Brown urged to be bold on climate

Friday, October 17, 2008

The current global financial crisis could turn into an environmental disaster and maybe even the end of mankind if the government doesn’t strengthen climate change legislation and spend more on energy efficiency and renewables, according to the Chartered Institution of Water and Environmental Management (CIWEM).

CIWEM said the credit crisis was an ideal opportunity to create a global green economy, building a financial system that would underpin sustainable growth. But the government needed to show the same boldness in moving to a low-carbon economy as it did when helping the banks fight financial failure. State intervention to avert financial meltdown has provided the government with a unique opportunity to ensure that investment is directed where it is needed most: action on climate change, CIWEM suggested.

Nick Reeves, executive director of CIWEM, said: "As a new major shareholder, the government has the power to make changes within the banking system. But, having nationalised the banks and handed billions of pounds of public money to those who are responsible for the financial mess, it is jaw-dropping to note that their bail-out plan includes nothing about the reform of discredited free-market, free-for-all capitalism."

He added: "Although this credit crunch may pose a legitimate threat to many livelihoods, we are in the midst of a credit crunch that threatens the fate of millions of species, including our own. Our actions, largely driven by the capitalist market, are depleting Earth’s resource bank at an unprecedented rate, causing a shrinking supply of Earth’s resource capital. We are in a global environmental credit crunch. The very worst that can happen from the financial crisis is recession but a climate catastrophe could wipe out humankind."