A growing group of concerned citizens no longer trusts politicians to tackle climate change. They now focus on the financial sector and receive help from unexpected sources. Big banks like HSBC, Citibank and the regulating Bank of England recently started to warn against the so-called “carbon bubble”. Investing in coal, oil and gas not only causes temperatures to rise, but it also involves substantial financial risks, for retirement provision for example.
The trust that politicians will come up with a solution for climate change is waning. A rapidly growing group of concerned people is looking for other ways to fight against climate change. They now focus on the financial world, because they believe that there is at least as much influence to be found here as in governments. Pension funds, churches and universities are called on to withdraw their investments in fossil fuels.