Just back from a private dinner on climate finance. It was Chatham House Rules so I can’t say who was there or what they said, but I can say there was a lot of power and influence in the room. I was there as maverick philosopher to offer the occasional lateral perspective.
I was also there because a few years ago I wrote this report:
Money Talks: Divest Invest and the battle for climate realism. thersa.org/discover/publi…
Money Talks: Divest Invest and the battle for climate realism. thersa.org/discover/publi…
The main thing I felt tonight is the same thing I have felt at similar meetings before. Of all climate ‘levers’ the finance lever is biggest. And yet the financial world is parochial, and mostly unaware of its role as social actors who send important political signals.
Tonight I felt the link between chess and finance quite keenly. Both worlds have clear rules and aims; mostly uninterested in what’s happening in the outside world. Finance is driven by conformity and competition for status and the main emotions (they tell me) are fear and greed.
The unreality of the conversation can be breathtaking. For instance the language of risk abounds, but it is exclusively about financial risk and silent on the context of that risk which is the risk to *literally everything else*!
There was a lot of talk about the need for better data, but my impression is that this risks being a delaying tactic or kind of learnt helplessness.
There is some awareness of ‘the real economy’ and ‘the world outside’ but mostly the arcana of finance prevails. It’s slightly maddening, but made me think of a radical policy proposal:
Perhaps everyone working in finance should have a compulsory sabbatical every three years to learn something about the world outside finance. It’s completely unenforceable of course, but I think it would have a big positive impact.
It didn’t feel particularly positive overall (though I enjoyed the company, and the cauliflower). The good news however is that there’s a growing critical mass of financiers who understand their role is to resolutely redirect money away from fossil fuels towards renewable energy.
