Why is it so easy to save the banks – but so hard to save the biosphere?
Agreements to bail out banks happen in days – but despite some good progress at Durban, we still don’t have a legally binding deal to bail out the planet
They bailed out the banks in days. But even deciding to bail out the planet is taking decades.
Nicholas Stern estimated that capping climate change would cost around 1% of global GDP, while sitting back and letting it hit us would cost between 5 and 20%. One per cent of GDP is, at the moment, $630bn. By March 2009, Bloomberg has revealed, the US Federal Reserve had committed $7.77 trillion to the banks. That is just one government’s contribution: yet it amounts to 12 times the annual global climate change bill. Add the bailouts in other countries, and it rises several more times.
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