Lawrence Solomon: Enron’s other secret

Lawrence Solomon: Enron’s other secret

Financial Post, May 30, 2009

In the climate-change debate, the companies on the ‘environmental’ side have the most to gain.

First in a series.

We all know that the financial stakes are enormous in the global warming debate — many oil, coal and power companies are at risk should carbon dioxide and other greenhouse gases get regulated in a manner that harms their bottom line. The potential losses of an Exxon or a Shell are chump change, however, compared to the fortunes to be made from those very same regulations.

The climate-change industry — the scientists, lawyers, consultants, lobbyists and, most importantly, the multinationals that work behind the scenes to cash in on the riches at stake — has emerged as the world’s largest industry. Virtually every resident in the developed world feels the bite of this industry, often unknowingly, through the hidden surcharges on their food bills, their gas and electricity rates, their gasoline purchases, their automobiles, their garbage collection, their insurance, their computers purchases, their hotels, their purchases of just about every good and service, in fact, and finally, their taxes to governments at all levels.

These extractions do not happen by accident. Every penny that leaves the hands of consumers does so by design, the final step in elaborate and often brilliant orchestrations of public policy, all the more brilliant because the public, for the most part, does not know who is profiteering on climate change, or who is aiding and abetting the profiteers.

Some of the climate-change profiteers are relatively unknown corporations; others are household names with only their behind-the-scenes role in the climate-change industry unknown. Over the next few weeks, in an extended newspaper series, you will become familiar with some of the profiteers, and with their machinations. This series begins with Enron, a pioneer in the climate-change industry.

Read the rest here

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