James Cameron
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In the past few weeks we have seen graphic evidence of how institutions and individuals could create wealth that turned out to be illusory. The ability of capitalism to deliver real wealth so that society can survive and prosper is being seriously challenged.
The industry for creating wealth, which we assumed to be efficient, well organised and smart, has contrived to lose spectacular amounts of ordinary people's money, requiring the State to intervene in the public interest. But it is also true that even now, capital markets continue to invest in creating risk - climate risk.
We are already hearing arguments for focusing everything on the economy damaged by failure in the banking system, dropping the need to fix the climate system. The EU summit in Brussels, which had climate change at the top of its agenda, is in danger of being swamped by the banking crisis. Of course, we should not trade one off against the other. We must tackle both.
Out of necessity comes opportunity. And we now have a chance to rethink our relationship with money, to realise that it matters how we create wealth as well as how much of it we create.
I take the view that liberal democratic markets, with the right regulatory framework, are the best way to distribute wealth and deliver the public good. But we must admit that we have failed properly to value many of the things that count most - a stable climate, thriving ecosystems, good soil quality and clean water, for example.
We must acknowledge that climate change is still seen by many as a threat for the future, a risk approaching slowly from afar. But the best evidence of the physical consequences of climate change shows that we face catastrophic losses over a century and real economic losses within years. London is as much at risk from rising sea levels as from financial meltdown.
We have no option but to turn our economic system towards solutions to the problem. Here are some things that need to be done in the next two years to show that we are serious:
Conclude negotiations on a global climate treaty in Copenhagen next December. For this, we need a higher level of co-operation between the holders of power than we have enjoyed since the end of the Second World War and the Bretton Woods Agreement - but this time with many more states involved
Persuade the new US Administration to make climate change a priority. Otherwise it will not be ready to be part of the global deal necessary to make it work
Accept the need for confident and competent governments: climate change requires collective action, which may mean more regulation with many levers such as tax, regulation and subsidy used. The setting of tough obligations to reduce emissions must underpin investment strategies in energy and infrastructure
Complete the process of creating, through law, a value for reducing carbon at every level of government - worldwide, European and domestic
Start huge investment in clean-energy infrastructure. This will involve redefining how we produce and consume energy. We must reduce demand, while enabling low or zero-carbon power suppliers to flourish. This can be achieved with today's technologies - so-called smart grids, micropower and the many techniques for improving the energy performance of buildings
Start moving transportation away from fossil fuels towards electrification. Learn from the Danish experience with renewable-energy- driven electric vehicle fleets
Create a value for forests that enables them to be worth more alive than dead, so their ability to absorb C02 can be recognised
Commit resources to adaptation - building both physical barriers to rising sea-levels and more resilient ecosystems, such as mangroves at coastal margins
There is no need to be defeatist, but we must put into action the many words of agreement that we have had for years. We have learnt in the past couple of weeks that we can move a lot of public resources very fast if we have to. And we have to.
There are jobs in this - for engineers, construction workers, architects, scientists and the service industries that go with them. For instance, the construction in Europe of 10-12 new power stations, and the infrastructure to capture the carbon and store it, will create thousands of jobs. This has been made possible by a combination of public policy, public money (€10 billion) and private money (€20-30 billion).
Everything from urban development to white goods needs a fresh look, a designer's eye allied to economic incentive. There is enterprise in the transformation to the low-carbon economy.
So where is the money? There is still plenty to finance this work. Pension funds and sovereign wealth funds, which have an interest in the long term, can allocate sufficient capital to deliver the items on my list.
Sovereign wealth funds are estimated to have more than £1 trillion in their coffers, much of it from the selling of fossil fuels. These funds have been designed to protect their citizens in a future when their natural resources have gone. Investment in alternatives to fossil fuels, energy efficiency and clean-energy infrastructure are indeed ways to safeguard the future for the beneficiaries of these funds - and for the rest of us
The fortunes of the 21st century will lie in the protection, not the destruction, of the planet. We can create wealth worth having.
James Cameron is a founder and vice-chairman of Climate Change Capital, the investment manager and adviser specialising in the low-carbon economy
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Only when London is flooded will the message dawn on the politicians . Politicians wading along the aisles of Westminister could prove to be the catalist that saved the planet earth.
Jim Wills, Brisbane, Australia
Global warming only happens when the sun gets busy, man made CO2 emissions are irrelevant. The 'green gangsters' are having a field day at everybody elses expense by persuading gullible governments to raise green taxes unecessarily.
Rob, Essex, UK
Strewth! A really uplifting encouraging collection of comments.
It seems to me thepublic tide has very firmly turned against the Global warming hoax so maybe we will manage to avoid the destruction of industrialized western society that so many Eco warriors wanted. I think we have had a close call.
Matt, Bournemouth, UK
It's amazing how many people think that reading a couple of heavily biased websites makes them more knowledgeable about climatology than the entire scientific community. Climate change is real, the evidence for it is so compelling that even some ardent skeptics have now had to accept it.
Dr Richard Milne, Edinburgh,
Well seen Sir, but the situation is still worse than anyone & yourself think since underlying the present theories is the dogma of stability on orbit... this is not so.
jpturcaud
Australia Mining Pioneer
True Geology Foundation document :
http://www.americanchronicle.com/articles/69327
Jean-Paul Turcaud Exploration Geologist, La Rochelle , France
The planet is cooling . . .
http://www.globalresearch.ca/index.php?context=va&aid=10783
Jenny philips, York, uk
It is time to have the world governed by scientists. The planet needs to move away from out of date thinking. The financial crisis is one of many to come, if the exiting systems and priorities remain. A stable financial system is required if the environmental projects are to come to fruition.
Jim Wills, Brisbane, Australia
First, the phrase "climate change" is itself a fraud. Climate has changed continually on Earth for 5 billion years. Man-made global warming is a joke. Since the sun passed its maximum in 1998, the Earth has been cooling, not warming. Mars, Pluto, Neptune's Triton were all warming earlier. WHY?
Jonathon Moseley, Wilmington, North Carolina, YSA
IF there were global warming, here is how it would go: Warmer seas EVAPORATE, creating moister air. When moist air reaches colder climates like the poles, IT SNOWS (or rains and freezes). Net result? GROWING ice caps, SHRINKING oceans. Try boiling water in Winter, examine moisture on windows
Jack Stone, Washington, D.C., USA
Well yes the thought 'Rock and Hardplace' comes to mind
Dave Farmer, Broxbourne, England
The seas respond slowly to global warming because of their thermal inertia. But they will respond; to my surprise the most effect is due to thermal expansion! Basically, hot water takes more volume, like quicksilver in a thermometer. Oceans are 5000m deep in average, it takes little to rise meters.
Andrea Viceré, Pisa, ITALY
Hey genius, the seas are NOT rising, so there is no need for a rush to environmental communism because of a phony panic over something that ISN"T EVEN HAPPENING! Unbelievable stupidity. Let's give up all the lessons of the past century for a non-crisis created by the media.
Chris, Phoenix, USA
People stop breeding!!
Chris, London, UK
If the sea levels were really to rise, which so far there's no indication of even with rising temperatures, then just build some damn levies and be done with it. No need to wreck our economy with global warming hysteria and even more hysterical "counter" measures.
John Bigglesworth, Suffolk,
As we spend billions on a phony global warming issue, millions don,t have enough to eat. How stupid can you people be?
jim jones, monroe, usa
Forget the commentary. Analyze the data. To what degree have sea levels risen in what period of time? If the answer is ZERO in the past century that makes this a theoretical and fundamentally useless arguement .
Geoff, Ligonier, PA, USA
The world is a spinning ball which has heated up and cooled down in the past, that is fact and out with our control to the extent that praying would have more effect. We need to reduce the world population, use less resources,and produce less polution. Carbon Trading is a South Sea Bubble. Wake up.
Kenny L, hove,
People seem to be ignoring the fact that when the sea rises 1 meter there will be an enormous ECONOMIC DISASTER as well as natural disaster. I am not a rocket scientist; but even I can determine that from the articles that have been written over the last 5 years.
sarah adair, chicago, usa
The science behind AGW is dodgy. The eco-mentalists should drop the climate change agenda and instead focus on things which most would support - conserving finite resources, being more energy efficient, reducing pollution, cleaning up industry, investing in nuclear power, curbing population growth.
John, Levignac, France
You simply MUST be kidding! More and more respected scientists are coming out and acknowledging that "Global Warming" (or "Climate Change," for those who want to hedge their bet on which way the temperature is actually going, if anywhere) is nothing more than feel-good, junk science. GET REAL!
Cliff Davis, Acona, MS, USA
CO2 is a trace element, and not at all responsible for global warming. Global warming is a natural occurrence caused by solar activity, hence the "global warming" occurring on other planets. Only liberals are blaming CO2 on global warming, since they see the chance to rid us of fossil fuels.
Brent Leavitt, Colorado Springs, USA
I find it humorus that the greenies go to great expense to decrease their "carbon footprint" in order to prevent global warming. Brow beating others to follow. Then, to reward themselves, they hop a jet to fly some where it's warm and the sun shines all the time.
mulligan, smallville, USA
Thank you James. I am amazed at some of the comments on this site. What an incredibe wealth of ignorance-I am doing a Msc Advanced Environmental and Energy Studies, and you've just about duplicated my essay! I shall be in touch re my investments.
sophie graham, stroud, UK
Climate change, global warming, call it what you like, is based on a false conjecture i.e the so-called greenhouse effect. There is no greenhouse effect.
Andrew Wride, Banchory,
Is climate change bad enough yet that we should consider nuclear?
Is it bad enough yet that we should encourage smaller families (zero population growth) worldwide?
If not, call and wake me when it is.
Jim, Memphis, USA
Nobody buys in to this GREEN SCAM these days. New articles on this topic only insults our intelligence. Please take note.
collin brown, cotgrave, nottingham
Eric
Tulsa is obviously a very long way from the reality of life in Africa, where the environment is not a luxury, but something that can either feed you or destroy you. In the west we can afford to adapt to climate change - in the developing world they can't - that is climate change reality
Peter, London,
Aren't we all getting rather sick and tired of this "end of the world" scenario? If the developed world really believed it, consumerism would be a thing of the past. All trade would cease and economies would collapse. But, at least, the planet would have been saved.
Dwight Vandryver, Scholar Green, UK
Eric Richard tells us that people in Bangladesh "do not worry about global warming". He clearly hasn't been to the same Bangladeshi villages as I have, where, faced with floods of increasing frequency and severity, people are acutely worried about global warming.
martin wright, London, UK
Only the gullible and the vested interest believe this global warming junk science now. Which one do we have here?
Mcgraw, Corby, UK
Electric vehicles are a good option in Denmark, it is relatively small, relatively flat and relatively densely populated. Not such a choice in eg Canada I fear.
Andrew Fanner, Cowplain, UK
If the economic crisis is swamping the climate all I can say is thank God for small miracles!! There is no better education than reality, and when reality is economic 'survival' maybe people'll ask where the climate change evidence is !! And then the naked Emperor will be revealed; hurrah.
Summer, Milton Keynes ,
Sorry, but it will have to wait until the economy improves. There is a reason that people in America and Europe worry about the global warming, but those in Africa or Bangladesh do not. Environmentalism is a luxury.
Eric Richard, Tulsa, Oklahoma, USA
From one financial bubble to the next.
Carbon trading will be the next big financial black hole.
Don't let it happen. Don't vote for any party that has overt green policies.
Zak Larue-Buckley, Leicester,
The present financial/economic crisis is not due to climate change or peak oil. But it is a foretaste of what is likely to happen, permanently, when peak oil hits us & climate change starts to bite. Economic & population growth cannot continue for ever on a finite planet with finite resources.
Dave, Wrexham,
I think you will find that in scientific terms economic models are way off the mark relative to climate models. I doubt economic models go through the scrutiny that the science of climate does.
Its easy to change something when the foundations are sound but changing the foundations themselves ?
Pete Best, Northampton, UK
Man Made Climate Change?
The second biggest
lie / scam / scientific misjudgement / deceit / delusion / con
(delete as required)
in history.
Laughable.
David Garner, Cheshire, England
Bill Smith
Have you ever looked at any climatic data? Your statement suggests you have not. Measured trends are very clear. Yes - the consequences of climate change may be frightening, but hiding under your bed and saying it does not extist will not make it go away.
Peter, London,
Currently, Climate Change policy is a massive fraud and a millstone around the UK economy. Now at last there's a chance that the booming industry of climate change parasites such as carbon traders will find that their own unsustainable bubble is about to burst. Bring it on.
Jon Anderson, Bristol, UK
Mr Cameron can see his retirement fund shrinking faster than the polar ice caps.
This scam is bigger than the Millenium Bug.
Ade Niah, London,
300 years ago Dunster in Somerset was a busy sea port. Today the sea would have to rise something like 20 feet to float a rowing boat there.
If sea level is a measure of global warming, the world has got to get a lot warmer just to get back to the temperature it was at 300 years ago.
Jim Laflin, Bicknoller,
This Mr Cameron might take heed of the following article from a newspaper ON THE FRONT LINE. In Alaska.
http://www.adn.com/news/alaska/story/555283.html
It describes the past 12 months in Alaska and, far from catastrophic global warming, indicates a 12 month period closer to a Little Ice Age.
Rhys Jaggar, Leeds, UK
Best thing to do for us now is to remove the climate change tax being levied on all of our utility bills and stop subsidising windmills that will never provide consistent power nor repay the capital and carbon wasted in their construction.
Burn coal, go nuclear leave wind to blow.
Philip C, Wallingford, Oxon
All this green optimism will be wasted, unless politicians are brave enough to tackle the vast overpopulation of planet earth. Every week, there are another one and a half million extra mouths to be fed!
David Vinter,, Louth, Lincs,, UK.
Spot on, jt in NYC.
Artic ice coverage is on a rapid rebound, back where it was in 2005 and growing fast (not that you read about this in most papers). Our problem will not be "warming" but plain old-fashioned cold. And you know what? Fossil fuels don't look so bad when you're freezing.
Ed Zuiderwijk, Cambridge, UK
If I've every seen someone with a vested interest who is just worried about his job then this guy is it. AGW is a big lie and I hope he's out of business real soon.
Nick Yates, Melbourne, Australia
So there is a positive side to the current financial crisis. That we are not subjected to the dialy tirade of warnings of doom and castigations for our miniscule contribution to CO2 emmisions.
I don't expect we'll have peace for long though.
John M, Farnham, UK
Why has the enviroment gone off the radar?
Its because when times are tight and you're worried about losing your job you couldn't give two figs about the environment. You save money, not spend unnecessarily.
I foresee many from the huge multi-£bn GW industry on the dole soon.
Anthony Lester, Brum,
What do global warming and financial catastrophe have in common? They are both caused by computer models created by brilliant minds.
Can the smartest people in the world be wrong?
jt, NYC, USA
Wow! Bill Smith knows more than the IPCC! Maybe he should have got the Nobel prize for climate change research instead! Seriously it is critical we turn the current crisis into an opportunity as Cameron suggests and reorient to a more sustainable economy.
Mike Norton, Nagano, Japan
The global climate has gone into a cooling phase after a warming phase. It will switch back in 20-30 yrs (I hope). Adapt we should, but it isn't warming we should currently be worrying about.
I'd like to see people try to eat 'Carbon Credits'. Next 'South sea bubble' anyone?
Jones, Nanaimo, Canada
People might be spoiled by their good life too long, leaving
little energy to work out what is about the true quality , the wealth of frugality, with a super sense. If the economic crisis takes a role to alert people about the urgency of reflecting, it would be more sad, rather than fortunate,
Yabin Li, Shanghai, P.R.China
With any luck, we will see an increasing number of people coming to understand that Global Warming is the very least of our worries for a good many years to come. We are running out of oil and on the way to a very very long economic slow down that will completely change the world we live in.
paul, York, uk
The 1940s saw more warming than the 1990s when CO2 levels were much lower. The CO2 /temperature link is not there. There are temp differences between and within regions that can not be explained by the global uniformity of atmospheric CO2.
Bill Smith , McLean , USA