Patrick Jenkins (Financial Times) attended a debate held by the FT City Network, a panel of more than 50 senior figures from across the City of London, during which ‘two of the world’s biggest fund management bosses’ pleaded for reform.
He reported that these pleas were made in response to an address by Gail Bradbrook, co-founder of Extinction Rebellion, in which she called for wholesale reform of the current economic system to avert global disaster.
Recent protests have focussed in part on the City of London and the role that banks, asset managers and insurers play in financing and sustaining some of the world’s most environmentally damaging industries, from oil extraction to vehicle manufacture.
Several participants praised the part that UK-based climate change activist group Extinction Rebellion has played — alongside others, including Swedish teenager Greta Thunberg and film-maker David Attenborough.
Anne Richards, chief executive of Fidelity International, said the world must end “our obsession with ever-increasing GDP” and the “primacy of shareholders” to foster the kind of long-term thinking that would help protect the environment and “pivot [away] from the Milton Friedman concept of capitalism and the primacy of shareholders, who may have a very short-term involvement with an individual company, towards a wider stakeholder approach”.
Andreas Utermann, CEO of Allianz Global Investors, said that the world’s growth mania — “nominal GDP growth, supported by population growth, [and profit] growth” — was clearly unsustainable, and suggested that capitalism in its current form is “borrowing from the future while destroying the environment . . . A more holistic approach to ‘growth’ needs to evolve, looking to capture societal and environmental benefits and costs . . . More sophisticated measures than GDP per capita are required to determine whether capitalism is delivering to all stakeholders without borrowing from the future while destroying the environment. It was self-evident that this is not sustainable”.
A number of City Network contributors said that, while it was impossible to blacklist climate unfriendly firms instantly, it was vital that companies set tough environmental targets, measure whether they were met and reward managers on their performance, rather than on short-term profit. Other interventions showed that a wider range of contributors to the debate believe that business and government must urgently improve their response to the growing evidence of environmental catastrophe.
Over the past few years we’ve seen a trend in which the Labour Party has become Greener and the Green Party has become “Leftier”. I fervently wish for further rapprochement.
While feeling despair at the head-in-sand attitudes and empty rhetoric in much of Westminster, Whitehall and the City – especially the City – I was enthralled by a presentation given in my constituency of Stroud last month by Alan Simpson, Jeremy Corbyn and John McDonnell’s advisor on climate change and sustainable economics. If anyone is unfamiliar with his policy ideas, I urge them to look him up and read these essays.
A future Labour government will do its utmost to adopt Simpson’s plans, which include:
- local renewal energy cooperatives,
- an agricultural policy reset to penalise high greenhouse gas emissions,
- a far more locally-based economy (community wealth building – thriving in many locations and now to be adopted in Stroud),
- a far more integrated, publicly-owned transport system…
- and of course real measures to curb tax “avoidance” by the heavyweight national and global corporations, and tackle our hideous income inequality.
- First and foremost though – greenhouse emissions must be HALVED every ten years.
We should all be taking notice of the wonderful Greta Thunberg’s message
Real change can’t come too soon, and the only way we’re ever going to see real change in the UK is to put a Labour/Green government? into power at the earliest possible opportunity.
I can’t see how diluting the non-Conservative vote at the next general election is going to achieve anything except more Tory-led acceleration to destruction.
I realise some will find their tribal loyalties tested – but the nightmare we’ve created transcends such petty concerns.
Media 97: An inconvenient truth? A Dutch reader notes UK’s ZERO coverage of 40,000 climate change demo in Amsterdam
She writes: “*zero* coverage in the UK over climate demo Sunday 10th in Amsterdam?! 40,000 people at climate change demo in Amsterdam and it RAINED heavily all day … we got soaked to our underwear …)!!”
An online search today saw no UK coverage on the first four ‘result’ pages – only American and European coverage.
Adding wryly: “When 40 yellow vests get together it’s shared all over the planet…
The demonstration, the first of its kind in the Netherlands, drew around 40,000 people despite heavy rain, according to Agence France-Presse.
“The high turnout is the proof that people now want a decisive policy on climate from the government,” Greenpeace, one of the march organizers, said in a statement.
The Netherlands could be especially vulnerable to the rising tides brought on by climate change. Much of the country already sits below sea level, and some of its land is sinking.
While the U.S. has been backpedalling out of global climate change agreements like the Paris accord, Dutch lawmakers have passed ambitious climate change laws, seeking a 95% reduction of the 1990 emissions levels by 2050.
In January, however, a Dutch environmental research agency said the government is lagging behind its goals. “We are under sea level, so we really need to do something about it,” said a 21-year-old climate studies student at Amsterdam University.
Students around the world have been leading protests to prompt their governments to address climate change. A worldwide school strike is planned for later this week. Greta Thunberg, a Swedish teenager widely known for her climate change activism, said on Twitter that at least 82 countries plan to participate in the upcoming protest.
Will British media fail to report the forthcoming school strikes as well as this one?