Environmental harm might result in a brand new financial disaster, report claims

“Policymakers and politicians are not adequately recognising, let alone responding to the catastrophic threat posed by environmental change,” the report’s authors said.

Three shifts in understanding were needed to reverse this, they added, urging those in power to reassess their knowledge of the scale and pace of environmental breakdown, the implications this would have on societies, and the need for transformative change.

The report also warned that vested interests and a rapidly changing economy were also standing in the way of progress.

“Elite interests in countries across the world, including industries whose business model depends on continued environmental degradation, use their considerable power and wealth to influence political debates and policy decisions on environmental breakdown, with many instances of groups blocking or reversing progress,” the report said.

“It is estimated that 100 companies are responsible for the emission of 71 percent of industrial greenhouse gases since 1988.”

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