A Scan of Critical World Developments
Big Money Talks: Save Capitalism from Itself
report from Citibank, the third largest bank in the US, may augur a split within the corporate class. The report finds that transitioning to a low-carbon future would save money, through reduced fuel costs and, most importantly, avoided damage costs. As the perception spreads that climate change (and other forms of environmental degradation) threaten the long term stability of the global market, one can expect more such reports to affect decision-making in the halls of power where corporate influence holds much sway. Whether “enlightened capitalism” can deliver consequential carbon abatement remains to be seen. If so, it could help buy precious time for the shift beyond the corporate capitalist order the world needs.