Bankers Versus 'Climate Nut Jobs'

Nick Cohen (Observer columnist) examines the current tensions between the financial 'movers and shakers' and folk concerned about climate breakdown (https://www.theguardian.com/commentisfree/2022/jun/11/technocrats-cant-think-beyond-six-years-whatever-climate-nut-jobs-think ). Cohen starts by considering recent notorious statements by the HSBC's former head of 'responsible investment'. The HSBC's then supremo said, in a speech to fellow bankers, he was fed up with 'climate nut jobs', warning him of the end of the world. 'Nut jobs' apparently included the UN, most climate scientists and a good proportion of society. The same man also opined that, as the average length of a bank loan is 6 years, "What happens to the planet in year 7, is actually irrelevant To our loan book". This is short-termism run rampant! Cohen doesn't suggest that bankers and their ilk are unintelligent. He points out, however, that although they are used to dealing with financial crises (caused e.g. by wars and pandemics), they have no experience of collapse. Recovery is possible from a crisis but not from a collapse. Further, the European Banking Authority has said that "evidence of climate change, causing economic chaos is scarce". Cohen points out, however, that finding such evidence in our planet's recent past is highly improbable. There was no financial system in the last Ice Age! Cohen notes that the US Federal Reserve, the European Central Bank and the Bank of England have all effectively refused to treat climate change as a systematic risk to the financial system. Some of their leaders have argued that it is up to governments, not financial regulators, to e.g. make giving loans to fossil fuel companies less viable. Governments don't appear to be focused on this. Cohen says that not one country has honoured its promises made at the 2021 Cop26 meeting in Glasgow. Short termism is also the guiding principle of politicians. Even 'simple' solutions, like insulating UK homes to reduce dependence on oil and gas, seem beyond them.