Focus on climate crisis
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Reporting on climate change is one of the major journalistic challenges of our time. The climate crisis is also one of the most important issues of humanity for SPIEGEL. For this reason, we support an international initiative that seeks to take a look this week: "Covering Climate Now" was initiated by the Columbia Journalism Review and the Canadian newspaper "The Nation", with more than 200 media companies around the world, including the Guardian, El País, La Repubblica, The Times of India, Bloomberg or Vanity Fair. SPIEGEL is dedicating the cover story of the current issue to the climate crisis this week and every day pays special attention to mirror.de
Climate protection is also not progressing fast enough for the financial sector: several hundred of the world's largest financial administrators have therefore come forward with a joint appeal.
The implementation of the 2015 Paris Climate Change Agreement is not enough to "keep the global average temperature rise well below 2 degrees above preindustrial levels," the letter from 515 major investors before the start of the upcoming UN climate summit in New York states Week. Even if all countries kept their commitments made in Paris, this would "lead to an unacceptably high increase in temperature, which would have substantial negative economic consequences."
These and other passages in the statement strongly suggest that the authors are not acting entirely unselfishly: they appear to fear that the climate crisis is damaging their own business. Among other things, the Allianz Group, the asset management companies of Deutsche Bank, the German savings banks, have signed the call from major international banks such as BNP Paribas and UBS as well as some of the world's largest pension funds. Together, these companies manage around $ 35 trillion. That is almost ten times the economic output of Germany.
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With the call one wants to give "serious signals to the policy, the Parisian climate goals quickly implement," said Allianz board member Günter Thallinger the SPIEGEL. "Now it's all about becoming active together." The declared aim of the alliance is to achieve climate neutrality in our investment of insured funds by 2050. "
The financial groups are not just calling on governments to finally put their Paris commitments into action - but also to go beyond them. Among other things, they want the states
- show CO2 emissions as having a "significant" price,
- stop all fossil fuel subsidies, according to the International Monetary Fund (IMF), that would be more than $ 5 trillion a year,
- Switch off coal-fired power plants after specified deadlines,
- promote private investment for low-carbon energy generation.
The statement shows that at least parts of the economy in climate protection today are further than some politicians. Already at previous summits, investors worth billions had campaigned for a more resolute climate policy. The call of the 515 companies is coordinated by the initiative "The Investor Agenda". Behind her are seven business-friendly climate protection organizations.
It's about the big money
For the finance houses it is about the big money. On the one hand, they fear the destabilization of the global economy and its own businesses as a result of climate change. On the other hand, they hope for profits by financing a global energy transition. Last year, more than $ 330 billion was invested in green energy worldwide, according to The Investor Agenda.
"Countries and companies that (...) adopt a strong low-carbon climate and energy policy will have significant economic benefits and attract investment that will create jobs in the industries of the future," 515 investors predict Call.
The big capitalists demand a lot from others. But sometimes they also change themselves. According to The Investor Agenda, more than 250 investors have committed themselves to climate-friendly investments or set themselves a climate target.
