Michael McDonald, Bairnsdale VIC
In a recent column, Mungo described those who expect the imminent death of capitalism, thanks to the impact of the dreaded lurgi, as ‘utopian dreamers’. I’m inclined to agree given the enthusiastic resurgence of human greed and its attendant carpetbaggers after many major disasters throughout history.
However, there is some hope for change in the fact that the smart money is on renewables.
Charles Donovan, director of the grand-sounding Centre for Climate Finance and Investment, Imperial College Business School, notes, ‘Clean energy is not just affordable and reliable, it also offers the highest return on investment. Investors have a growing appetite to put money to work in sustainable finance. Governments need to re-write the rules so that they can.’
Mr Donovan is quoted in an Oxford University news release headed ‘Building back better: A net-zero emissions recovery’. A team of experts, including Joseph Stiglitz, and Nicholas Stern, assessed ‘the economic and climate impact of taking a green route out of the crisis’.
The economists found that ‘green projects create more jobs, deliver higher short-term returns per dollar spent, and lead to increased long-term cost savings, by comparison with traditional fiscal stimulus’. More details here.
Hopefully governments, including ours, can tear themselves loose from their fossil-fuel donors and participate in the renewal. Is that utopian dreaming?