A tale of two crises
Introducing our new series, ‘Sustainnovation in a post-pandemic world’.
In his now famous speech to London’s insurance market in 2015, Mark Carney, Governor of the Bank of England, described catastrophic climate change as the ‘tragedy of the horizon’. Limiting global temperature increases would necessitate leaving valuable fossil fuel assets in the ground – a scenario with cascading implications for the energy sector, and investors and governments banking on future profits from those assets. Because the burden of climate change will be carried by future generations, the incentive to change felt ‘abstract’. The risks of inaction were real, he argued, but not immediate.
In the five years since Carney delivered this speech, climate change consciousness has steadily grown. 2019 was a watershed year for environmental activism. Warnings by the IPCC on the far-reaching effects of inaction, and new evidence of mass biodiversity loss, prompted the declaration of a ‘climate emergency’. Global protests led by Greta Thunberg and other young people around the world dominated the news agenda. ‘Our house is on fire’ Thunberg warned, urging international leaders to take decisive action.
In 2020, a new crisis emerged that was more urgent and more immediately catastrophic. The Covid-19 pandemic threatened to bring our healthcare system to its knees, to tank our economy, and to take the lives of society’s most vulnerable. As resources were redistributed to support international efforts to combat the deadly virus, some wondered about the impact of this new crisis on what we’d come to recognise as the moral crisis of our time – climate change. How could we sustain momentum to avoid devastating our planet, in the face of a health emergency devastating our people?
In our new series, ‘Sustainnovation in a post-pandemic world’, we hope to uncover a deeper understanding of the impact of the pandemic on the road to net-zero. Exploring the nexus between sustainability and innovation, we’ll speak to business leaders to understand the role of green innovation in economic recovery efforts as we cautiously emerge from lockdown. Deep-dives into key sectors, from transport and mobility to financial services, energy and infrastructure, will reveal shifts in business strategy, attitudes and behaviour over the past year.
We look forward to sharing what we learn with you.
If you are a business leader in our network interested in contributing your thoughts, we are inviting guest submissions for this series and would love to hear from you. For those interested in checking out ‘Sustainnovation in a post-pandemic world’, please subscribe to our newsletter for updates, at the bottom of our home page.
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