warrant approach to climate change is how I remember my time in teenage discos
how I remember my time in teenage discos
how I remember my time in teenage discos there’s a lot of talk and very little
there’s a lot of talk and very little
there’s a lot of talk and very little action you understand climate change you
action you understand climate change you
action you understand climate change you don’t need me to tell you that if you
don’t need me to tell you that if you
don’t need me to tell you that if you continue as we are this planet is going
continue as we are this planet is going
continue as we are this planet is going to hell in a handbasket you know that my
to hell in a handbasket you know that my
to hell in a handbasket you know that my challenge is to give you a new
challenge is to give you a new
challenge is to give you a new perspective a new way for you to think
perspective a new way for you to think
perspective a new way for you to think about this current lack of action by the
about this current lack of action by the
about this current lack of action by the end of 15 minutes a new solution to help
end of 15 minutes a new solution to help
end of 15 minutes a new solution to help us deal with climate change let’s start
us deal with climate change let’s start
us deal with climate change let’s start with the root of the problem what do you
with the root of the problem what do you
with the root of the problem what do you think is the biggest obstacle in the way
think is the biggest obstacle in the way
think is the biggest obstacle in the way of tackling climate change is it a lack
of tackling climate change is it a lack
of tackling climate change is it a lack of fairness do we need another sequel to
of fairness do we need another sequel to
of fairness do we need another sequel to Al Gore’s movie An Inconvenient Truth
Al Gore’s movie An Inconvenient Truth
Al Gore’s movie An Inconvenient Truth and more scary news is it a lack of lack
and more scary news is it a lack of lack
and more scary news is it a lack of lack of technologies do we need to wait for
of technologies do we need to wait for
of technologies do we need to wait for new nuclear tidal energy better
new nuclear tidal energy better
new nuclear tidal energy better batteries or is it a locket lack of
batteries or is it a locket lack of
batteries or is it a locket lack of resources that we simply cannot afford
resources that we simply cannot afford
resources that we simply cannot afford to transition to a low-carbon economy
to transition to a low-carbon economy
to transition to a low-carbon economy no no and no the biggest obstacle is a
no no and no the biggest obstacle is a
no no and no the biggest obstacle is a conflict a conflict between the
conflict a conflict between the
conflict a conflict between the priorities of decision-makers and the
priorities of decision-makers and the
priorities of decision-makers and the nature of climate change people’s
nature of climate change people’s
nature of climate change people’s choices are dominated by the short-term
choices are dominated by the short-term
choices are dominated by the short-term and their self-interest
and their self-interest
and their self-interest how many politicians or business leaders
how many politicians or business leaders
how many politicians or business leaders look beyond four years
look beyond four years
look beyond four years if death on the other hand climate
if death on the other hand climate
if death on the other hand climate change is all about the very long term
change is all about the very long term
change is all about the very long term and its effects are fed by everyone
and its effects are fed by everyone
and its effects are fed by everyone global
global
global these conflicting interests and time
these conflicting interests and time
these conflicting interests and time scares me that while taking action makes
scares me that while taking action makes
scares me that while taking action makes sense at the global level it does not
sense at the global level it does not
sense at the global level it does not make sense for the individual in
make sense for the individual in
make sense for the individual in isolation and it is true for individual
isolation and it is true for individual
isolation and it is true for individual countries individual political and
countries individual political and
countries individual political and business leaders and individual
business leaders and individual
business leaders and individual consumers but don’t don’t get me wrong
consumers but don’t don’t get me wrong
consumers but don’t don’t get me wrong most people want to deal with climate
most people want to deal with climate
most people want to deal with climate change but everyone almost always
change but everyone almost always
change but everyone almost always everyone onto the arid climate change
everyone onto the arid climate change
everyone onto the arid climate change and everyone wants others to take action
and everyone wants others to take action
and everyone wants others to take action but very few can raise themselves above
but very few can raise themselves above
but very few can raise themselves above their own short-term interest take the
their own short-term interest take the
their own short-term interest take the necessary action why is it so difficult
necessary action why is it so difficult
necessary action why is it so difficult to make the necessary change the using
to make the necessary change the using
to make the necessary change the using your carbon footprint requires an
your carbon footprint requires an
your carbon footprint requires an immediate individual sacrifice it means
immediate individual sacrifice it means
immediate individual sacrifice it means giving up something or paying more for
giving up something or paying more for
giving up something or paying more for sustainable option or for the benefit of
sustainable option or for the benefit of
sustainable option or for the benefit of others in the distant future taking
others in the distant future taking
others in the distant future taking action does not make political or
action does not make political or
action does not make political or economic sense for the individual
economic sense for the individual
economic sense for the individual decision-maker quite simply because
decision-maker quite simply because
decision-maker quite simply because positive results cannot be seen in the
positive results cannot be seen in the
positive results cannot be seen in the net by voters in the next election cycle
so this is the biggest obstacle climate
so this is the biggest obstacle climate action produces globally our global
action produces globally our global
action produces globally our global shared benefits in the long term
shared benefits in the long term
shared benefits in the long term while individual priorities are dictated
while individual priorities are dictated
while individual priorities are dictated by short-term self-interest no one no
by short-term self-interest no one no
by short-term self-interest no one no one makes decisions for the entire globe
one makes decisions for the entire globe
one makes decisions for the entire globe taking action has to make sense at the
taking action has to make sense at the
taking action has to make sense at the level decisions are made don’t take my
level decisions are made don’t take my
level decisions are made don’t take my word for it in other words of two
word for it in other words of two
word for it in other words of two presidents on the one hand no challenge
presidents on the one hand no challenge
presidents on the one hand no challenge poses a greater threat to future
poses a greater threat to future
poses a greater threat to future generations than climate change
generations than climate change
generations than climate change on the other hand we all know what to do
on the other hand we all know what to do
on the other hand we all know what to do we just don’t know how to get real acted
we just don’t know how to get real acted
we just don’t know how to get real acted off 250 after we’ve done it we know what
off 250 after we’ve done it we know what
off 250 after we’ve done it we know what to do we don’t know how to get reelected
to do we don’t know how to get reelected
to do we don’t know how to get reelected taking action doesn’t make sense for the
taking action doesn’t make sense for the
taking action doesn’t make sense for the individual but it would be unfair to
individual but it would be unfair to
individual but it would be unfair to blame only our politicians truth is our
blame only our politicians truth is our
blame only our politicians truth is our entire system is driven by short-term
entire system is driven by short-term
entire system is driven by short-term self-interest this raises a question can
self-interest this raises a question can
self-interest this raises a question can we resolve this conflict can we make a
we resolve this conflict can we make a
we resolve this conflict can we make a politician acting for the long term
politician acting for the long term
politician acting for the long term climate future electable can short-term
climate future electable can short-term
climate future electable can short-term self-interest Drive climate action
self-interest Drive climate action
self-interest Drive climate action instead of being a drag on it yes it can
raise your hand if you have children
raise your hand if you have children okay you know what I’m talking about the
okay you know what I’m talking about the
okay you know what I’m talking about the rest of you will need to trust me what
rest of you will need to trust me what
rest of you will need to trust me what is one of the most important parenting
is one of the most important parenting
is one of the most important parenting lessons we all learn that phrase
lessons we all learn that phrase
lessons we all learn that phrase positive reinforcement and rewards are
positive reinforcement and rewards are
positive reinforcement and rewards are much more effective than punishment and
much more effective than punishment and
much more effective than punishment and negative consequences however we don’t
negative consequences however we don’t
negative consequences however we don’t apply this lesson to climate
apply this lesson to climate
apply this lesson to climate negotiations they are all about
negotiations they are all about
negotiations they are all about obligations and costs omission caps
obligations and costs omission caps
obligations and costs omission caps commitments carbon taxes it’s a negative
commitments carbon taxes it’s a negative
commitments carbon taxes it’s a negative mindset mindset of burden but why not
mindset mindset of burden but why not
mindset mindset of burden but why not use rewards and opportunities to
use rewards and opportunities to
use rewards and opportunities to motivate countries to reduce emissions
consider this plan to start with an
consider this plan to start with an annual emission benchmark is set for
annual emission benchmark is set for
annual emission benchmark is set for each country not binding limits not even
each country not binding limits not even
each country not binding limits not even commitments just benchmarks a price for
commitments just benchmarks a price for
commitments just benchmarks a price for carbon saving is also established say
carbon saving is also established say
carbon saving is also established say $50 a ton then countries achieving lower
$50 a ton then countries achieving lower
$50 a ton then countries achieving lower actual emissions than their benchmark in
actual emissions than their benchmark in
actual emissions than their benchmark in any year
any year
any year receive a cash payment for every ton
receive a cash payment for every ton
receive a cash payment for every ton saved that as it’s money come from an
saved that as it’s money come from an
saved that as it’s money come from an international fund is created which
international fund is created which
international fund is created which borrows from private investors for the
borrows from private investors for the
borrows from private investors for the long term it issues long term bonds
long term it issues long term bonds
long term it issues long term bonds similar to so many institutions this
similar to so many institutions this
similar to so many institutions this international fund is backed by
international fund is backed by
international fund is backed by participating countries so the fund gets
participating countries so the fund gets
participating countries so the fund gets the money to repay investors from future
the money to repay investors from future
the money to repay investors from future payments of countries these future
payments of countries these future
payments of countries these future payments are shared among countries
payments are shared among countries
payments are shared among countries based on a pre agreed percentage so to
based on a pre agreed percentage so to
based on a pre agreed percentage so to visualize it in the first phase
visualize it in the first phase
visualize it in the first phase investors put their money into the fund
investors put their money into the fund
investors put their money into the fund which pays countries that had cut their
which pays countries that had cut their
which pays countries that had cut their emissions in the second phase say in
emissions in the second phase say in
emissions in the second phase say in 1020 years
1020 years
1020 years countries pay into the fund which she
countries pay into the fund which she
countries pay into the fund which she pays investors the important point to
pays investors the important point to
pays investors the important point to remember is that what an individual
remember is that what an individual
remember is that what an individual country pays into the fund in the future
country pays into the fund in the future
country pays into the fund in the future is not linked to what it had received
is not linked to what it had received
is not linked to what it had received from the fund it receives based on
from the fund it receives based on
from the fund it receives based on emission performance
emission performance
emission performance it pays based on share agreed upfront
rewards instead of negative consequences
rewards instead of negative consequences this plan provides countries a
this plan provides countries a
this plan provides countries a short-term financial incentive to reduce
short-term financial incentive to reduce
short-term financial incentive to reduce emissions you can think about it being
emissions you can think about it being
emissions you can think about it being similar to your insurance company
similar to your insurance company
similar to your insurance company offering to pay your gym membership of
offering to pay your gym membership of
offering to pay your gym membership of course you know you should keep fit
course you know you should keep fit
course you know you should keep fit right but that’s incentive helps you
right but that’s incentive helps you
right but that’s incentive helps you overcome the short-term pain of going to
overcome the short-term pain of going to
overcome the short-term pain of going to the gym in the end it’s a win-win-win
the gym in the end it’s a win-win-win
the gym in the end it’s a win-win-win you’re healthier long term health care
you’re healthier long term health care
you’re healthier long term health care costs of the insurance company are lower
costs of the insurance company are lower
costs of the insurance company are lower and lower costs also help your valid so
and lower costs also help your valid so
and lower costs also help your valid so this is the plan let’s now get to the
this is the plan let’s now get to the
this is the plan let’s now get to the exciting part let’s look at some of the
exciting part let’s look at some of the
exciting part let’s look at some of the advantages first alignment which short
advantages first alignment which short
advantages first alignment which short self-interest this plan separates the
self-interest this plan separates the
self-interest this plan separates the financial costs from taking action
financial costs from taking action
financial costs from taking action whether it’s the UK or another country
whether it’s the UK or another country
whether it’s the UK or another country reducing emissions by the same amount
reducing emissions by the same amount
reducing emissions by the same amount the future costs of countries will be
the future costs of countries will be
the future costs of countries will be unchanged
unchanged
unchanged however short-term payment goes to
however short-term payment goes to
however short-term payment goes to countries that reduce emissions result
countries that reduce emissions result
countries that reduce emissions result incentives are transformed from free
incentives are transformed from free
incentives are transformed from free riding and others efforts into
riding and others efforts into
riding and others efforts into maximizing gains from this fund if the
maximizing gains from this fund if the
maximizing gains from this fund if the price for carbon savings set at $50 as
price for carbon savings set at $50 as
price for carbon savings set at $50 as an example every emission reduction a
an example every emission reduction a
an example every emission reduction a country can achieve at the cost below
country can achieve at the cost below
country can achieve at the cost below $50 gives it an immediate profit today
$50 gives it an immediate profit today
$50 gives it an immediate profit today climate efforts are characterized by an
climate efforts are characterized by an
climate efforts are characterized by an individual cost and the shared benefit
individual cost and the shared benefit
individual cost and the shared benefit it is grown on its head and it becomes
it is grown on its head and it becomes
it is grown on its head and it becomes an individual benefit and a shared cost
an individual benefit and a shared cost
an individual benefit and a shared cost in other words the decision-maker is not
in other words the decision-maker is not
in other words the decision-maker is not motivated to take action it’s in his or
motivated to take action it’s in his or
motivated to take action it’s in his or her interest to do so what about the
her interest to do so what about the
her interest to do so what about the short-term pain borrowing by the fund
short-term pain borrowing by the fund
short-term pain borrowing by the fund pushes the financial burden into the
pushes the financial burden into the
pushes the financial burden into the future if result the costs and the
future if result the costs and the
future if result the costs and the benefits of taking action are more
benefits of taking action are more
benefits of taking action are more closely aligned in time authorizing in
closely aligned in time authorizing in
closely aligned in time authorizing in the future the prospect for action now
the future the prospect for action now
the future the prospect for action now improves because from the
improves because from the
improves because from the decision-makers perspective a shorter
decision-makers perspective a shorter
decision-makers perspective a shorter cost has been replaced by short-term
cost has been replaced by short-term
cost has been replaced by short-term benefit yes
benefit yes
benefit yes this means leaving a financial debt to
this means leaving a financial debt to
this means leaving a financial debt to the future however that is much better
the future however that is much better
the future however that is much better than the current situation of leaving
than the current situation of leaving
than the current situation of leaving future generations a shattered planet
future generations a shattered planet
future generations a shattered planet there is no doubt that the sooner we act
there is no doubt that the sooner we act
there is no doubt that the sooner we act the lower the costs and the lower the
the lower the costs and the lower the
the lower the costs and the lower the risks of climate change second capital
risks of climate change second capital
risks of climate change second capital to
to
to – of transition substantially reducing
– of transition substantially reducing
– of transition substantially reducing the carbon footprint of our economy will
the carbon footprint of our economy will
the carbon footprint of our economy will be major transition if we require a
be major transition if we require a
be major transition if we require a significant investment if you produce
significant investment if you produce
significant investment if you produce winners and losers whichever way we do
winners and losers whichever way we do
winners and losers whichever way we do it result the capital raised by the fund
it result the capital raised by the fund
it result the capital raised by the fund and distributed to countries will help
and distributed to countries will help
and distributed to countries will help finance this transition in addition to
finance this transition in addition to
finance this transition in addition to fixing incentives third political will
fixing incentives third political will
fixing incentives third political will governments will become all hearted
governments will become all hearted
governments will become all hearted supporters of radical change thanks to
supporters of radical change thanks to
supporters of radical change thanks to the shortened financial incentive
the shortened financial incentive
the shortened financial incentive instead of facing only short-term costs
instead of facing only short-term costs
instead of facing only short-term costs the money they receive from the fund can
the money they receive from the fund can
the money they receive from the fund can be used to secure the political and
be used to secure the political and
be used to secure the political and public support for the necessary action
public support for the necessary action
public support for the necessary action result much stronger and sustained
result much stronger and sustained
result much stronger and sustained political commitment this is critical
political commitment this is critical
political commitment this is critical political will has been a major
political will has been a major
political will has been a major bottleneck and governments have many
bottleneck and governments have many
bottleneck and governments have many many tools to direct emissions such as
many tools to direct emissions such as
many tools to direct emissions such as energy policy tax policy regulation
energy policy tax policy regulation
energy policy tax policy regulation subsidies and so forth so harnessing
subsidies and so forth so harnessing
subsidies and so forth so harnessing short-term self-interest providing the
short-term self-interest providing the
short-term self-interest providing the capital needed for the transition and
capital needed for the transition and
capital needed for the transition and strengthening political will 3 hugely
strengthening political will 3 hugely
strengthening political will 3 hugely powerful advantages which add up to
powerful advantages which add up to
powerful advantages which add up to dramatic boost to climate action Charlie
dramatic boost to climate action Charlie
dramatic boost to climate action Charlie Munger Warren Buffett’s business partner
Munger Warren Buffett’s business partner
Munger Warren Buffett’s business partner once said show me the incentive and I
once said show me the incentive and I
once said show me the incentive and I will show you the outcome climate action
will show you the outcome climate action
will show you the outcome climate action will happen if and only if it makes
will happen if and only if it makes
will happen if and only if it makes sense for the individual decision-maker
sense for the individual decision-maker
sense for the individual decision-maker precisely but this plan delivers so why
precisely but this plan delivers so why
precisely but this plan delivers so why hasn’t this been done yet well
hasn’t this been done yet well
hasn’t this been done yet well think rolling suitcases we had the
think rolling suitcases we had the
think rolling suitcases we had the technology of the veer for over 5,000
technology of the veer for over 5,000
technology of the veer for over 5,000 years we know it makes the
years we know it makes the
years we know it makes the transportation of more things much
transportation of more things much
transportation of more things much easier when did we first put wheels on
easier when did we first put wheels on
easier when did we first put wheels on suitcases in the 1970s after we landed
suitcases in the 1970s after we landed
suitcases in the 1970s after we landed man on the moon quite incredible if you
man on the moon quite incredible if you
man on the moon quite incredible if you weigh that long with saving our planet
weigh that long with saving our planet
weigh that long with saving our planet it will be too late so let’s get these
it will be too late so let’s get these
it will be too late so let’s get these monitors on this climate change suitcase
monitors on this climate change suitcase
monitors on this climate change suitcase as quickly as possible this climate idea
as quickly as possible this climate idea
as quickly as possible this climate idea and the initiative behind it is at an
and the initiative behind it is at an
and the initiative behind it is at an early stage but it’s gaining momentum
early stage but it’s gaining momentum
early stage but it’s gaining momentum and the support of organizations with
and the support of organizations with
and the support of organizations with climate finance experience and
climate finance experience and
climate finance experience and credibility we are also working in a
credibility we are also working in a
credibility we are also working in a very exciting pilot scheme this plan are
very exciting pilot scheme this plan are
very exciting pilot scheme this plan are presented doesn’t solve all climate
presented doesn’t solve all climate
presented doesn’t solve all climate problems however because it deals with
problems however because it deals with
problems however because it deals with that fundamental conflict the biggest
that fundamental conflict the biggest
that fundamental conflict the biggest obstacle it makes overcoming our
obstacle it makes overcoming our
obstacle it makes overcoming our challenges much easier it has the
challenges much easier it has the
challenges much easier it has the potential to be a game-changer it
potential to be a game-changer it
potential to be a game-changer it changes by changes everything
imagine if short-term self-interest was
imagine if short-term self-interest was a driver of rapid change and not a
a driver of rapid change and not a
a driver of rapid change and not a hurdle to it imagine if every
hurdle to it imagine if every
hurdle to it imagine if every decision-maker so climate action as an
decision-maker so climate action as an
decision-maker so climate action as an opportunity and not a burden
imagine if taking action made sense not
imagine if taking action made sense not only at the global level but also for
only at the global level but also for
only at the global level but also for every individual I hope you agree this
every individual I hope you agree this
every individual I hope you agree this is an idea worth sharing thank you
is an idea worth sharing thank you
is an idea worth sharing thank you [Applause]
”
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