The Climate Change Challenge: A Capitalist Solution
(4 min read)
This is a mea culpa. It’s my fault – I’ve only just got the joke on climate change. And not, I might add, because this summer the UK suffered its highest temperature on record. I might be daft, but thanks to my old geography teacher I know the difference between weather and climate.
I completed my personal paddle across the environmental Rubicon after a sequence of meetings with one of our asset managers. It was the first time I had seen evidence that I found scientifically convincing. It was also the first time that I had seen the consequential, granular outcomes of the rapidly improving climate models now being used by institutions such as the Woods Hole Research Centre.
First, the bad news. Climate change is not a part of the Environmental, Social, and Governance (ESG) Venn diagram. For what it’s worth, I consider ESG now 100% business-as-usual. Climate change is existential, it is not a subset of the diagram. It is the page on which the diagram is drawn. The three imminent climate change factors – as they relate to human endeavour – are heat stress, drought, and rising sea levels. Put simply, it’s a matter of where we can live on our landmasses.
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