Greens do want taxpayers to lose 96% of their funds also!

May 13th, 2014 at 12:18 pm by David Farrar

The Green Party has announced:

The Green Party will establish a Green Investment Bank as a first step in accelerating New Zealand’s transition to a smarter greener economy, Green Party Co-leader Dr Russel Norman announced today.

The Green Investment Bank will be an enduring, government-owned, for-profit bank partnering with the private sector to fund new projects ranging from renewable energy and biofuel production to new clean technologies.

I blogged a couple of days ago on how the had lost 96% of themoney they invested into Windflow, which they trumpeted as a sustainable green investment.

They now want to raid taxpayer funds and throw millions and milliosn of taxpayer dollars into trendy investments they approve of.

I say no no no.

Let them invest their own money in whatever companies they want.  But I don’t want them taking my taxes to throw away on their pet projects. This is the Green equivalent of the Development Finance Corporation which was initially Government owned and had the same mandate – funding new projects etc.  The collapsed in a heap, owing over $1.8 billion.

This is their plan for the future – another DFC – but with them in charge and only their pet projects being deemed suitable for funding.

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59 Responses to “Greens do want taxpayers to lose 96% of their funds also!”

  1. geoff3012 (52 comments) says:

    Kiwigreen Bank….has a sort ring to it…..NOT

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  2. chris (567 comments) says:

    Why is it that a bunch of misfits who have never owned or run a business think they can somehow manage to magically pick the winners? Half the businesses out there don’t manage to do it right, why do the Greens think they can?

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  3. Kimble (4,383 comments) says:

    The Green Investment Bank will be an enduring, government-owned, for-profit bank partnering with the private sector

    “Partnering with the private sector” will probably end up meaning “underwriting all the risk for the private sector companies so that at least a couple sign up and we can claim this was a market solution, and when it crashes and burns we can blame the profit motive.

    Seriously, WTF do the Greens know about for-profit anything? Their idea of a ‘for-profit’ enterprise is one that secures a locked-in line of government subsidies.

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  4. NK (1,072 comments) says:

    The solution to every problem is simple if you’re Red and/or Green: More Government.

    Every issue on the TV3 Nation debate with the minor party leaders the other day could be solved according to Minto, Norman & Peters by more government. And of course Labour agrees with them. The Maori Party spokesperson was very good I thought. Him & Jamie Whyte were lone voices in a communist-ridden talkfest.

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  5. spanish_tudor (47 comments) says:

    I can imagine the slogan now:

    “Green Investment Bank – Building castles for everyone.”

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  6. RRM (9,471 comments) says:

    Lol – it’s ok for a *green* gubermint to cosy up to hand-picked businesses and divert public money into them.

    Imagine the outcry if Key/English proposed this. It would be Rich pricks looking after their mates in the business world.

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  7. Steve (North Shore) (4,499 comments) says:

    They will not stop until your wallet is empty – and you future grandchildrens wallet is empty.
    Vote for them at your peril, Labour included

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  8. JC (909 comments) says:

    That is truly bizarre with green projects all round the world falling over because they are only viable with major subsidies.

    As for ethical green investment.. thats turned out to be codewords for “crony capitalism”.

    JC

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  9. Allyson (41 comments) says:

    NZ does not need a Green Investment Bank. Our country is awash with unused Venture Capital just waiting and looking for a good idea. We only need intervention if we wish to pursue bad ideas, which the Greens seem to have in abundance.

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  10. Manolo (13,386 comments) says:

    The Greens, economic terrorists and financially illiterate, are unveiling their plans for the destruction of the NZ economy.

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  11. Kea (11,878 comments) says:

    Around the world every Green “Investments” have lost billions and billions of the workers tax dollars. The failure has been complete and epic. Why do just burn the bloody money and save the fuss !

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  12. Judith (7,646 comments) says:

    Doesn’t Australia have similar concept? How did it work out for them?

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  13. Kea (11,878 comments) says:

    During his acceptance speech in 2008, Obama said he would “invest $150 billion over the next decade in affordable, renewable sources of energy — wind power, and solar power, and the next generation of biofuels — an investment that will lead to new industries and 5 million new jobs that pay well.”

    The most recent analysis shows that his administration has created only 2,298 permanent green jobs,

    IER says Washington has spent $26.32 billion to create those few positions. That means each job has cost taxpayers $11.45 million.

    http://news.investors.com/ibd-editorials/051313-655875-obama-green-jobs-cost-millions-each.htm

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  14. NK (1,072 comments) says:

    About the same way as their heavily subsidised car industry Judith. Billions and billions of taxpayers dollars wasted on businesses that can’t survive on their own. Norman is the new Muldoon.

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  15. virtualmark (1,475 comments) says:

    Well the first bit they got wrong is that what they’re proposing isn’t an “investment bank” at all.

    What they’re proposing is a venture capital fund. Or, more precisely, it’s a cleantech venture capital fund.

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  16. spanish_tudor (47 comments) says:

    Luckily for Australia, Tony Abbott has axed all those ridiculous green quangos/troughs before they ever did any serious damage.

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  17. griffith (1,111 comments) says:

    Kea (11,489 comments) says:
    May 13th, 2014 at 12:38 pm

    Around the world every Green “Investments” have lost billions and billions of the workers tax dollars. The failure has been complete and epic. Why do just burn the bloody money and save the fuss !

    You have to be the biggest fuck wit ever kea every one has lost billions ; :lol: what a terminally stupid statement bird brain.

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  18. Kea (11,878 comments) says:

    The fuel of the future NZ is Coal, Gas and Oil. We have plenty of it just waiting to be harvested. That will be a real “investment” that will breed wealth and prosperity for all. We can show how Green we are by damming up a few more rivers while we are at it.

    This country needs to grow up and stop demanding green fantasies while also demanding a modern industrial life style.

    You have to be the biggest fuck wit ever kea

    Oh look who’s here. Fancy that :)

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  19. Steve Wrathall (243 comments) says:

    “The Bank will cost $120 million over the next three years and will be paid for by raising oil mining royalty rates….”
    What a beautiful illustration of how “green” technology is a joke: Only viable when subsidized by real energy

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  20. Kea (11,878 comments) says:

    Steve Wrathall, $120 million will buy about TEN jobs. :)

    “That means each job has cost taxpayers $11.45 million.

    http://news.investors.com/ibd-editorials/051313-655875-obama-green-jobs-cost-millions-each.htm

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  21. Kimbo (671 comments) says:

    Money into a bottomless pit!

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  22. Rich Prick (1,557 comments) says:

    I suppose something has to be done to satisfy the un-met demand for woven yoghurt sandals. Being such savvy investors, the Greens are the logical choice for spotting winning ideas.

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  23. Ross12 (1,153 comments) says:

    This is what Mills gave his $60K (?) donation for –Government subsidies for his “dream’ businesses –spend your own money Mills !!!

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  24. Kea (11,878 comments) says:

    Even the Green obssessed Germans are ditching windmills and other fantasies.

    Merkel Losing Allies in $700 Billion Shift to Renewables

    With consumer power bills increasing and Merkel facing elections in September, Germany’s energy policy is rising on the political agenda. The cost of developing wind farms in the North Sea has surged following construction glitches and delays in linking turbines to the grid.

    “The entire energy switch has derailed,” Marc Nettelbeck, an analyst at DZ Bank AG, said this week by phone from Frankfurt. “The difficulties connecting offshore wind farms to the power grid reduces their profitability and renders the original investment calculations of utilities invalid.”

    http://www.bloomberg.com/news/2013-04-04/merkel-losing-allies-in-700-billion-shift-to-renewable-energy.html

    ps: These are the windfarms griff told you work so well. With no subsidies !!! Poor griff :)

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  25. Paulus (2,503 comments) says:

    Presumably the Green Bank (Kiwibank’s colours are green – aren’t they) will not have to abide by the Reserve Bank Solvency requirements- they will never pass, as they will be permanently bankrupt.

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  26. questions (170 comments) says:

    Might want to get Jase to double check the numbers, I sure hope this isn’t the 96% that Hooten was talking about on twitter and has been determined to be categorically false.

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  27. Ross12 (1,153 comments) says:

    You can tell Norman knows nothing about running a business. $120 mill over 3 years for a Govt owned business –by the time you employ a heap of people , pay a lot of consultants , set up fancy offices how much do you have left ?

    Also paying for it with increased royalties on O&G –well I’d assume any production taking place now would have set long term contracts in terms of royalties , so that leaves new production where royalty levels have not been set. Problem –his Greenpeace and Forest & Bird mates don’t want any exploration to take place. so tell again where the money is coming from !

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  28. Scott Chris (5,884 comments) says:

    The dilemma the Greens face is the fact that any meaningful environmental policy would drastically increase the cost of living.

    Sadly democracy and environmentalism appear to be incompatible.

    http://en.wikipedia.org/wiki/Environmental_full-cost_accounting

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  29. griffith (1,111 comments) says:

    offshore is stupid I don’t disagree I did not say offshore is a good idea or is even viable. a windmill on land is an entirely different kettle of fish

    Cost of power generation of renewables is as cheap or cheaper than oil or coal At Todays pricing
    anyone think oil is going to fall from the 100 barrel it is now ? nope it will continue to rise…making investment in renewables the only sane investment

    http://en.wikipedia.org/wiki/Cost_of_electricity_by_source

    link not just made up crap like you come out with

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  30. Kea (11,878 comments) says:

    Scott Chris, the dilemma the Greens face is reality.

    The Germans have the best tech in the world. Even after years of trying and spending 1,400 BILLION NZ $$$ they could not get their green dream to work sustainably.

    Do you know something the Germans don’t know ?

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  31. Sir Cullen's Sidekick (789 comments) says:

    $120M slush fund for mung beans cultivation and fixing crowns to snails….I need $10m for these two green projects….BTW, I want real money. I will be publishing more green projects later…..

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  32. Bob (480 comments) says:

    The Greens are basically a communist organisation or at least socialist. They know best how to spend our money. I suggest Russel Norman go talk to Fletcher Building management, Allan Gibbs, Graham Hart and a few more top successful people and put his plans to them together with the industries he wants to pick. I think he will come away crestfallen. Jim Anderton tried to pick winners and failed. Why would the Greens do any better?

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  33. Spam (593 comments) says:

    “The Bank will cost $120 million over the next three years and will be paid for by raising oil mining royalty rates to those charged internationally.”

    As I have countered numerous times on frog blog…. They cite this graph:
    http://blog.greens.org.nz/wp-content/uploads/Govt-oil-take.png

    The point is, they are saying that New Zealand royalties are low… when they compare them against profits by State-Owned Oil Companies! Do they want to nationalise the oil & gas industries here?

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  34. Manolo (13,386 comments) says:

    Some admission on their part:
    http://www.huffingtonpost.ca/john-laforet/ontario-green-jobs_b_972088.html

    In 2007, Spain paid a premium of $556 per megawatt-hour for electricity that rooftop solar panels supplied to the electric grid, compared with an average $52 paid to competing coal- or gas-fired power plants. By 2012, a whopping $10.6 billion in subsidies were paid out to the renewable energy industry, rising by about 20% from the previous year, and covering more than one third of all electricity generated in Spain.
    http://www.forbes.com/sites/williampentland/2013/08/16/no-end-in-sight-for-spains-escalating-solar-crisis/

    http://www.cbn.com/cbnnews/finance/2011/november/spains-green-disaster-a-lesson-for-america/

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  35. Kea (11,878 comments) says:

    Some people would prefer we only think about Dollar cost. But sadly that is not the real horror story of pursuing the Green fantasy. This is in one prosperous country in one winter season only. Just imagine what this is like over the whole Northern Hemisphere. A yearly slaughter of the old the weak and the poor.

    24,000 ‘died because of cold homes’ last winter: Fears grow that figure could be higher this year because of spiralling bills

    The shocking toll will increase fears that the number will be even higher this year because of further increases in energy bills and warnings of a particularly cold winter.

    Read more: http://www.dailymail.co.uk/news/article-2240716/24-000-died-cold-homes-winter-Fears-grow-figure-higher-year-spiralling-bills.html#ixzz31YSx27lh
    Follow us: @MailOnline on Twitter | DailyMail on Facebook

    It is pretty sick and ironic to think they froze to death because radical socialists claim the world is too hot !

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  36. griffith (1,111 comments) says:

    A list of bullshit from kea so far today
    One billions lost on every green investment…
    doesn’t even need exploring as any and all is such a large group I didn’t lose billions on my hybrid system proven therefore wrong.

    Windmills are not going to work ever …
    We don’t subsidise in this country and the only thing stopping lots of wind farms is nimbys and the rma

    hybrid cars are subsidised ….
    not in nz wrong again

    hybrid cars are not going to become mainstream
    already have every major automotive company is making or developing hybrids.

    Toyota makes a lost on the hybrids
    not since 2001
    http://articles.latimes.com/2001/dec/19/autos/hy-prius19

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  37. Rich Prick (1,557 comments) says:

    “fixing crowns to snails”

    That raised a smile. Unless of course, it really is on the clean green jobs list. Nothing would surprise me with these barking moonbats.

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  38. Kea (11,878 comments) says:

    GERMANY: Renewable Energy Policy “Complete Failure”… Bring On The Dirty Coal Monsters

    n a stunning admission, the German Government recently announced that its transition to Renewable Energy was, “On the Verge of Failure.” This blunt statement was released by Germany’s Economic Minister and Vice Chancellor to Angela Merkel, Sigmar Gabriel at an event at SMA Solar… Germany’s leading manufacturer of Solar technology.

    The mood at SMA Solar, which has been a huge benefactor of the renewable energy subsidies brought on by Germany’s EEG feed-in act, was somber and shock and Gabriel delivered the reality. the heady days at the green energy feeding trough are over – live with it.

    Great article this and goes on to give details of the GIGANTIC COAL MINING project. The scale is incredible. No more people need freeze to death in Germany :)

    http://srsroccoreport.com/germany-death-of-renewable-energy-bring-on-the-dirty-coal-monsters/germany-death-of-renewable-energy-bring-on-the-dirty-coal-monsters/

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  39. Kea (11,878 comments) says:

    Wow :)

    A list of bullshit from kea so far today
    One billions lost on every green investment…
    doesn’t even need exploring as any and all is such a large group I didn’t lose billions on my hybrid system proven therefore wrong.

    This is what happens kids when you combine radical greeny socialism with cannabis :)

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  40. Simon (686 comments) says:

    $120 million lame chicken shit Greens. It clear the Green leadership dont believe their own bullshit and $120 million is what they will lose so it wont be too bad to explain later on. This is for their sheeple followers. Baaaaa Baaaa green jobs baaaaa.

    If someone were to invent a machine to convert the shit the Greens talk into energy it could power the whole country.

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  41. coge (176 comments) says:

    Norman is telling fibs in the house. The Aussie green development fund is no longer lending. Norman claims it returns 7%, but that is not true. Those were the forecasts of the former ALP govt, not real world returns.

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  42. JC (909 comments) says:

    You guys seem to think the Greens will get in $120 million and blow it.. nothing could be further from the truth:

    http://www.coalitionforgreencapital.com/whats-a-green-bank.html

    “What Is a Green Bank?
    A green bank is a public or quasi-public financing institution that provides low-cost, long-term financing support to clean, low-carbon projects by leveraging public funds through the use of various financial mechanisms to attract private investment so that each public dollar supports multiple dollars of private investment. ”

    Geddit?.. there’s no limit to how much public money that can be pumped in, royalties may be used to prime the pump but a Green Bank then simply goes back to the Govt for billions to meet the demand for “green projects”.

    Comment above “I suggest Russel Norman go talk to Fletcher Building management, Allan Gibbs, Graham Hart and a few more top successful people and put his plans to them together with the industries he wants to pick. I think he will come away crestfallen.”

    Like hell he will, the purpose of a Green Bank is to sweeten the pot for these types of investors who will simply demand extra safeguards, subsidies and higher profits.. its the job of the bank to take away the risk.. in other words its “crony capitalism” courtesy of the tax payer.

    JC

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  43. igm (1,413 comments) says:

    These fiscal misfits fit the Parker criteria well.

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  44. OneTrack (2,618 comments) says:

    “Sadly democracy and environmentalism appear to be incompatible. ”

    The greens don’t have a problem with that.

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  45. Kea (11,878 comments) says:

    OneTrack, democracy is what the Greens hate most. You want to see what socialism really does for the environment ?, then have a look at what the USSR left behind, or China is doing today. There is not a single socialist country that has not stuffed the environment.

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  46. ross411 (220 comments) says:

    This post is misleading. It still suggests that the Greens lost 96% on the Windflow thing, but even DPF acknowledges that the it was pointed out the fund was wound up before that happened.

    Of course this Green party idea is like all their others, ill-conceived.

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  47. adze (1,869 comments) says:

    Rick Prick

    un-met demand for woven yoghurt sandals

    I’m glad I didn’t have a mouthful of coffee when I read that!

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  48. RRM (9,471 comments) says:

    in 2012 we priced up a solar panel system that would allow us to generate 100% of our electricity needs – $15,000 + installation. So near and yet so far!

    Just give us a tax cut please, greenies. The sooner we can pay our mortgage down enough that we can afford to do this, we will be making our own contribution to saving the planet and switching off dirty coal ™

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  49. OneTrack (2,618 comments) says:

    ross411 – “, but even DPF acknowledges that the it was pointed out the fund was wound up before that happened.”

    So they didn’t even have the courage of their convictions to leave their own money in. No doubt they invested in petroleum companies instead.

    Once again, it is do what they say, not what they do. I keep forgetting.

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  50. OneTrack (2,618 comments) says:

    Sorry RRM – they want your money first and then they might worry about the environment.

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  51. Kea (11,878 comments) says:

    RRM, coals cheap at the moment. Why down grade to solar ? :)

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  52. Rich Prick (1,557 comments) says:

    adze, thanks, it’s just too easy when it comes to the Greens.

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  53. wat dabney (3,672 comments) says:

    CorruptGreenPartySlushFund.co.nz

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  54. Kea (11,878 comments) says:

    Careful wat, griff is very angry today and might call you a nasty name ! ;)

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  55. itstricky (1,578 comments) says:

    Yeah, yeah, yeah, I read about that on grumpyoldostrich.com as well!

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  56. itstricky (1,578 comments) says:

    I blogged a couple of days ago on how the Greens had lost 96% of themoney they invested into Windflow, which they trumpeted as a sustainable green investment.

    Did they though? Did they actually lose 96% of their money? Are you sure? Because that’s not what you actually wrote in the previous post… It’s what you implied, and then you semi-corrected yourself once you had more information.

    Or, to put it in another way – more familar to those who frequent KB regularly…

    I’ll waddle in here, declare “You’re a liar.. You liar… You bold face liar” and then I’ll waddle out again.

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  57. SPC (5,396 comments) says:

    Meridian secures itself against a dry year by boosting its wind power in Wellington.

    http://www.stuff.co.nz/dominion-post/10043656/Mill-Creek-wind-turbines-get-whirring

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  58. SPC (5,396 comments) says:

    The money Greens pose to invest is not so much a raid of existing taxpayer funds, but revenue derived from increased royalties from oil and gas.

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  59. Kea (11,878 comments) says:

    European Green Movement on Verge of Collapse Due to Failed Climate Change and Global Warming Policies Say Friends of Science

    Dr. Benny Peiser of the UK Global Warming Policy Foundation reports that EU energy prices have skyrocketed, families have been forced into energy poverty; meanwhile the EU carbon market has collapsed with no evidence of healthier environment or ‘abundant’ green jobs, so European manufacturing is fleeing to places with cheaper energy prices in order to remain competitive.

    “For the first time in 10 years, Europe is no longer willing to pursue the green agenda,” said Dr. Benny Peiser of the Global Warming Policy Foundation UK

    http://www.prweb.com/releases/2013/5/prweb10694307.htm

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