Over the past decade, leaders of companies and international organizations have been praised for their grand but ultimately empty green commitments on the stage of Davos and the climate summit. How quickly things happened. [emphasis, links added]
Fear of being called up by the Trump administration forces many leaders to change, at least in their comments.
The first step in World Bank President Ajay Banga's takeover of the institution in 2023 is to end its mission from ending poverty to integrate into climate change and make the planet “liveable”.
When he traveled to a police summit in Azerbaijan last November, Banga presented the cover of Time’s “Climate Issues” and warned that climate change is “interleaved” with every challenge.
Today, however, he told reporters somewhat incredibly: “I am not a climate transmitter.”
Frankly, the transformation of self-identity is meaningless, without deeper changes. For development banks, there is still much work to be done to eradicate poverty.
Surprisingly, the World Bank and the African Development Bank Ring Fence raised as much as 45% and 55% of annual financing for climate projects, respectively.
Both agencies shift half or more of these climate funds to projects that reduce emissions to poor people – and it is ridiculous when energy poverty remains a development barrier.
When every wealthy country has access to a large amount of affordable, reliable energy, mainly from fossil fuels, it is hypocritical and ultimately immoral to insist that poorer countries rely on the sun and wind of poorer countries.
Indeed, Africa was forced to eventually acquire its own energy banks to fund fossil fuel projects because major development banks refused to invest in them.
Whether the United States will use its significant stake in the World Bank and the African Development Bank to encourage smaller development basics, or whether the Trump administration is content with language changes only remains to be seen.
Development banks can take a leaf from American companies’ books. Some parts of the private sector ruthlessly abandon the Green Virtue Signal and return to their core work.
Climate change is undoubtedly a real problem with tangible economic impact. However, climate solutions also come with their own set of costs, often requiring businesses and individuals to rely on more expensive, reliable energy.
The decision to balance the costs of climate policy with the advantages of climate action is rightly the responsibility of the government, not profit-oriented businesses.
Yet, over the past decade, even due to the fossil fuel industry itself, has invested in extraordinary green policies and even major contributors to climate change.
Five years ago, BP cut its oil and gas production by 40% by 2030, while increasing green energy production twenty times and becoming zero.
Even after spending $14 trillion in climate policies in the world, fossil fuels provide more than one-fifth of global energy.
Now, it has abandoned those ridiculous green promises along with other big Occupy companies and is willing to participate in its main event: fossil fuels.
There is no doubt that such a turnaround will be lamented by green activists. But the truth is that these promises are always an inefficient way to help the planet, and for fossil fuel companies, they are very short-sighted.
Even after spending $14 trillion in climate policies in the world, fossil fuels provide more than one-fifth of global energy.
Fossil fuel energy has more than doubled over the past half century, setting a new record in 2023.
Consumers and businesses are doing More Energy, while competitors from the Middle East, state-owned oil companies continue to provide more fossil fuels. This is a stupid energy company that announced it will provide less energy.
Banks have also put in place green policies, which have now abandoned them, with six U.S. banks leaving the Net Zero Banking Alliance, and Wells Fargo officially abandoning its goal of achieving zero-zero emissions in its financial portfolio by 2050.
While some industries move faster than others, there are signs that many companies will only change their language rather than their inefficient climate policies.
A recent global survey of 1,400 business executives found that while most people intend to spend more money on these policies, 58% of companies “deliberately plan to lower their external communication levels.”
Shareholders need to ask tricky questions about these policies regarding the planet and its measures to add to the bottom line.
As international organizations and companies leaders scramble to adapt to a whole new world, they [must] More than just revising rhetoric.
For every green promise and vow, the age of foolishness or self-deception is over. Now it’s time to get these leaders back on their business.
Bjorn Lomborg is president of Copenhagen Consensus, a visitor to the Hoover Society of Stanford University and Authors are “false positives” and “the best thing”.
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