Sir, Richard Henderson writes about a “$31tn push to … address the world’s ills — from climate change and child labor to the dearth of female executives.” “Europe leads $31tn charge into sustainable investing” June 1.
What? An amount about 40% of the world’s GDP, about 80% of Europe’s and the US’s GDP, to be invested, mostly by some few, into projects that might not have any chance to recover the investment, or that could produce a much lower than expected contribution to the solving of the problems than offered. It sounds just like an Alexandria Ocasio Cortez’ Green New Deal.
The Financial Stability Board has a Task Force on Climate-related Financial Disclosures (TCFD) because: “The Disclosure of climate-related financial information is a prerequisite for financial firms not only to manage and price climate risks appropriately but also, if they wish, to take lending, investment or insurance underwriting decisions based on their view of transition scenarios.”
As I see it FSB needs, even more than the TCFD, a task force to consider the risks of all these help-to-the world investments; at least to make sure that the final result is not that of mostly having enriched the intermediaries.
Sir, I do not take the threat to climate change lightly but, if we are going to be able to do something important about it, we must keep an eye on the spending. Otherwise the consequences could be even worse… like if not being able to prevent global warming then not either being able to afford mitigating some of its consequences.
And before $ trillions are poured into good intention but adventurous projects, lets make sure the market signal are working at full intensity, for instance by means of a very high revenue neutral carbon tax, that is shared out equally to all citizens.
Why does the private marketing of $31tn in sustainability investments not get the same scrutiny as the Green New Deal?
@PerKurowski
Source:
http://teawithft.blogspot.com/2019/06/should-not-private-marketing-of-31tn.html
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