'Fossil fuels have to stop now whether we are ready or not'

'Fossil fuels have to stop now whether we are ready or not'

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PREVIEW
Richard BusellatoRichard BusellatoCo-Founder at Rethinking Choices

Richard Busellato grew up in Sweden. He worked in Stockholm in 1990 and later in Brussels for some of the world’s oldest corporations before moving to London 25 years ago. He has been involved in investing throughout this time, successfully navigating some of the most volatile periods in the financial markets. Famously, he remembers his first lesson in risk management – imagine the worst that can happen, and double it. To this day, this remains a defining consideration to how to see the world and what is happening in it.

He worked in many of the premier hedge funds and financial institutions, taking senior roles with responsibilities over large investment decisions. He joined with David and researched not just the financial but also the driving social and ethical aspects of sustainability. This led them to the idea of Rethinking Choices – a holistic examination of how we can genuinely contribute to the planet’s timeless capacity for life.

David KoDavid KoCo-Founder at Rethinking Choices

Dr David Ko started in investment management in 1994 with LTCM as one of the first people to be employed by the hedge fund. Before this, he was a university lecturer in physics at Oxford University. Its meteoric rise, with the Dream Team of market wizards, central bankers, and Nobel academics, triggered other market participants to jump on the bandwagon of its strategies until the collective demise came to within a hair’s breadth of global financial Armageddon. It was his first and constant reminder that investing for profit has devastating consequences.

After a successful career in investment management, he sidestepped the Global Financial Crisis by taking a sabbatical running Science Investigators to deliver hands-on workshops to schools. He later returned to investment management and worked since 2017 with Richard looking at sustainable investing. This led them to recognize that the problem is we simply have too much money invested for the planet to provide the returns without destroying it.

Description

The international scientific consensus is that we must reach net zero greenhouse emissions by 2050 in order to prevent the worst climate change disasters. Fossil fuels will be gradually phased out as new energy technologies emerge. But is this a plausible way of reaching the net zero target? David Ko and Richard Busalleto, successful hedge fund managers turned climate advocates, argue it is not. Hear their alternative approach to achieving net zero and why they believe gradually reducing reliance on fossil fuels will not get us to net zero.

Table Of Contents

Economic volatility under climate change
Ko explains how our economy is deeply tied to the climate crisis - economic bail outs are not an option to the extreme consequences of global warming.
Continued fossil fuel use can not be part of the solution
Learn why Ko believes that cutting off all fossil fuel use at once is the only solution to reducing global warming.
How achievable is net zero?
Busalleto argues that the current approach to net zero will ensure that the climate crisis will never be controlled.
Businesses must use their own agency to push for change
If net zero is to be achieved, businesses must pioneer the switch from fossil fuels before they are ready. Busalleto explains how this can be done successfully.
Corporations need motivation to change their processes
Current attitudes mean that businesses will not support mass energy transformation until they know they can survive it themselves. Ko argues for a mindset shift in order to overcome the focus on investment returns.
The use of subtractive change
Ko explains his theory of subtractive change - giving consumers the power to fight climate change through specific consumption habits - and gives an example of how this has been used to overcome past challenges.
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