Can the World’s Bankers Really Save the Climate?
6 may. 2021 - The Ministry for the Future (TMFTF) should be lauded for reimagining global climate governance. It recognizes what many climate scholars do not: climate change is in large measure, a problem of extreme wealth and wealth inequality. Thus, addressing the climate crisis requires discussing “potential alternatives to the global neoliberal order” (155). Moreover, the Ministry is keenly aware of the shrinking window for action. Addressing climate change is a race against time, rather than a “tragedy of the commons.” Thus, we should be less worried about getting everyone to participate in international agreements, and more worried about acting quickly, since delay will make climate problems harder to solve, and could result in irreversible changes. What follows from these two premises is nothing less than a wholesale reimagining of the global economy, as enacted through coordinated efforts by the world’s biggest central banks. However, the Ministry’s proposed technocratic solutions overlook the messiness of domestic politics, and the huge challenge of constraining powerful anti-climate interests.