Time to Unleash $8 Trillion of Climate Defense Firepower
Sovereign wealth funds have been too slow to use their investments to tackle climate change.
Emissions billow from cooling towers.
Photographer: Carla Gottgens/BloombergOn Monday, the British Met Office recorded the U.K.’s warmest winter day on record. In Chile, January temperatures in the capital city of Santiago beat the previous record by a full degree Celsius. Globally, the last five years were collectively the world’s warmest ever. Ever.
The world is losing the race to curb carbon dioxide emissions. In 2017, output of the gases that contribute to global warming climbed to a record – as did the cost of insuring against natural catastrophes, which reached $350 billion. But a new report from the World Economic Forum, the group that hosts the annual Davos shindig, suggests that there’s an underutilized pool of capital available to help tackle climate change – sovereign wealth funds.