Emission trading schemes, ¿nancialisation and green capitalism
If anyone has doubts that human-induced climate change is occurring, they only need to look at activity in the ¿nancial sector to know that it is real. While the ¿nancial sector recognises the risks of global warming, that very sector is adopting risk-reduction strategies, but also developing business strategies to be key stakeholders in its (pro¿table) mitigation measures. There are numerous aspects to the implications of the ¿nancial economy for global warming. Here, the focus will be on three aspects: carbon emissions trading schemes, giving Australia as a case example of a country that has introduced a carbon tax and will begin an emissions trading scheme (ETS) in 2015; the asset values of fossil fuel companies and the growing presence of ¿nancial institutions involved in the ‘solutions’ to climate change; and the growing push for the protection of the environment and climate to become new sources of pro¿t – a new green capitalism.