Kim Carstensen, Leader of the WWF's Climate Initiative, explains how fighting climate change is a moral obligation and a business opportunity at the same time.
 | Kim Carstensen, WWF:"The ingenuity of business to invent, develop and drive practical solutions is paramount to achieving the deep cuts in emissions that we need to avoid catastrophic climate change" (Photo: WWF) |
We have a moral obligation to act to solve the climate crisis, but if we do it right, it also presents important business opportunities. Acting with determination to prevent dangerous climate change is our moral duty to the poor people in developing countries, to the vulnerable species and ecosystems and to our children and grandchildren.
They have done little or nothing to create the climate crisis, but they are the ones most threatened by the floods, droughts, storms, and other serious events links to climate change. Luckily, we still have the possibility to deal with climate change, and it will have invigorating effects for the long term health of the planet.
Doing this will, however, require considerable private and public investments, to be disbursed in the immediate future. We must dramatically increase our investments in research and development of low-carbon technologies. And we must ensure that climate action becomes possible in developing countries as well.
Implementing the new climate treaty in a globally fair way will require extended technology transfer and investments to assist developing countries and to pave the way to low-carbon development.
Business leadership plays a vital role in reducing the impacts of climate change and achieving low carbon growth. The ingenuity of business to invent, develop, and drive practical solutions is paramount to achieving the deep cuts in emissions that we need to avoid catastrophic climate change.
The challenge is to channel capital towards a low carbon economy and away from high-carbon investments. The financial industry is therefore a key player in solving the climate crisis.
It will have to adjust to a new reality and make sure its investment decisions are climate proof - steering them to low-emisson infrastructure rather than dirty coal.
Allianz and WWF have signed a strategic partnership to address the challenges of the financial sector to advance climate protection while reducing business risks and indeed capture the significant business opportunities involved in developing the new, low-carbon economy.
editor: Kim Carstensen
publishing date: September 9, 2009
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