February is a month of hope. We can see the days getting longer. We often see just a few more days of sunshine. I start browsing the seed catalog and planning my veggie garden on paper.
Toshiba Digital Camera
I’m not sure how many of you read the business section of your newspaper, but if you don’t, you might need to. Whether we like it or not (and I don’t), money shapes much (most?) of our world. However, even if we see dirty footprints wandering through those pages, sometimes we get a glimpse of humanity and even hope.
The Sunday Seattle Times on January 26, 2020, carried a story in its business section, “The Climate Crisis Is Reshaping the World of Finance.” Granted, it’s written by three environmentalists, but the facts they were reporting were enough to cause two of us in my house to rustle the newspaper, sit up and take notice.
Larry Fink, CEO of BlackRock, a company that holds an 8 to 11% stake of every company in the Fortune 500, has announced in his annual letter to CEO’s that they now expect to see business plans for “operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized,” as well as “hold accountable” present board members who don’t make significant progress toward that goal. The climate crisis has become so severe, he had said, that it has become a force that will “fundamentally reshape” the world of finance.
Goldman Sachs, the powerful bank on Wall Street? It has recently prohibited funding of coal mines, power plants and Arctic oil drilling projects, the authors report.
I think most of us are aware of the major moves in Europe by the financial sector, especially the big banks. The authors cite other major changes here in our country among insurance companies, and also fossil fuel disinvestment among religious institutions, pension funds, university endowments, and charitable foundations.
As we witness worse storms, more unpredictable weather, devastating wildfires, life-threatening heat in the southern hemisphere and other areas of the world, and a federal government that stands idly on the sidelines–or worse yet, unravels previous legislation that might have helped, our spirits need to see some positive, hopeful action. It’s not a perfect picture, the authors point out, but these are some signs that the financial world is changing as our Earth changes. Time will tell if it’s changing fast enough.
“Not only is another world possible, she is on her way. On a quiet day, I can hear her breathing.” — Arundhati Roy