Last Friday, I attended a conference for a multinational bank in Oman.

It is an annual event to update the region’s clients about the bank’s latest views on local and global conditions and, of course, to tell us about its latest products.

For the first time, I heard about the Chicago Climate Exchange (http://www.chicagoclimatex.com/)

I had thought that “green derivatives” was just myth or bad idea, not something able to be sold. But I was shocked to learn that the volume of trades has reached to one trillion dollars!

It seems we are just creating another speculative industry, which will attract huge funds, the whole thing far removed from basic and essential social investments.

I am not against real green initiatives that reduce the pollution, make use of energy more efficient, offer cleaner/better water or improve the healthy environment that surrounds us. I am against the linkage between those useful things and “climate change”, which just seems to put restrictions and taxes on some industries just to fund something not real.

“Climate Change” is something universal. It will keep changing and is more powerful than any human actions. This is my own personal view.

The joke of the conference was this:

When one of the attendees asked the instructor: “What if the investment is lost, how I can justify that to my manager?”

The answer: “Tell him that your company was supporting the fight against global warming!”

I wonder if that answer would be enough to keep feed me in future, if I will lose my job, or will I blame the weather for my decision!

I wonder how the carbon taxes collected in past and future will be justified to the future generations, when they discover that they were used to fund unnecessary and non-productive expenditures like trading on the Chicago Climate Exchange?

R H, Our Middle East Correspondent