Deep pessimism on climate change issue - The Irish Times - Mon, Nov 29, 2010

When Coal India, a huge government-owned company, offered 10 per cent of its shares to investors, the 510-page prospectus didn’t once mention climate change – even though coal is the most carbon-potent of fossil fuels and burning it contributes significantly to emissions.

Former Greenpeace climate negotiator Jeremy Leggett, now executive chairman of Solar Century, noted with exasperation that the offering was oversubscribed 15-fold – mainly by foreign fund managers. Thus, Coal India’s shares soared on the first day of trading (November 4th), effectively valuing the company at €36 billion.

“Those ending up owning stock include some 484 foreign funds, 195 mutual funds, 44 insurance companies and many banks. Many of these investors were using ordinary citizens’ money, and this would have included the nest eggs of many people worried about global warming and its dire impact on the world by the time they retire.”