LEHMAN Brothers' collapse sent shockwaves through global markets, but not all are lamenting the demise of the 158-year-old Wall Street bank. Emails buzzed between the world's climate change sceptics on news of Lehman's fall — the bank played a big role in what the radical right thinks is a climate change scam.
Australia's climate change sceptics communicate through an online group called Climatescience and contribute to the climate-sceptic website www.icecap.us.
The reason for the excitement was Lehman's role in carbon trading. Al Gore's carbon trading business, Generation Investment Management, which he founded with former Goldman Sachs executive David Blood, banked with Lehman. Just what effect the Lehman bankruptcy has on Blood and Gore's balance sheet is yet to be revealed.
In addition, two Lehman reports from last year have been central to convincing governments, media and business of the need for a global carbon trading scheme to limit greenhouse gas emissions. In them, Lehman Brothers makes predictions about the climate in 2100, provides projections for climate change costs and suggests possible trends in the carbon market for the next 50 years.
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