Sunday, March 3, 2024

Could this be the year finance finally starts to help the climate? - Prospect Magazine

Some things move too quickly, and some are too stuck in place. Carbon dioxide falls into the first category: after it pours out of the tailpipe of your car or the smokestack of your power plant, it rapidly mixes into the atmosphere, warming the temperature everywhere. Money is kind of the opposite: over the decades it has been piling up in the global north, in places where it can’t do enough to stop the climate crisis.

As became clearer over the last year, this asynchronicity is perhaps the most fundamental obstacle to solving our climate crisis. But to understand the myriad hacks now being devised to try and fix this imbalance, you have to back way way up, and think about history.

Fossil fuel changed the world, obviously, beginning with Britain’s coal mines. People with access to coal suddenly had the equivalent of dozens or hundreds of…

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