Deutsche Bank Launches 'Carbon Counter' Over Madison Square Garden

[1]The National Debt Clock has been ticking the amount of the U.S. government’s debt since 1989 to show just how much money the taxpayers are in for. But now, global warming activists have seized upon the concept.

According to CNBC “Closing Bell” host Maria Bartiromo, Deutsche Bank (NYSE: [2]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 New York’s Time Square lies a new display,” Bartiromo said on her June 18 program. “Check out this 70-foot high billboard outside of Madison Square Garden. It’s tracking the amount of greenhouse gas emissions. It was unveiled today by Deutsche Bank. As of this morning, it’s stood at more than 3.6 trillion metric tons.”

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 Madison Square Garden and the reason we did that is pretty straight forward. We’ve been involved with the climate change issue for some time. It’s a very complex topic and subject and we were looking for a way to simplify this discussion in order to create awareness and education. As you can see from the sign, about 800 metric tons per second of greenhouse gases are going into the atmosphere and we think the public needs to be aware of that.”

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 Frankfurt, Germany, didn’t receive direct money from the TARP bailout, but according to a [3]report by Bloomberg last month, it was on of the “top recipients” of money indirectly through the American International Group (AIG) bailout. However, Parker told CNBC the bank would like to see governments impose a price on carbon.

“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 U.S. investment was sorely lacking in his view.

“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.”