From the Wall Street Journal
The planet is getting warmer. Richard Sandor, a 66-year-old economist, is getting wealthier.
His company, London-based Climate Exchange PLC, has carved out a key role in Europe’s booming trade in "carbon permits"–essentially, buying and selling the right to pollute.
Mr. Sandor, a one-time Berkeley professor, is among the most successful investors trying to profit from rising environmental awareness. Last year, the total value of carbon permits changing hands–whether on public exchanges or in private, off-market transactions, where most still occur–nearly doubled to EUR 40 billion.
Yesterday, Climate Exchange’s stock jumped 16% after the firm reported a tripling in 2007 revenue to £13.6 million, or about $27 million. That gives the company, which handles about 90% of the trading on carbon exchanges, a market capitalization of roughly $1.31 billion.
Read the full article, which explains how Sandor founded the Chicago and London Climate Exchanges, and where a U.S. cap-and-trade bill could take the industry.
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