This blog post is short this week, because my source is a Financial Times Article. To try to comply with copyright rules, I have posted it on Facebook..
The gist of the article is attempts by companies trying to comply with ESG (Environmental and Social Governamce) criteria..
But a comment by ‘Heron’ (the 7th) exposes a weakness in the FT’s reasoning. Not only are ‘business as usual’ companies generally far larger than ESG companies, there is at present no mechanism to encourage, let alone enforce ESG rules.
There are numerous accounts of how far ecological collapse has already progressed. Already much of it is irreversible. The answer must be international. The only hope of preventing further ecological damage is to take power from companies who must by law maximise profit, and give it to governments elected by ordinary people.
But even that will not work unless those ordinary people, as voters, can feel economically secure with policies which reduce all ecological footprints. This will be redisgtributive, but it is to save the ecosphere. It will reduce inequality, but only as a by-product.. It can be sold to the better off as insurance avoiding ecologicoa collapse.