The 14 Words

Monday, 16 December 2013

The extraordinary web of political and financial interests creating dozens of eco-millionaires from green levies on household energy bills.

The fatcat ecocrats exposed: Web of 'green' politicians, tycoons and power brokers who help each other benefit from billions raised on your bills.

Other industries would stand accused of damning conflicts of interest but when it comes to global warming, anything goes... The Mail on Sunday today reveals the extraordinary web of political and financial interests creating dozens of eco-millionaires from green levies on household energy bills.

A three-month investigation shows that some of the most outspoken campaigners who demand that consumers pay the colossal price of shifting to renewable energy are also getting rich from their efforts.


Vested interest: Lord Deben (John Selwyn Gummer) is 
chairman of the Committee on Climate Change

Enquiries by this newspaper have revealed:
  • Four of the nine-person Climate Change Committee, the official watchdog that dictates green energy policy, are, or were until very recently, being paid by firms that benefit from committee decisions. 
  •  A new breed of lucrative green investment funds, which were set up to expand windfarm energy, are in practice a means of taking green levies paid by hard-pressed consumers and handing them to City investors and financiers.
  • £3.8 billion of taxpayers’ money funds the new Green Investment Bank, set up by the Department of Business and Skills. One of its biggest deals involved energy giant SSE selling windfarms to one of the new green funds, Greencoat Wind. The Green Investment Bank’s chairman, Lord Smith of Kelvin, is also chairman of SSE. The bank says it ‘provided expertise’ to enable BIS to take a £50 million stake in Greencoat, which helped fund the SSE sale.
  • The same bank’s chief executive, Shaun Kingsbury, is one of the UK’s highest-paid public sector employees. His £325,000 salary is more than twice the Prime Minister’s.
  • Firms lobbying for renewables can virtually guarantee access to key Government policy-makers, because they are staffed by former very senior officials – a striking example of Whitehall’s ‘revolving door’.
Among the most astonishing features exposed by our investigation is the way in which vehement advocates for radical policies designed to curb global warming are making huge sums of money from their work. Here are some of the key  figures among the new breed of fat-cat Ecocrats...


No comments:

Post a Comment