![]() Without insurance, high emissions business activity is virtually impossible. Governments realised the extreme cost of inaction, while high carbon-emitting companies understood that they could see swathes of their operations become uninvestable and uninsurable. Over the past 10 years, weather-related disasters have changed investment behaviour. The financial risks of climate change have played a huge part in redefining attitudes in global financial markets. What drove financial market to respond to the energy transition? Here are the questions and answers that should define a decade of positive change. In an ideal world in 2030, capitalism has been redefined and companies that destroy the environment cannot operate. In the abiding issue of our time, decarbonisation, there are slivers of hope and grave concerns. Looking back over a hypothetical decade of positive change, here’s what we ideally should see. And as the transition locks in, climate activists no longer need to chain themselves to buildings. Political and corporate leaders back clean energy, and the most far-sighted and first to do so ensure their success over their rivals. Climate risk analysis, once niche, has become the norm. With financing fundamentally challenged and changed, high carbon-emitting operations become uninvestable and uninsurable. High-profile legal cases establish the binding principle that governments and energy companies owed a duty of care to young people to not cause physical harm from climate change. Weather-related disasters compelled governments to act, recognising – apart from the ecological and human tragedies – the huge cost of inaction. ![]() Writing in the past tense, he flags actual events and policies happening today to “remember” the major changes that took place to achieve it. How did we get there? Tim Buckley at IEEFA imagines it for us and sends us a postcard from the future. The energy transition is on track and net-zero goals are entrenched across the global economy.
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