Former tory Secretary of State for the Environment John Gummer, now Baron Deben, who is the chairman of the UK Committee on Climate Change, yesterday celebrated a new low for the country's perhaps most famous academic institution, the Oxford University.
The occasion was the launch of "a new research programme aiming to help investors identify assets that could be left 'stranded' by climate change, declining resources and the emergence of new green technologies."
This is how the Oxford University has chosen to describe the new research programme:
Asset stranding is currently little understood, but the implications are potentially very significant for polluting investments. The programme researchers, based at Oxford's Smith School of Enterprise and the Environment, aim to find out which assets and sectors are most at risk and evaluate how investors, businesses and policy makers can best respond to the challenges.
To mark the launch, Rt Hon John Gummer, Lord Deben, Chairman of the Committee on Climate Change, will give a lecture at the School, highlighting the need for businesses and policy makers to adapt to the new economic landscape. He said: 'Investors continue to deploy hundreds of billions of pounds into polluting and unsustainable sectors. In many cases these investments will not be worth what investors think.
'Climate change, scarcer resources, and new disruptive technologies will reduce value and strand assets. If investors better understand the risks of investing in these assets they will be attracted to greener alternatives and see them as better business propositions and safer places for their funds. The programme is doing the further research necessary to help underpin this vital transition.' --
The programme is being supported by Aviva Investors, Bunge Ltd, Climate Change Capital Ltd and HSBC Holdings plc, with non-financial partners including the Carbon Tracker Initiative, Trucost and WWF-UK.
The warmist Guardian, of course highly supportive of the new initiative, adds this: