The Case for Climate Capitalism
Economic Solutions for a Planet in Crisis
by Tom Rand
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Pub Date 03 Mar 2020 | Archive Date 03 Dec 2019
A call for the Left and Right — the business community and environmentalists, bankers and activists — to join together, reclaim capitalism, and force profits to align with the planet.
A warming climate and a general distrust of Wall Street has opened a new cultural divide: anti-market critics from Naomi Klein to the Pope target capitalism itself as a root cause of climate change, while neoconservatives who diminish the climate threat are in favor of market fundamentalism.
Rand argues that both sides in this emerging cultural war are ill-equipped to provide solutions to the climate crisis, and each is remarkably naïve in their view of capitalism. On one hand, we cannot possibly transition off fossil fuels without the financial might and entrepreneurial talent market forces alone can unlock. On the other, without radical changes to the way markets operate, capitalism will take us right off the climate cliff.
Rejecting the old Left/Right ideologies, Rand develops a more pragmatic view capable of delivering practical solutions to this critical problem. A renewed capitalism harnessed to the task is the only way we might replace fossil fuels fast enough to mitigate severe climate risk. If we leave our dogma at the door, Rand argues, we might just build an economy that survives the century.
Available on NetGalley
Average rating from 5 members
***I was granted an ARC of this via Netgalley from the publisher.***
Climate change is going to be a real problem in the future, and we have to find solutions for it now or face the consequence of inaction in the future. The book, The Case of Climate Capitalism: Economic Solutions for the Climate Crisis written by Tom Rand presents one way that we can reach a solution. His view is that a purely ideological political solution will take too long or be impossible to meet the challenges of climate change. Instead, a more centrist solution is needed where capitalism is revolutionized to meet the climate threat head-on. Using market forces and some government intervention we can move to a place where our economies put a premium on reducing carbon emission. Some solutions include carbon pricing, flex-reg, a green bank, green bonds structured in a way that the cost of losses to the government is low, providing investors with climate change risk assessment or their investment, linking corporate bonuses to carbon emissions reduction and much more. The author doesn’t paint a rosy picture where these changes will be easy or won’t fly in the faces of peoples held beliefs. But with climate change such a pressing issue and the current measures lackluster, can we afford the alternative of not being radical enough? (the changes proposed aren’t actually all that radical but to some, they maybe) The author does a good job of convincing the reader the answer is a resounding no.
Rating: 4/5 stars. Would recommend to a friend.