Global North, Global South & Responsibilities

Photo: Hannah Whitaker; Prop Styling: Marina Bevilacqua.

David Wallace-Wells has done it again. Devastated me with considerations I should have had on my own, but had not. And he makes it so vivid that once you see his point you cannot stop seeing it. Having lived in the Global South for a majority of my adult years, but having been born into and lived in the Global North for the first half of my life, this story resonates with me in ways I cannot quite describe. But the quote from Proverbs in yesterday’s post seems even more intensely relevant:

Climate Reparations

A trillion tons of carbon hangs in the air, put there by the world’s rich, an existential threat to its poor. Can we remove it?

I. What Is Owed

Brazil, 2019. Photo: Cristina de Middel/Magnum Photos

The math is as simple as the moral claim. We know how much carbon has been emitted and by which countries, which means we know who is most responsible and who will suffer most and that they are not the same. We know that the burden imposed on the world’s poorest by its richest is gruesome, that it is growing, and that it represents a climate apartheid demanding reparation — or should know it. We know we can remove some of that carbon from the atmosphere and undo at least some of the damage. We know the cost of doing so using tools we have today. And we know that unless we use them, the problem will never go away. Continue reading

More Rigor Needed In Green Finance

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Thanks to the Economist for keeping it real:

The trouble with climate finance

Green investing has shortcomings

The financial system and climate change

The financial industry reflects society, but it can change society, too. One question is the role it might play in decarbonising the economy. Judged by today’s fundraising bonanza and the solemn pronouncements by institutional investors, bankers and regulators, you might think that the industry is about to save the planet. Some 500 environmental, social and governance (esg) funds were launched last year, and many asset managers say they will force companies to cut their emissions and finance new projects. Yet, as we report this week (see article), green finance suffers from woolly thinking, marketing guff and bad data. Finance does have a crucial role in fighting climate change but a far more rigorous approach is needed, and soon. Continue reading