Capitalism

Even on its own terms, the outcome of the COP26 climate conference in Glasgow was catastrophic

The future was supposed to be copitalism: a new global economic paradigm where national governments work together through the United Nations (UN) Conference of the Parties (COP) process to limit emissions and prevent runaway climate breakdown – while leaving capitalism otherwise intact.

Yves here. In addition to the important reasons given below for shutting economists out of the debate on climate change, an additional one is even Nicholas Stern fell for trying to look at climate change in net present value terms. As anyone how has built financial models will tell you, pretty much anything that happens more than 30 years out is ascribed no value because just about any positive interest rate will result in very long term impacts being discounted to zero.

Wall Street investors have hit the jackpot. Soon they’ll be able to buy, own, and dictate The Commons, public lands, the world of Mother Nature. In fact, a pilot project is already in the works with ecosystems up for sale as Wall-Streeters anxiously prepare to gobble up the valued benefits of Mother Nature.

According to the NYSE PR Dept. they’ll IPO nature: “To preserve and restore the natural assets that ultimately underpin the ability for there to be life on Earth.” What? Really?