The Banking Executive, Issue 155, November 2021

Addressing climate change will re- quire a massive transition from fossil fuels to cleaner technologies, as well as behavioral changes on the part of millions of households. The existing economic system can manage the challenge, but political leaders should be clear about what it will en- tail. The latest report from the Intergov- ernmental Panel on Climate Change leaves no doubt: global warming will continue until at least 2050, even if greenhouse-gas emissions are drasti- cally reduced in the coming decades. If they are cut too slowly, the kinds of heat waves, droughts, heavy rains, and flooding experi- enced this summer will become more frequent. More catastrophic outcomes, such as abrupt, irre- versible changes in oceanic circula- tion, cannot be ruled out. Fortunately, the public is increasingly convinced of the urgency of the problem. A recent United Nations the BANKING EXECUTIVE 24 ISSUE 155 NOVEMBER 2021 Climate vs. Capitalism? Climate vs. Capitalism?