Climate Change is one of the most important challenges ever faced by humanity. It is by no means the only challenge in creating a sustainable future. But it is one that many people are already acting on. Renewable energy, circular economy, economic justice. These are all topics that are gaining traction and action. But the trajectory is still worrying – with annual carbon emissions to the atmosphere still huge, increasing the cumulative carbon with each year that passes. Cumulative carbon that is overwhelming the capacity of the carbon cycle to convert it into useful forms of carbon rather than damaging ones. Not only that, but it has the potential to trigger tipping points that result in the planet “switching” to a new equilibrium, with much higher carbon concentrations in the atmosphere and consequently even more extreme global warming than 2 degrees.
COP21 is not, as many people are saying, a unique opportunity. This is the continuation of a process. That process is the transition to a sustainable future for all peoples. COP21 is a chance to accelerate that transition. To increase the harmony, the cooperation, the compassion that builds the sort of future most people want to see happen. To reduce the chances of hitting those tipping points. To reduce the disruption, the suffering and the economic damage that many respected and credible experts predict will happen if global warming is allowed to rise above 2 degrees. I use the word “allowed” advisedly, because all of us, through shortage of concerted action, are allowing that future to unfold in front of us if we don’t do enough now to prevent it. What is unique about COP21 is that it is designed to bring you all together – you who have the power and authority to make things happen. To make a binding agreement on limits to carbon emissions. To create, in effect, a carbon budget for the planet. Climate Change is a global problem. It does not respect national boundaries. In seeking a global agreement, I (and millions like me – perhaps even billions) hope that you will be able to put the greater good of the whole of the world population above parochial national interests. Look to the long term. Think about how you would like to be remembered by the generations yet to come. Do you want to be remembered as having been part of the solution or part of the problem? As Planetary CFO, I would urge you to use finance as a lever to effect the right kinds of change at global scale. Think of the financial mechanisms that work well in the particular country you lead, and look to implement those across the globe. Taxes that impact on consumption, emissions and environmental damage, welfare payments that provide safety nets to people who are struggling (but failing) to support themselves, welfare insurance that spreads the costs of those safety nets, subsidies that encourage investment in desirable industries and fines that encourage divestment from undesirable ones. These are all tried and tested methods in many countries. I challenge you to set a global carbon budget and to use this as the first of many unified global financial and economic mechanisms for creating a fair, compassionate and truly lasting legacy for future generations.
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