As reported in the Independent online, investment fund managers from several different countries -- with a combined total of $2.8 trillion -- in other peoples’ money under their direct management told the nations at the G20 summit that the world’s leading economies must phase out fossil fuel subsidies within the next three years to avert a catastrophe.
Without singling out any nation, the move is clearly targeted at the United States and its new climate skeptic leader, Donald J. Trump.
But here’s what’s really significant. Despite (or because of?) the fact that these firms all have billions invested in fossil fuel based companies, they see the handwriting on the wall. This move isn’t coming from an altruistic perspective: virtually everyone stands to lose gobs of money as global warming advances on the planet. They are acting completely consistently with their own self-interest and desire to protect capitalism.
But I don’t care. And neither do the rest of the folks at Job One for Humanity. Motivation is interesting in the abstract but at the end of the day what’s most important is action.
It will be most difficult for any country -- including the U.S. -- to ignore importunings from people and organizations with real clout and access to the corridors of power. That, in fact, is the bedrock of the newly revised Job One for Humanity Action Plan to stop global warming.
It might seem like a weird case of strange bedfellows for these billionaires to find themselves aligned with the eco-environmental movement, but if it feels that way, you’d better get used to it. There will be a lot more news of precisely this type in coming months.
If you hear about any big money or big corporate moves like this, please feel free to send me a note about them so I can follow up and spread the word: there’s still (barely) time to halt this Climageddon attack.