Listen now | How the market financialised the climate crisis. Frederic Hache is the cofounder of Green Finance Observatory, an NGO tracking the world of “sustainable finance”, debunking its claims, and working with European policymakers to warn against supposed market-based solutions.He explains why carbon credit schemes are nonsense, the worrying advent of biodiversity offsetting, and the tokenisation of environmental protection. He explains that environmental regulations have a long history of being effective, and questions why protection of the natural world is being handed over to markets.
I always thought the idea of Carbon trading was dodgy but couldn't really articulate why. Fred Hache explained the difference between 'cap and trade' and 'offsetting' in a really accessible way here. The system is so open to abuse, it's worse than useless. When you hear that the same is being applied to Biodiversity, it makes you want to scream. Where are the dissenting voices when these policies are suggested? I remember reading a while back that arch free-marketeer Peter Thiel thinks that everyone should be part of the market. Trees, rivers the whole lot. Probably air next!
I delved recently into the corruption within the science community down playing the severity of the predicament we find ourselves in.