"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Friday, August 10, 2012

Green "Investment" Board Appointed

Money_down_the_drain : Golden dollar symbols going down a sink drain
The new board of the 10 billion dollar Clean Energy Finance Corporation has been appointed and has a target of making 4% on green carpet-baggers projects most banks would not touch with a barge pole. The interesting thing is that no renewable energy project could exist without taxpayer handouts and subsidies which are drying up as adults are now in control of most state governments and next year the federal government will fall also. It is hard to see how anyone can make forward projections in this climate.

THE Gillard government has announced four new board members to help run the $10 billion Clean Energy Finance Corporation (CEFC).

The corporation, part of Labor's carbon price package, will support renewable energy projects through loans, guarantees and equity investments.

Based in Sydney, it will invest funds from July 2013.

The board members announced on Friday are recently retired Macquarie investment banker Michael Carapiet, fellow banker Ian Moore from Banker's Trust, former solicitor and Climate Works Australia executive director Anna Skarbek and ex-Origin Energy senior manager Andrew Stock.

All have been appointed for five-year terms. They will work alongside corporation chairwoman Jillian Broadbent, who is also a Reserve Bank board member.

"Today's board appointments will underpin a robust and rigorous organisation which will help ensure Australia remains competitive as we move towards a carbon-constrained global economy," Treasurer Wayne Swan said in a statement on Friday.

Treasury has estimated the CEFC could lose 7.5 per cent of the capital it invests on unsuccessful projects but overall it will aim to make a profit of four per cent a year.

Treasury, of course was out by 100% in last years budget deficit calculations!

7 comments:

  1. The UK has many ugly wind turbines dotted around the place. It's educational to look at the UK National Grid Status page at http://www.gridwatch.templar.co.uk/ which shows just how little all those wind turbines contribute to supplying the total grid load. The situation wouldn't be any better here even if Labor somehow got re-elected and had its way.

    Juliar Gillard, Wayne Goose and the rest of those ex-ACTU clowns are living in a fantasy which all us real Australians are supposed to pay for.

    477 days (max) to go before Labor gets obliterated for a generation or more....

    ReplyDelete
  2. The Gillard government will fall, but it has poisoned the well by the contracts it has signed, and the Australian people will have to pay the price -literally- for a very long time to come. It is shocking and shameful that a government can do this to the very people it claims to represent.

    ReplyDelete
  3. They should only pay the Board members out of profits the Corperation makes

    ReplyDelete
    Replies
    1. Great idea. Their remuneration should start when they achieve the goals they have set by funding the unfundable to get profits from the unprofitable.

      Delete
  4. If half of Larry Pickering's "Is The Prime Minister A Crook?" series on his website (http://pickeringpost.com/) is factually true and the mainstream media starts reporting it, we won't have to endure Gillard for more than another few weeks. Without Gillard, a tiny bit of sanity might return to Canberra.

    ReplyDelete
  5. Dear Mr. Pollution,

    You people need to learn a thing or two about Global Warming. Everyday living is destructive to the Environment. One of the most important ways people can help save the environment is to STOP HAVING BABIES. Another very important thing you can do is to euthanize your pet. Our company sells Carbon Credits which are the only hope of saving the planet.

    For the sake of the planet, we need to act before it’s too late.

    Please visit our company's website for more information. http://greentremayne.com/Carbon_Free_Living.html

    Namaste,
    Daphne Tremayne
    Vice President, Public Relations
    GreenTremayne.com

    ReplyDelete
  6. I am 68 years old and am not having babies at the moment ,nor do I have any immediate plans in that direction.
    I have little regard for climate carpetbaggers especially those who have resurrected the Papal indulgences scam with selling carbon credits to the gullible to expunge "climate sins". As to the global warming you say we should be protected against you should read the following satellite temperature graph (if you can) showing the rampant warming of the last 15 years.
    http://stevengoddard.files.wordpress.com/2012/09/screenhunter_202-sep-01-11-15.jpg?w=640&h=488
    Finally with regard to euthanising much-loved pets at the direction of eco-crackpots maybe we should start closer to home with those who propose such barbarity!

    ReplyDelete