Al Gore, the world's first carbon billionaire?
Filed under: Energy, Technology, People, Green
Al Gore's latest eco-treatise, Our Choice: A Plan To Solve the Climate Crisis, is set to hit stores Tuesday. The former vice-president says he will donate 100 percent of the proceeds from the book to the the Alliance for Climate Protection, a green group.But it turns out that the book money is small potatoes compared to what Gore could earn from his various eco-friendly investments. As a partner at Silicon Valley venture capital heavyweight Kleiner Perkins Caulfield & Byers, Gore is poised to reap hundreds of millions from investments in the companies that will benefit from the government's increased emphasis on green technology. According to The New York Times's John Broder, Gore could become the world's first "carbon billionaire."
Gore has been one of the most outspoken critics of global warming and a powerful advocate of carbon-reducing measures. As such, he has become a hero of the left -- a man revered for warning Americans to curb their carbon footprint and reduce their impact on the Earth.
"Our Choice offers the most up-to-date and deepest thinking on climate change across a variety of disciplines," Gore said in a statement. "The need for this book is more urgent than ever, and I am proud to be working with Rodale, a company that for more than six decades has been at the forefront of environmental responsibility, to bring these solutions to a global audience."
Gore argues that in a market economy, "every one of the solutions to climate crisis will be more effective and much easier to implement if a price is placed on CO2 and other global warming pollutants," and likens the current sub-prime mortgage crisis to "the one we will face if we continue making investments in sub-prime carbon assets," according to publisher Rodale.
"The bottom line is that business and markets cannot operate in isolation from society and the environment -- we need 'sustainable capitalism,'" Gore said. And Gore has been practicing a particularly profitable form of capitalism of late.
Smart-Grid Company Could Hit Jackpot
One of Gore's investment that is poised to pay off royally is Silver Spring Networks, which produces hardware and software designed to make the electricity grid more efficient. Kleiner Perkins invested $75 million in the company to help it team up with local utilities to install smart-grid meters. Gore and VC titan John Doerr, a Google co-founder, joined the company as unpaid advisers.
It was a wise bet for Gore and Co. Last week, the Dept. of Energy said that $560 million of the $3.4 billion in smart grid grants it had approved would go to utilities which have partnered with Silver Spring, setting the company up for a major jackpot in coming years.
"Silver Spring Networks is a foot soldier in the global green energy revolution Mr. Gore hopes to lead," Broder writes. "Few people have been as vocal about the urgency of global warming and the need to reinvent the way the world produces and consumes energy. And few have put as much money behind their advocacy as Mr. Gore and are as well positioned to profit from this green transformation, if and when it comes."
Foes Fuming Over Gore's 'Green'
Gore, the co-recipient of the 2007 Nobel Peace prize for his environmental advocacy, has testified before numerous times before Congress, and given dozens of speeches based on his award-winning film An Inconvenient Truth, which portrayed an ominous future marked by ecological catastrophe.
To be sure, Gore has enemies, and many of them. He picked them up throughout a long career in public service, first as congressman, then as a senator -- he was dubbed Sen. Moonbeam -- then as vice-president to Bill Clinton, and finally as a green tech evangelist and ecological doomsayer.
Now these foes are fuming that Gore is poised to profit -- in a big way -- from investments in companies which seek to address the ecological crises he has been warnings about for years. Broder writes that Gore could be viewed as "profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in."
At a hearing earlier this year, Representative Marsha Blackburn, a Tennessee Republican, attacked Gore for being poised to profit from the very policies he was urging the government to adopt.
"Do you think there is something wrong with being active in business in this country?" Mr. Gore responded. "I am proud of it. I am proud of it."
Nobel Prize Winner Defends His Investments
This week, Gore said that his investment activities were consistent with his public advocacy over decades. "I have advocated policies to promote renewable energy and accelerate reductions in global warming pollution for decades, including all of the time I was in public service," Gore wrote in an email message to the Times.
"As a private citizen, I have continued to advocate the same policies. Even though the vast majority of my business career has been in areas that do not involve renewable energy or global warming pollution reductions, I absolutely believe in investing in ways that are consistent with my values and beliefs. I encourage others to invest in the same way."
Gore has earned tens of millions of dollars since leaving the government at the end of the Clinton administration. He has served on the board of directors at Apple, the iconic computer, music and mobile company, as well as a outside adviser to Google, the Web search giant. During his time in the private sector, Gore has made a number of investments in green technology ventures, including projects making solar cells and waterless urinals.
$35 Million Investment Hints at Wealth
As a private citizen, Gore does not have to disclose his income or assets, as he did in his years in Congress and the White House, but when he left government in early 2001, he listed assets of less than $2 million, including homes in suburban Washington and in Tennessee. "Since then, his net worth has skyrocketed, helped by timely investments in Apple and Google, profits from books and his movie, and scores of speeches for which he can be paid more than $100,000, although he often speaks at no charge," Broder reports.
Today, Gore does not reveal his net worth, but the fact that he was able to single-handedly make a $35 million investment in Capricorn Investment Group, a private equity fund started by his friend Jeff Skoll, the Silicon Valley entrepreneur and film producer, speaks volumes about the magnitude of his wealth.
Some of Gore's private sector green tech activities include:
· Founder of, and investor in, London-based Generation Investment Management, which is run by David Blood, a former head of Goldman Sachs Asset Management
· Partner at, and investor in, Kleiner Perkins.
· Invested in partnerships and funds that try to "identify and support companies that are advancing cutting-edge green technologies and are paving the way toward a low-carbon economy."
· Stake in "the world's pre-eminent carbon credit trading market and in an array of companies in bio-fuels, sustainable fish farming, electric vehicles and solar power."
· Adviser to high-profile technology companies including Apple and Google, "relationships that have paid him handsome dividends over the last eight years."
· Capricorn has invested in Falcon Waterfree Technologies, the world's leading maker of waterless urinals.
· Generation has holdings in Ausra, a solar energy company based in California, and Camco, a British firm that develops carbon dioxide emissions reduction projects.



























Reader Comments (Page 1 of 11)
11-03-2009 @ 1:59PM
Freetimeod said...
Follow the money...ALWAYS FOLLOW THE MONEY!
Reply
11-03-2009 @ 2:59PM
geald kauffman said...
HE IS ONE OF THE BIGGEST CON ARTISTS THERE IS!
11-03-2009 @ 4:10PM
James said...
Wait a second, he can't be rich, he's a democrat! You said only republicans are rich. Could it be that the democrats are lying to us?? Oh my God! Democrats lying to the people!! Surely not Obama himself!! Oh my God!
11-03-2009 @ 6:41PM
Don Charles said...
His next book should be entitled. How to make money with a Fraud. The man is a scammer.
11-03-2009 @ 7:18PM
Witness of the Truth said...
God's Law Book, the Bible, tells us that we do not have to be concerned with global warming. In fact, God declares that on October 21, 2011, He will turn this world into a huge fireball and destroy the human race.
So much for global warming, Al Gore!!! How fast can you spend a billion dollars?
http://www.ebiblefellowship.com/may21/index.html
11-03-2009 @ 7:33PM
Al Schrader said...
Thank to Global Warming I'm growing avocados and lemons here in Central Florida. There is enough newly available topsoil here to feed the entire earth. Al.
11-03-2009 @ 8:30PM
psmail2 said...
Hey, wait a minute. I have been growing plants in containers on my patio for the last 4 years. Where are my carbon credits?
11-03-2009 @ 9:04PM
Sparky said...
AL GORE IS A BAFFOON!
11-04-2009 @ 9:27AM
justanotherbrickinthewall said...
Gore is a pig. Unashamed for his lies. Raking in your tax dollars for his own benefit.
11-03-2009 @ 2:00PM
Steve said...
This jackass has caused unnecessary grief of an unimaginable magnitude. I'm all for doing what we can within reason to run things cleaner, but Gore has taken alarmism to a whole new level.
Reply
11-03-2009 @ 2:15PM
Gere said...
How this idiot is still considered relevant by so many of the koolaid drinker faithful is truly scary So what does his being a billionaire say to all those rich bashers so prominent among Obamas faithful these days? Should we strip him of his wealth too? That he has stirred the dubious pot concerning the threat of global warning and made millions if not billions in the process is distrurbing to see and proof positive that those born with the silver spoon in their mouths get more insider perks and breaks than the rest of us combined. He surely has a vivid imagination to have led the war on global warming and still found the time to create the Internet as well. Yeah right, all he did was take those bribes from the Chinase militrary controlled corporations back in 2000, which bought the politicians that have enlarged to their market share increased profits in our economy due to their cheap captured labor and numerous sweat shops. Thanks Al, you're always thinking!
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11-04-2009 @ 10:43AM
phil said...
You can thank us anytime you wish. Here in Tennessee, we are the state that kept native son, Al Gore, from being President! Most don't realize that in 2000, if Gore had just won his home state...that Florida wouldn't have mattered. It begs the question...what did Tennesseans know that the rest of the country didn't about this man? We know the man, we know he is bogus.
11-03-2009 @ 2:18PM
amecld5 said...
Is this the same Al Gore who got up on the podium at the 1992 Democrat convention stating how much he hated what the tobacco industry had done in being an accomplice to her death and apologized for his grave error of running his late Dad's business in the "past" of growing and clutivating tobacco on their farm in Tennessee?
Oe problem though-he was still running that business and reaping in the rewards as his tongue was shamelessly lying at the convention that he wasn't. And That's only One reason I can't stand Gore. Do I really need another even though there are plenty?
Reply
11-03-2009 @ 10:06PM
asperegus said...
Ameold5 Al bore dad was a con man as is Al
He was a socialist, as is al, He was a puppet for Arm Hammer
a socialist from Russia Owner of oxidenal chemical
f
11-03-2009 @ 7:22PM
Julia Stege said...
Gore is an ultimate conman. He has drummed up support for his "cause" by using his position in government. Now he is set to reap the rewards. How many years will it take to realize that all the alarmism was misguided?
Reply
11-03-2009 @ 2:20PM
jay said...
gore is a fool, and anyone whom even hints at believing this piece of trash is a fool as well
Reply
11-03-2009 @ 2:20PM
Amecld5 said...
PS I was referring to Al Gore's sister's death by lung cancer by the way.
Reply
11-03-2009 @ 2:22PM
dennis said...
You really think a politician would take up a cause he wouldnt profit from, you dont think he still has influence on washington policys or inside information. its not about green its about money plain and simple. just more greed from washington and wall street
Reply
11-03-2009 @ 2:50PM
AnimalsHaveCars said...
Al Gore, John Edwards and alot of DEMOCRATS make their money STEALING it from the taxpayers. They are no talent bums, at least with Bono and Hollywood we get talent along with their WACKY veiws...
Reply
11-03-2009 @ 2:28PM
fraud said...
AL CORE +GLOBAL WARMING =BIG MONEY what a scam...
Reply