And then this from Paul Gilding. The Cockatoo Chronicles. I haven’t read this yet but will this afternoon. My opinion holds: we are in for dramatic change. It would be better to prepare than have it clonk us on the head.
The introduction is this:
For decades the climate debate has focused on policy and international climate negotiations – on the assumption that the market wouldn’t change until policy forced it to do so.
This column argues that assumption is now wrong. Four critical factors have come together that mean the market is on the verge of a radical shift that will rapidly spread through the global economy. Not just the stock market but shifting assumptions about debt, risk and insurance that will have far reaching impacts.
I use the term climate contagion to describe what I see coming, because like financial contagion it will spread fast and be quite unpredictable as to where it will finish. Whether it triggers a full blown financial crisis or, by contrast, a boom in innovation and growth, remains to be seen. But it will certainly dramatically shift value between many industries and impact the economic prospects for many countries.
As a result it will change the trajectory of climate action.