Breaking the Tragedy of the Horizon – climate change and financial stability: Bank of England Governor Mark Carney warns investors face 'huge' climate change losses - "The Financial Stability Board, an international body monitoring the global financial system that Mr Carney chairs, may recommend G20 countries make it easier for investors to compare the 'carbon intensity' of different assets." [more inside]
Treading Water by Laura Parker [National Geographic]
Phil Stoddard, in his third term as mayor of South Miami, is one of the few politicians willing to talk about when that time might come... He drew a graph with three lines that show population, property values, and sea level all rising. Then abruptly, population growth and property values plummet. “Something is going to upset the applecart,” he says. “A hurricane, a flood, another foot of sea rise, the loss of freshwater. People are going to stop coming here and bail.”[more inside]
The Economic Risks of Climate Change in the United States (PDF); prospectus (PDF); press coverage (YT) - "The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation's current assets and ongoing economic activity. [The report] uses a standard risk-assessment approach to determine the range of potential consequences for each region of the U.S.—as well as for selected sectors of the economy—if we continue on our current path..." [more inside]
UN Climate Report: We Must Focus On 'Decarbonization', and It Won't Wreck the Economy - "The basic message is simple: We share a planet. Let's start acting like it." [more inside]
Tom Yulsman on the ignorant, misrepresentative and fictitious claims promulgated by some conservative journalists.
Recent posts here, here and here discuss a growing sense that climate change is going to be worse than we thought. A link to Charles Stross's musing on a future that included climate change was discussed on MeFi here. But Kim Stanley Robinson asks a slightly different question: If capitalism is the driver of climate change, what happens next? What does post-capitalism look like?
Yesterday Australia joined many developed nations in putting a price on carbon pollution (fixed at $23/tonne CO2e for three years) (prev). Despite extensive compensation, this moderate economic reform has proved enormously unpopular ("based on a lie") and is expected to be repealed if/when the Federal Opposition are returned to government.
Social Credit is a movement that takes a different view of economic expansion. Mostly it focuses on how value is created and what happens to the excess value. Proponents can be very aggressive or very mellow but a key part of their philosophy is that we must recognize the value we've inherited from the past. In other words, we don't start our lives with an empty ledger but have inherited many physical and intellectual gifts from previous generations. Recently I began wondering whether we shouldn't look at the other side of the ledger, particularly when it comes to ecological impacts - i.e., the messes we inherit. It turns out that in the early 90s, some social credit economists were writing about this and were even talking about climate change as something that needed to be added to the equation. Is this an idea whose time has finally come?
The Australian Government has committed to a price on carbon from 1 July 2012, prior to a likely full emissions trading scheme within three to five years. The Opposition are outraged, predicting a people's revolt. This should clearly define the next election.
Alberta will face a disastrous competitive and economic disadvantage if Canada signs the Kyoto accord. Meanwhile, this year has been one of the worst for smog in Toronto. Some municipalities in Ontario are voluntarily looking towards alternate energy sources because they feel, in the long run the costs will be lower (lower health costs, avoiding higher fossil fuel costs, etc. - sorry, no link) What do you think? Is it possible to have economically viable alternative energy, and is the US setting a bad example for countries that feel they need to compete?