Where voters and consumers lead on the climate crisis, businesses will have to follow | Will Hutton

Where voters and consumers lead on the climate crisis, businesses will have to follow | Will Hutton

The Cop26 outcome may disappoint campaigners but the talks are part of a wider shift in which everyone has agency

Capitalism has divided opinion violently in Glasgow over the past fortnight. Prince Charles rewarded those global businesses delivering on their commitments to net-zero carbon emissions with his Terra Carta award, declaiming that only the private sector could and would deliver, while Mark Carney, co-chair of the Glasgow Financial Alliance for Net Zero, boasted of the $130tn (£97tn) of private investment funds – doubled in six months – committing to invest in companies signed up to net zero. But capitalism, growth, greenwashing and self-seeking lobbying were denounced by activists and NGOs as the root of the problem. Prince Charles and Carney were dismissed as little better than collaborators in our collective downfall.

In truth, a complex but ultimately hopeful dance is being performed before our eyes. The growing conviction of voters and consumers, further intensified by environmental campaigners at Cop26, that the climate crisis is real is forcing change. Last week, rivalling in importance to what was unfolding at Cop26, came the news from New York that electric pick-up truck manufacture Rivian, hardly in production, had floated for more than $100bn, valuing it at more than Ford and General Motors. It’s the kind of mind-boggling welcome Wall Street gave to young companies making petrol-propelled cars a century ago.

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *

EnvironFriend

FREE
VIEW