Put the money where your mouth is

Ángel Marroquín

Once the lights of Glasgow go out and COP 26 has ended with applause, handshakes and flashes, someone will wonder: Good stuff, but who will pay for all these good intentions?

Obviously all gazes will point to big corporations, not only because they are the great generators of greenhouse gas emissions, but because at this point they are the only ones who have enough money to face the current state of the climate crisis. Even before Glasgow this phrase was blowing in the wind: “Tax the Rich”.

The issue is that the climate crisis that we are going through is not a business opportunity, but a matter of survival of the humanity and global justice, and the solutions are not only about to improve and distribute green energy or technology, but to achieve agreements that consider that: “We are not all in the same boat”, but some are coming in precarious boats, others in rafts, others floating on tires and others swimming as best that they can in the middle of the raging sea. But for this time, let’s look at those who come in the first class of the Titanic.

What do the super rich think about all this? How we can find it out?

One way is to go straight on to the eighth report, “Investing for Global Impact: A Power for Good 2021” by Barclays.

This report looks at the attitudes and actions of the world’s rich, their families, shareholders, top executives, and their charity foundations. Let´s see.

The majority of the super-rich believe that climate change will play a key role in their investment decisions ahead and 67% of them declare that they will adjust their business decisions to the emission reduction targets of 2 degrees Celsius according to the scenarios of the Paris Agreement. Well, well, well.

However, only half of the super rich think that it is possible at this point to keep the temperature below 2 degrees of temperature and only 61% believe that the COP 26 to be held in November 2021 in Glasgow, will reach substantive agreements to take charge of the climate crisis. There is not much faith between business people, isn´t?

But my favourite percentage is this. When asked if they would be willing to sacrifice their profits if their investments prevented the climate crisis? What do you think they answered?

72% of the rich would agree to do so.

Maybe it’s time for the super rich to put their money where they put their mouths.

Photo: Special Patrol Group

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