Deutsche Bank Launches 'Carbon Counter' Over Madison Square Garden
The National Debt Clock has been ticking the amount of the
According to CNBC “Closing Bell” host Maria Bartiromo, Deutsche Bank (NYSE:DB) has launched its Carbon Counter to track the amount of greenhouse gases emitted into the earth’s atmosphere outside Madison Square Garden and Pennsylvania Station, near the Empire State Building.
“A couple of blocks away from the National Debt counter in
Kevin Parker of Deutsche Asset Management appeared in an interview with Bartiromo on “Closing Bell” to promote the bank’s latest ploy to promote “awareness.”
“We unveiled it today as you mentioned,” Parker said. “It’s 70 feet high. It stands right outside of
Parker said the goal of the counter is to inspire investment for this issue.
“We are calling for action and hopefully this sign will spur some action in the investment world and really begin the process of capital formation to really tackle the issue of climate change,” Parker said.
Deutsche Bank, a European bank headquartered in
“Well, what we’d like to see is a price on carbon,” Parker said. “That is absolutely foremost in everyone’s minds involved in the climate change debate. The governments around the world have to get on with regulations – clear regulations and long-term regulations. To really reduce the regulatory risk around this issue, to encourage private investment to take up the challenge and take up the huge amount of capital that’s required to mitigate climate change and to adapt to climate change.”
According to Bartiromo, $155 billion was invested worldwide in renewable energy. That’s not nearly enough Parker said and the
“Well, it’s certainly moving in the right direction, but it’s a drop in the bucket,” Parker said. “The International Energy Agency estimates $45 trillion in the next 40 years has to go into mitigating climate change and that’s only to solve half the problem.”