Climate change causes seismic shift in perceptions

June 7, 2007 at 12:48 am | Posted in Business, Climate change, Economics, Emissions reductions, Finance, Greenhouse gases | 2 Comments

There has been a seismic shift in how climate change is perceived and it is widely considered to be the greatest market failure ever.

More than 20 banks and insurers—including Munich Re, Allianz and Daiwa Securities—said in a statement distributed by the UNEP that accompanied this PDF:

Declaration on Climate Change by the Financial Services Sector

Here’s the wire story:

Financial firms urge G8 to combat global warming
05 Jun 2007 12:50:06 GMT
Source: Reuters

OSLO, June 5 (Reuters) – More than 20 banks and insurers urged leading industrial nations meeting in Germany to back deep cuts in greenhouse gases, warning that unchecked global warming could cost the world up to $1 trillion a year by 2040.

The call from the financial groups came on the United Nations’ World Environment Day, which focused this year on melting polar ice due to global warming.

A statement signed by 23 chief executives and chairmen of banks, insurance and re-insurance companies participating in the U.N. Environment Programme’s finance initiative called on the G8 to adopt emissions reduction targets no later than 2009.

Read the entire article …



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  1. Ah, they’ve twigged at last.
    Right, that’s most scientists, politicians, religions and now a large bunch of economists all singing the same tune. Are the rest deaf?

  2. Maybe there is the collective will, after all…
    It occurs to me that this sort of puts the Stern report into perspective, in the sense that what was seen just a few months ago as contentious now appears to be a widely held view; that action now is economically preferable to inaction, as well as being environmentally better.


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