In testimony today before the Senate Foreign Relations Committee, former Vice President Al Gore recommended that Congress take dramatic action to combat the threat of global warming, including passing the pending economic stimulus bill which includes billions of dollars in taxpayer handouts for alternative energy. Gore neglected to emphasize, however, that he is the Chairman of a for-profit investment fund that would directly benefit from greater subsidies for so-called “clean” energy projects.
“Former Vice President Al Gore has warned that we need to examine the financial interests of people in the global warming debate. Fair enough,” said Competitive Enterprise Institute Director of Energy & Global Warming Policy Myron Ebell. “What we discover in looking at the policies that Mr. Gore advocated in his Senate testimony is that they will make him and his friends extremely wealthy at the expense of consumers, who will be stuck with skyrocketing energy prices.”
Gore’s company, Generation Investment Management, states that its investment strategy, in part, is to “find, fund and accelerate green business.” The companies targeted by renewable energy subsidies, grants and other federal spending are the same ones Gore and his partners are betting on to turn large profits. There’s nothing wrong with making a profit, but doing so at taxpayer expense rather than in a competitive marketplace is generally considered cynical and greedy – far from the disinterested environmental activist image that Gore presents to the world.
“Gore’s concerns are overblown and his ‘solutions’ remain grossly expensive pipe dreams,” said Senior Fellow Iain Murray. “Global warming is a potential risk, but Gore’s program represents a potentially disastrous misallocation of resources – straight from our wallets to his bank account.”