The temperature on the planet is soaring and there is plenty of evidence that
humans are to blame. Global warming will likely have a big impact on
companies, sectors and society at large. We find that low-income countries are
particularly vulnerable, but also richer economies will suffer. Climate change is
putting financial stability at risk and could even spark a new financial crisis as
fossil fuel companies’ assets worth over USD 1 trillion may be left stranded.
Studies show that measures to keep climate changes at bay are economically
beneficial, both in the short and long run. Yet, policy makers’ efforts so far are
insufficient. Even if all commitments in the Paris Agreement from 2015 were to
be fulfilled, it would not be enough to stop the rising trend in temperature. Thus,
we also need to adapt and prepare for catastrophe. On the positive side, there’s
currently a strong global momentum for action and the private sector is rapidly
stepping up its efforts to combat climate change. Perhaps we’re on the brink of a
new green industrial era.
Our latest issue of Nordea On Your Mind entitled “ESG and the bottom line” looks at how ESG is not just about ethics. It’s about profitability. Having a proper sustainability strategy in place could be key to the future of your business.
The world is losing the war against climate change
- The Economist
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