably not thinking, “Ah, those poor financiers, they must be under a lot of stress right now. Let’s not bug them about the rising sea levels for a little while”. We didn’t think so! With the climate bill due to go for its third reading in UK parliament, this would prove to be a perfect time to raise some extra attention for the good of the global causes.

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