Can Elephants Evolve?

Why reshaping the finance system is key to climate change

You may recall the saying, if you want to understand a situation, follow the money. It helps to do so if you’re wondering why 2019 was the highest ever year for carbon emissions, despite so much effort to cut carbon across the world.

Since late 2018, my work has increasingly focused on climate adaptation: Jem Bendell’s Deep Adaptation approach has deepened my view of the crisis,it has also helped me to see ways I can respond actively. Throughout this time, I’ve had a rising sense that the elephant in the climate change room is the financial system.

By now I’ve had numerous conversations about the elephant: even one with Gail Bradbrook, cofounder of Extinction Rebellion. I was relieved that she believes the financial system can be transformed without it needing to collapse. However, no one, including Gail, has given me a credible view of how major reshaping might happen.

Why do I see this as key to the whole climate crisis? Just put these three points together:

- Almost everyone agrees that the 2020s are Last Chance Saloon for climate responses.

- Despite all the good initiatives, 2019 was the all-time peak year for CO2 emissions, i.e. this major driver is still worsening.

- It’s clear that globally, business has more power than most governments: and business operates within a system that requires profit maximisation, and does not charge a fraction of the environmental costs that business creates.