The main reasons why this is a bubble are more fundamental. Emissions trading has a future only if the Kyoto agreement, which runs out in 2012, is succeeded by an even more far-reaching and rigorous global accord. It is now clear this is not going to happen. And in today’s harsher economic climate, governments are more likely to look for ways to scale back subsidies for renewable energy than to boost them. Nor are voters likely to be willing to pay the larger energy bills that “green” policies demand. There may well be a green business opportunity. But my advice to would-be investors is this: make sure you get out before the bubble bursts.
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