- Corporate giants neglecting climate change at planet's peril
It was estimated in 2019 that the world’s five largest publicly-owned oil and gas companies spent about $200 million annually to influence climate policy to their advantage. The world suffers as it hurtles towards disaster.The assiduous manipulation of the climate narrative drives even the common man to harbour serious doubts about the truthfulness of climate change. Add to this the tribe of pompous politicians like former US President Donald Trump who mocks climate change as a myth and “fake science”. Trump may have lost to Joe Biden but he had hordes of die-hard supporters who caused mayhem in the White House on his defeat. It, indeed, takes all kinds to make the world. There is no dearth of dirty tricks in the corporate bag. It is being argued that tackling climate change is not economically feasible. Economists differ. They say that even 1% of the global GDP can make a considerable difference. Neglect now and later will only push up the cost with current and ensuing suffering a certainty. Mark Maslin, professor of earth system science, University College London, writes, “But if we don’t act now, by 2050 it would cost over 20% of world GDP…What the climate change deniers also forget to tell you is that they are protecting a fossil fuel industry that receives $5.2 trillion in annual subsidies. This amounts to 6% of global GDP.” Prof Maslin quoted IMF estimates which claim that efficient fossil fuel pricing would lower global carbon emissions by 28%, fossil fuel air pollution deaths by 46%, and increase government revenue by 3.8% of the country’s GDP. Why can’t corporates be sensible and humane for a change? READ ALSO:
Published Date: November 15, 2021, 12:00 am
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