Capitalism Versus Climate Justice – thoughts on my first and last experience of climate COP

In the run up to COP27 climate conference, The Economist magazine declared it has become impossible to limit global warming to an average of 1.5 degrees Celsius above pre-industrial levels. Many analysts of the relevant science have said as much for a few years. We were dismissed as too negative and so our ideas on what to do were therefore marginalized. Sadly, warming beyond 1.5C means that climate change will become far more damaging to societies. Even worse, due to a range of amplifying feedbacks that are impossible to have certainty about, no one can credibly claim anymore that human actions to cut and drawdown carbon, while still important, will certainly work to stop or reverse the changes. When people take that situation to heart, it can challenge the societies and systems that brought us to this point. For many, it is a fundamentally radicalizing realization. Although The Economist cited my views in one of their articles, rather predictably it didn’t provide space for the kind of criticism of capitalism and the global order that can ensue.

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The Lamborghini-Loving Culture Kills Life on Earth, but the Conference of Profits (COP) is fine with that.

Today I co-hosted a panel of women activists from the Global South, at COP27 in Egypt. We addressed a half-empty press conference room. I closed the session by condemning the charade that these conferences have become. As the live stream link wasn’t provided to us by the UN, I used my camera phone.

The video of my closing:

The transcript of my comments:

“It is important to remember that charity is not justice. If one side has no power, then there is no negotiation. Which can’t lead to justice. Which then can’t lead to healing.”

“This is the only Lamborghini I’ll ever want to own. I’ll tell you why in a moment. Here we are at the epicentre of blah blah blah and failure. We even hear that now from the main speeches. But we don’t hear why. As if it’s just a failure of people not knowing enough or not enough charismatic leadership. I believe something else is to blame.

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Climate Honesty – are we ‘beyond catastrophe’?

This is an essay that responds critically to the widely read piece in the New York Times that appears to be calming the nerves of climate professionals at COP27 and beyond. It is a 20-minute read.

In the last couple of years some climatologists have been reassuring us that although the storms, floods, droughts, ice loss and temperature extremes are all worse and sooner than was predicted by the consensus science, the future for humanity might not be as bad as previously predicted. We are told it’s not so bad that it’s already so bad. The scientific basis for such a view was always a bit shaky, partly as it involved speculating that existing trends would not continue, while downplaying how natural feedbacks are already amplifying heating more than previously calculated. But another reason for those reassurances being shaky is that they have relied on the subjective and sometimes arbitrary choices by computer modellers, which are made within a context where colleagues, funders, bureaucrats, politicians and journalists all want to hear findings that they can work with. Instead, if we look at the geological records of past climates with greenhouse gas concentrations like today, we might expect a world average temperature rising from our current 15C to around 18C due to greenhouse gases that humanity has already added to the atmosphere. Or if we simply look at CO2 concentrations over recent years, we are tracking a graph that lands us at between 3.3C to 5.7C of warming by the end of the century, according to the cautious Intergovernmental Panel on Climate Change (IPPC). That would mean an uninhabitable Earth for most of the children being born today.

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Money Makes the World Go Down – part 3 of a #RealGreenRevolution

This is the 3rd in a 7-part essay on the type of policy innovations that would respond to the truth of the environmental predicament and, also, why most environmental professionals ignore such ideas to promote limited and limiting ideas instead. These ideas on a #RealGreenRevolution provide a contrast to current agendas, with the aim of encouraging a global environmental movement as a rights-based political force.  Having looked at taxation and market reform in the last part, here I turn to that even sexier topic of monetary reform and currency innovation, and how to transform the operating codes of our economy that to alter behaviours in fair ways.

To receive each part of the essay, subscribe to my blog, using the box on the right. To engage with other people who are responding to these ideas, either engage on the Deep Adaptation Leadership group on LinkedIn (where I will check in) or the Deep Adaptation group on Facebook, or by following the hashtag #RealGreenRevolution on twitter. The introductory Part 1 provides context.

Banking Transformation

Most people, including politicians, still do not understand that in advanced economies well over 90 percent of all our monetary transactions are not in government issued currency. Our electronic payments and the bank transfers use the private ledgers of private banks and the systems that they have established to transact between themselves. What we are paying and receiving are units of the bank’s commitment to us. The “money” that sits in our private bank accounts was not created by government but by the banks themselves when they issued loans, or (much less by comparison) took in physical cash deposits. The problem with our money supply being created by private banks is that they decide how much new credit money is created and what for. Therefore, in most countries they lend most of it for property, which warps the price of property and therefore creates a debt-enslaved ‘house owning’ group and others renting precariously month by month. In addition, because they charge interest, there is more debt in the world than money to pay it off, which means that the money must be earned, paid to service debts, then spent by the bank or its shareholders so to be earned again, in a cycle which is never perfect, especially when high levels of inequality mean that some people remove the money from circulation (by neither lending or spending it into the real economy). That means an expanding amount of loans are needed to keep the system running smoothly and avoid a scarcity of money leading to job losses, bankruptcies, loan foreclosures and house repossessions. Banks will only issue more loans for activities that they assess will generate the necessary profits to pay interest. Therefore, the economy must expand whether a government or population wishes it to, or chooses to focus on measures other than increasing GDP (gross domestic product). This compulsion to growth the money supply or risk economic instability is called a Monetary Growth Imperative.

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