z obecnejsi duskuze o politice asset managementu
There was a phenomenon where in the five or six years after the Paris climate agreement, which was in 2015-2016, there was significant hope amongst large parts of the population and the professional classes that governments were getting serious about climate. The belief was that they were going to take measures, whether that's significant carbon taxes or whatever else it might be, that would really entail a shift away from fossil fuel capitalism.
I think that what's happened over the last three or four years in particular is that the realization has kind of dawned—and people don't want to say it explicitly, but I think people are sort of implicitly seeing it—that it's not happening and that the governments are actually not serious about taking the types of actions that are necessary to keep temperatures at two degrees, two and a half degrees. You know, forget 1.5 degrees—governments aren't serious about keeping temperatures to two and a half degrees. I mean, of course they're not going to say that, but no, I don't think they're remotely serious about it.
I was in Norway recently, and in May 2021, the International Energy Agency came out with this really, I think, incredibly significant report which they called "Net Zero by 2050." They basically said, look, for the energy sector, which is obviously the very heart of the climate problem, to be able to be net zero—not actual zero, net zero—by 2050, this is the kind of path it has to take over the next 29 years, whatever it was (it was 2021, so the next 21 years). And basically, for that to be possible, there can be no new approvals of oil and gas field developments and no new approvals of coal mines anywhere in the world from this day forward—none, zero—to have any chance of hitting net zero by 2050.
And so, as I said, I was in Norway a few weeks ago. Over 160 approvals of new oil and gas field development licenses have been approved just in Norway since May 2021. So no, the governments aren't remotely serious. Oil and gas field development licenses have been showered like confetti around the world since then, and so I think the investment world looks at what governments are doing and they say, "Governments, which have to be the ones that take the lead, are not serious about this, so why should we be serious about this? If governments are not taking the types of actions that will make fossil fuel investments less profitable and green capitalism much more profitable, why would we bother with ESG?"
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