Climate change makes bankers rich

We are getting some mixed signals here on climate change and it's perverse. On one hand, the OECD has come out saying that global warming is the one that is threatening the global recovery.

The OECD says: "Business as usual is not an option if the economic recovery is to be sustained. If we carry on increasing greenhouse gas emissions, the resulting climate change will lead to massive upheavals: floods and droughts, more violent storms, more intense heat waves, escalating conflicts over food and water and resources. Shocking signs are already visible of what may lie in store … Faced with such risks, we need to act now to prevent worst-case scenarios from becoming reality. According to analysis from the OECD, IPCC, McKinsey and others, serious climate action will cost only a fraction of a percentage point of annual growth in world GDP. Doing nothing, by contrast, as the Stern Review on the Economics of Climate Change has warned us, could lead to radically larger losses."

At the same time, however, there is every sign that climate change could generate economic growth which is totally perverse. In Australia, industry analysts IBISWorld says that investment bankers will enjoy 5% jobs growth in 2010-11, driven largely by the development of the new carbon-free and carbon-lite energy projects created by the 2011 implementation of Australia's emissions trading scheme – if it gets through Parliament – which will create investment bank jobs in risk management, planning and advisory.

It's a situation we can expect to see rolling through right around the world.

You have to ask where is the justice? After creating so much wealth destruction and unemployment, bankers are now raking it in from climate change. And while the rest of the world is facing real threats from storms, droughts, heat waves and wars over food and water, the bankers are making millions.


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