By Philip Stott, Sinfonia, h/t Benny Peiser

New Energy Finance tracks companies worldwide that claim to focus on ‘climate change’ stocks involving the generation and use of cleaner energy and efficiency. It hosts the WilderHill New Energy Global Innovation Index, known as NEX [see Graph: the NEX Index since October 2007. For the full graph, enlarged, go here].

In these dark days, the NEX is not having a happy ride, and, according to the latest report in the Scientific American [’Climate change stocks fall more than wider markets’, Scientific American, October 3], “shares in companies specializing in curbing greenhouse gas emissions, including energy efficiency and renewable energy technologies, have tumbled faster than wider markets this year.” Figures for the last full quarter (June 30 to September 30) show that they fell by 30.3%, and that they are down by as much as 39% over the year so far.

The NEX is a global index of 91 companies listed on 24 stock exchanges whose, and I quote, “innovative technologies and services focus on the generation and use of cleaner energy, conservation, efficiency and the advancement of renewable energy in general” [see: ‘NEX Fact Sheet’]. It includes companies which claim to adopt lower-carbon approaches that “are relevant to climate change, and whose technologies help reduce emissions relative to traditional fossil fuel use.”

As the Scientific American reports: “"It would be easy to blame the credit crunch, which certainly has made it more difficult for project developers in wind and solar to raise debt finance,” said Michael Liebreich, chairman and CEO of research firm New Energy Finance on Friday. Another contributory factor was a correction in high valuations for some renewable energy companies, said Liebreich.”

Just so. What a surprise! It seems that sub-prime ‘global warming’ science and politics are no more to be trusted than sub-prime mortgages. Selling hot air was never going to succeed in the long run.

Ah well! The bulls and bears of the WilderHill New Energy Global Innovation Index (NEX) may be hunted down [watch out for gun-totin’ Sarah Palin] through the NEX Website:  At 5.43 am ET today, the Index stood at 244.91, down 4.54% on the day. Read more here.

By L. Lars Hulsebus, Des Moines Register

Iowa’s recent natural disasters are connected to global climate change, former Vice President Al Gore said in a speech at the state Democratic Party’s annual fall fundraiser Saturday. Gore was the keynote speaker at the 2008 Jefferson Jackson Dinner at Hy-Vee Hall in Des Moines. Gore attributed the historic floods that devastated Iowa in June to man-made emissions causing more water to evaporate from oceans, increasing average humidity worldwide.

“In 66 of your 99 counties, the flood damage was truly historic.” Gore told the crowd of 1,000 Democratic donors. “No one has ever seen a flood like this.” Gore also blamed climate change for increased tornadoes, including the one that leveled much of Parkersburg earlier this year. “Yes, we’ve always had tornadoes in Iowa and in Tennessee,” he said. “But they’re coming more frequently and they’re stronger.” Read more here.

Icecap Notes. See how spring floods and tornadoes are related to the recent COOLING not global warming and are more frequent in La Nina years like this here and here , here and here.

5) Analysis in peer-reviewed journal finds COLD PERIODS - not warm periods - see INCREASE in floods, droughts, storms, famine - April 24, 2008 - (LINK

The Economist

The European Union is struggling to deliver on its promises to cut carbon emissions. Just 18 months ago the European Union promised to save the world from climate change. A final plan to deliver on those promises must be finished soon. But it is in deep trouble. The conclusions of the March 2007 summit proclaiming the EU’s “leading role” on climate change make for wistful reading today. They begin “Europe is currently enjoying an economic upswing,” and add that growth forecasts are “positive”. Back in that long-lost golden age, the EU’s leaders were in heroic mood. They offered binding promises known as the 20/20/20 pledges. By the year 2020, they would cut Europe’s carbon emissions by at least a fifth over 1990 levels; derive 20% of all energy from renewable sources; and make energy-efficiency savings of 20%.

The heroic mood is gone now. In March 2007 Angela Merkel, the German chancellor and chairman of the summit, was a green champion. Today she sounds like a lobbyist for German business, listing the industries that must be shielded from the full costs of her package. In truth, almost every country has found reasons why the climate-change promises may be impossible to meet in their current form. Britain is gloomy about its renewable-energy targets. Ireland says its farmers must be protected (grass-fed Irish cows emit a lot of methane).

Dig into most “impossible” problems on the table, and they come down to money. In the EU, rows about money are usually settled, albeit acrimoniously. But another problem is harder to fix. Countries that use a lot of coal, such as Poland, fear that the climate-change package will force them to abandon it. The quick and easy alternative is natural gas, but the fear is that this means Russian gas. Russia made its neighbours nervous even 18 months ago; after its war on Georgia it frightens them even more.

Poland gets over 90% of its electricity from coal. The giant Siekierki power station in Warsaw provides electricity and heating to two-thirds of the Polish capital each winter. A mountain of coal next to its turbine hall holds 180,000 tonnes, enough for 18 days’ winter production. Ignore climate change, and it is an oddly comforting place. Almost all the coal is Polish, and more arrives on trains from Silesia every day. On an autumn afternoon, the only smells are of fallen leaves and the sweet tang of fresh coal. The only noise comes from a bulldozer smoothing the coal-mound and the cawing of rooks. Its three chimneys run clear: you cannot see the carbon dioxide pouring into the sky. Read more here.