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Climate change: insider trading?

Richard North, 20/11/2012  


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Courtesy of Dellers, we have interesting news of WWF-UK chief executive David Nussbaum.  Not only, it seems, is he the head of one of the most corrupt organisations on earth, he is also a Non-Executive Director of the quoted private equity fund Low Carbon Accelerator

Listed on the Alternative Investment Market of the London Stock Exchange, Low Carbon Accelerator is a "closed-ended investment company" which funds "clean" energy – such as windmills, cleaner fuels, energy efficiency and building technologies, having raised £55 million for the purpose.

But, he didn't tell us this when he complained of a "rogue pack" of ministers undermining investment confidence in the renewable energy sector, expecially when one of the prime casualties appears to be his own company, its share price on 25 November last year having dropped from 10p to be now worth 4.05 having lost nearly 60 percent of its value.

We used to think that using public position to influence share prices, without declaring financial interests, was "insider trading", but since Mr Nussbaum clearly operates to a different rule book, he cannot possibily be guilty of this form of corruption.

But it would be interesting to learn how much the Communist-style green organisations such as WWF, Friends of the Earth (to say nothing of Greenpeace) have lost as a result of "rogue pack" activities. From the look of it, they have lost a packet, so it's not surprising that Nussbaum wants Mr Cameron to "take control" of his ministers. We can't have mere politicians adversely affecting the Greens' financial interests. 

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However, it doesn't end there. Nussbaum must be particularly wetting himself over the fate of the Finance Innovation Lab, Jointly hosted by WWF and ICAEW (the Institute of Chartered Accountants in England and Wales).

It is working to redesign our entire economic system, working on a number of projects, including UnLtd* Future and TEEB for Business Coalition

What must be terrifying here is that one of the backers of this enterprise is Defra, now in the hands of one of the "rogue pack", Mr Owen Paterson. With such interests as "Disruptive Finance Policy" at stake, it really is no surprise that Nussbaum is so keen on Mr Cameron taking control.

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