Competing Visions of Capitalism Viewed through the Lens of Renewable Energy Investment Strategies

In the wake of the Greek financial crisis, and the Pope's Encyclical there is a lot of hyperbole about economic dysfunction. Fueled by popular resistance to austerity, wild allegations about the imminent demise of capitalism abound.  Contrary to the musings of some idealistic pundits, capitalism is alive and well. In fact, led by the sustainability movement, there is an economic renewal underway.  By marrying self interest and altruism a new brand of capitalism is emerging that has seen advances on both the social and environmental fronts.  However, this vision of capitalism is at odds with some basic tenants of conservative economics .  What follows is a review of these two competing interpretations represented by the renewable energy investment strategies of Bill Gates and Warren Buffet.
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Bill Gates and Warren Buffet are philanthropists who are both invested in renewable energy. While their actions may appear similar, their diverging investment philosophies reflect two different visions of capitalism.

Renewable energy is a critically important part of sustainability oriented business practices and responsible investment strategies that are driving environmental and social change. Renewables are a low carbon energy source that can reduce our reliance on climate change causing fossil fuels. While renewables are an important part of solving the climate crisis, they are of interest to many investors largely because they offer impressive rates of return. A 2012 Forbes piece titled "Investors are Making Money with Renewable Energy," states that for "investors looking for financially sound, environmentally responsible, climate-friendly investments, renewable energy finance is worth a very close look."

It would appear that the market agrees with the Forbes assessment. As reviewed in a 2015 report, renewable energy investment increased by more than 17 percent to $270 billion in 2014.

Social obligations

While earning returns from investments is important, Gates and Buffet are two high profile examples of men who use their wealth for social betterment. Forbes, reports that Gates, who is worth $79 billion, is the richest man in the world and Buffet, who is worth a paltry $72 billion, is the third richest man in the world.

Both Gates and Buffet refute the stereotype of the wealthy one percent. They both see that their wealth comes with certain social obligations. Even the capitalist icon David Rockefeller understood this more than half a century ago when he said, "The old concept that the owner of a business had a right to use his property as a he pleased to maximize profits has evolved into the belief that ownership carries certain binding social obligations."

Gates has committed his life to his perceived social obligations. He first embraced philanthropy while at the helm of Microsoft, and now, through his full time involvement in the Bill and Melinda Gates Foundation, he has made social betterment the "primary purpose" of his life. His foundation is focused on improving people's health and education. "My full-time work for the rest of my life will be at the foundation," Gates was quoted as saying in a 2013 Telegraph article. So far, Gates has given away $28 billion to philanthropic causes.

Creative capitalism

Contrary to the writings of people like Naomi Klein and Paul Mason who believe that capitalism is profoundly flawed and destined to die, Gates argues that capitalism offers our best hope for social and environmental renewal. Gates is an advocate of system innovation, an approach that he calls creative capitalism.

Gates offers a form of ecological economics. His practical approach is grounded in the fundamentals of human psychology, while the ambiguous utopias insinuated by Klein and Mason are an offshoot of socialism, which has proven to be at odds with human nature.

According to Gates, capitalism can be made to serve those in need and the environment upon which we all depend. In his view, capitalism can harness innovation on the massive scale required to confront the challenges we face. Gates' approach seeks to leverage the fact that human nature is composed of two fundamental elements, self interest and the desire to help others.

In a January 24, 2008 speech at the World Economic Forum, Gates said, "The genius of capitalism lies in its ability to make self-interest serve the wider interest. The potential of a big financial return for innovation unleashes a broad set of talented people in pursuit of many different discoveries." Gates says. "This system driven by self-interest is responsible for the great innovations that have improved the lives of billions."

Gates believes we need to measure and publicize social responsibility to give consumers the tools they need to make good buying decisions. He also suggests that to make markets work, we need to see more collaboration between governments, businesses, and nonprofits.

"Creative capitalism takes this interest in the fortunes of others and ties it to our interest in our own fortunes—in ways that help advance both." Gates says. "There is a growing understanding around the world that when change is driven by market-based incentives, you have a sustainable plan for change—because profits and recognition are renewable resources."

Renewable energy

As reviewed in an Entrepreneur article, Gates has invested over $1 billion in renewable energy and now he is looking to double that amount. In an interview with the Financial Times, Gates said that investing in technology companies is the best way to find cost effective solutions to climate change.

"The only way you can get to the very positive scenario is by great innovation," he said. "Innovation really does bend the curve." He sites the case of current battery technology saying that if we are to fulfill the promise of renewables we will need more reliable energy storage than is currently available. However, Gates' approach to capitalism is anything but laissez faire. He explains that advancing technology requires the kind of massive investments that only governments can provide. Gates says that efforts to improve renewable technologies require Manhattan or the Apollo style government projects.

Another powerful man who has invested massively in renewable energy is Warren Buffet. Through his investment firm, Berkshire Hathaway, Buffet has invested $30 billion in renewable energy. Buffet has also given away more than $17 billion to philanthropic causes.

Buffet's stellar record of wealth creation has earned him a reputation as the world's foremost investment genius. In 2009, Buffet's investments in lithium show that he was already ahead of the sustainability investment curve. In addition to his other renewable energy investments, Buffet has invested more than a billion dollars in solar energy alone, this includes the massive Agua Caliente solar array in Arizona.

Climate ambivalence

Despite his philanthropy and investments in renewable energy, Buffet has garnered some well warranted criticism. Although Berkshire has invested in renewables, they also own Burlington North Railroad which ferries huge amounts of coal.

One of those who dare to criticize the Oracle of Omaha is Rob Berridge, the director of shareholder engagement at Ceres, one of the most important sustainability focused organizations in the world.

Buffet's supporters may point to the fact that in the fourth quarter of 2014, Berkshire sold its $4 billion stake in Exxon Mobil. However, withdrawing these funds was due to market conditions, not environmental or social concerns. His move was prompted by the falling price of oil and the realization that oil's glory days are gone.

Buffet has also been criticized for his suggestion that extreme weather is not on the increase due to climate change.

Despite what Buffet has said publicly, Berkshire is vulnerable due to its investments in the reinsurance business. Extreme weather is expected to substantially increase insurance pay outs.

Buffet is sending mixed messages said Berridge. "He'll undoubtedly go down as one of the world's greatest investors and most ethical businesspeople." Berridge said, however, "with climate change having such an important impact on the largest parts of his business, we'd love to see him be clearer."

Buffet's statements indicate that he acknowledges the science of climate change. However, his position suggest something far worse than denial. His investment decisions indicate that he is indifferent to climate change.

Buffet may be a titan in the field of renewable energy, but his motivations are suspect and his ambivalent stance on climate change is unlikely to be judged kindly by future generations.

Investment philosophies

Buffet and Gates have two different investment philosophies that are premised on two dissimilar visions of capitalism. Buffet seeks out investments that are exclusively about the returns that they generate. His investment philosophy is focused on value hunting, his gaze myopically seeks out companies that will generate returns. Conversely, Gates' investment philosophy considers issues beyond corporate profits.

On the surface, Gates and Buffet may appear to be very similar, but when it comes to their investment philosophies, the two men are profoundly different. While Buffet is interested in earnings, Gates wants to solve complex global problems. Gates invests in renewables to work towards global betterment, while Buffet invests to generate attractive rates of return.

Buffet makes vast sums of money with his investments and he is generous with his billions, but when it comes to climate change, he seems to be devoid of a higher purpose.

Source: Global Warming is Real

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President Obama's Earth Day Address: Action on Climate Change Cannot Wait (Video)

On Earth Day April 22 President Obama visited the Florida Everglades for Earth Day and spoke about the urgent need for action on climate change. The President called on Congress to support the Land and Water Conservation Fund. He spoke about the importance of providing access to nature and announced that he will be providing free access to America's national parks.

"I cant think of a better way to spend Earth Day than in one our nations greatest national treasures the Everglades" the President said. "Action [on climate change] can no long be delayed."

Here are some excerpts of the President's comments:

This [climate change] is not a problem for another generation. Not anymore. This is a problem now. It has serious implications for the way we live right now. Stronger storms. Deeper droughts. Longer wildfire seasons. The world’s top climate scientists are warning that a changing climate already affects the air that our children are breathing. The Surgeon General and I recently met with doctors and nurses and parents who see patients and kids grappling with the health impacts. The Pentagon says that climate change poses an increasing set of risks to our national security.

So climate change can no longer be denied. It can’t be edited out. It can’t be omitted from the conversation. And action can no longer be delayed. And that’s why I’ve committed the United States to lead the world in combating this threat.

The steps we’ve taken over the last several years are already making a difference. We’re using more clean energy than ever before. America is number one in wind power, and last year we generated 20 times more electricity from sunlight than we did in all of 2008 -- 20 times.

We’ve committed to doubling the pace at which we cut carbon pollution. China, in part because of our actions, has now committed for the first time to limit their emissions. And this means that there’s new hope that this year the world will finally reach an agreement to prevent the worst impacts of climate change before it’s too late.

We’re wasting less energy, with more fuel-efficient cars that save people money at the pump, and more energy-efficient buildings that save us money on our electricity bills.

So more clean energy, improved energy efficiency -- these steps can help us avoid some of the worst effects of climate change down the road. But we also have to prepare for the effects of climate change that we’re already too late to avoid. If you think about it, this is like we’re hitting the brakes on a car, but the car is not going to come to a complete halt right away. So some of these changes are already happening, and even if we take the right steps, we’re going to have to make some adaptations.

And that’s why we’ve been working with cities and states to build more resilient infrastructure and restore natural defenses like wetlands. And today, I want to announce new actions to protect our national parks and our public lands, and the communities that rely on them.

First, we’re releasing a report showing that every dollar invested in the National Park Service generates $10 for the economy. In 2014, almost 300 million visitors to our national parks spent almost $16 billion and supported 277,000 jobs. So protecting our parks is a smart thing to do for our economy. That’s why I’ve set aside more public lands and waters than any administration in history.

We’re also working with farmers and ranchers and forest land owners to reduce net greenhouse gas emissions. I’m going to keep doing everything I can to prepare and protect America from the worst effects of climate change, including fighting for clean air, clean water.

...you do not have time to deny the effects of climate change...This is not some impossible problem that we cannot solve. We can solve it if we’ve got some political will. And we can solve it in a way that creates jobs. We can solve it in a way that doesn’t disrupt our economy but enhances our economy. And it’s a bipartisan issue.

On the way in, I was talking to some folks about the fact that Teddy Roosevelt, he’s a Republican -- started our National Park System. Richard Nixon started the EPA. George H.W. Bush was the first President, globally, to acknowledge the impacts of climate change and that we needed to do something about it. This is not something that historically should be a partisan issue.

Five years ago, local leaders down here, Republicans and Democrats, formed the bipartisan Southeast Florida Regional Climate Change Compact -- an agreement to work together to fight climate change. (Applause.) And it’s become a model not just for the country, but for the world.

It’s the type of mission that Americans from all walks of life are taking on -- from the CEOs of some of our biggest corporations and utilities, to student organizations across the country. Because they know that simply refusing to say the words “climate change” doesn’t mean that climate change isn’t happening.

And we know that in our own lives. If you’ve got a coming storm, you don’t stick your head in the sand; you prepare for the storm. You make sure our communities are prepared for climate change. And that’s an economic imperative. Protecting the one planet we’ve got is what we have to do for the next generation...That’s what we do as Americans, take responsibility and leave behind for our children something special.

And we are blessed with the most beautiful God-given landscape in the world. It’s an incredible bounty that’s been given to us. But we’ve got to be good stewards for it. We have to take care of it.

...it’s our turn to ensure that this remains the birthright of all Americans for generations to come. So many people here are active in your communities, doing what’s needed. The young people who are here, the next generation, they’re way ahead of us in understanding how important this is. Let’s make sure we don’t disappoint them. Let’s stand up and do what’s right before it’s too late.

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Responding to Grist's Anti-Earth Day Rants

Each year Grist likes to condescendingly whine about all the things they hate about Earth Day. This year in an article titled, Why Earth Day Doesn't Matter Anymore, they argue that the day has "lost its relevance." This could not be further from the truth. As we head towards a global climate agreement at the end of the year in Paris popular support for environmental action has never been more important. While Grist does provide a lot of great content, their anti-Earth-Day diatribes create divisions that are harmful to the growth of the environmental movement.

In their own self-righteous style they are speaking to their readership and offering what they deem to be poignant commentary (their audience is largely composed of deep greens who relish showering disdain on those who are not quite as ecologically pure). However, their righteous indignation and highfalutin derision is unproductive.

Here is a Green Market Oracle article written in response to another derisive anti-business Earth Day hate-fest:

Earth Day is an important day for business, collectively companies are spending tens of millions on Green marketing. But others have expressed their concerns that Earth Day constitutes little more than another over-commercialized marketing event. As Natalie Zmuda writes in an AdAge.com article, "It's Earth Day: Time to consume more to save the planet."

Others are even more cynical, "My concern is that some companies just view [Earth Day] as a marketing event, like Thanksgiving or Christmas," said Larry Light, chairman-CEO of Arcature, a management consulting firm. "Then they've fulfilled their obligation for the rest of the year. The whole issue of sustainability means that a commitment also has to be sustainable. If it's only for one day, then it's a marketing event."

Some are resolute in their dismissal of Earth Day. "Earth Day's usefulness has passed," said Alex Steffen, executive editor of World Changing, a sustainability blog. "The idea that we're going to direct our attention to the planet for a day or a week ... is not a sufficient response anymore. An awful lot of people view Earth Day as the time to express the idea that they are sympathetic to change. We need to move from being sympathetic to change to actually changing things."

For years Grist has derided Earth Day, two years ago David Roberts was complaining about it, noting that it wasn't enough, saying “The time for "small steps" is long past. It's time for people to wake the hell up.” This year Grist unveiled a campaign titled Screw Earth Day. The purists behind Screw the Earth think that we do not do enough to get the message across. They feel we need to do more to protect the environment. As they explain, “It’s not about a single day, dude, it’s about living green every day.”

Grist's Roberts points out, "Green is all the hype everywhere. So you might think that the public would be engaged in this push....polls find public interest as low as ever, and opinion about climate and energy policy is as inchoate and incoherent as ever. There are no rallies. There are no emails and letters and phone calls streaming into Congressional offices. There is no real social movement behind energy/climate action. There’s nothing to push a recalcitrant member of Congress in the right direction."

Although Mr Roberts may be correct about the hype surrounding Earth Day, he is wrong on just about every other count. Earlier this year, one Billion people around the world turned out their lights to vote for climate change action during Earth Hour and today another billion are expected to get involved with Earth Day events. The social momentum of environmental interest is obvious and irrefutable. This is an important period of transition, and although the mediums by which this interest will express itself are not yet fully formed, the mechanisms of change are coalescing.

Contrary to Mr Robert's assertions, public interest in the environment is not low, studies are finding that despite the recession the interest in Green continues. Early in 2009 Joel Makower pointed this out as the one constant from the polling data on consumer environmental attitudes, "Vast majorities of consumers say they have adopted greener habits in their daily lives, and shop for at least some products with a keen eye on their environmental provenance and energy and climate impacts. In other words: the marketplace is getting greener -- way greener."

At least one criticism is well founded. As more companies and marketers jump on the Earth Day bandwagon it is evident that some are guilty of masking environmentally destructive practices under the guise of environmental sensitivity. This practice, commonly referred to as greenwashing, dilutes the integrity of Green branding efforts. And this prompts concerns that consumers will stop paying attention to Green altogether.

Earth Day is not only an opportunity to move product, such events also exert pressure on companies to improve their environmental record. All companies who promote sales in conjunction with Earth Day open themselves to scrutiny. Unsubstantiated Green claims or associations will be exposed and this could prove detrimental to a company's reputation. Although some companies are guilty of greenwashing they will be punished by consumers and legislators.

The business community is an important contributor to the environmental crises we are confronting and they are an equally important part of the solution. Forward looking companies understand that greenwashing is simply counterproductive, these companies know that the best and most enduring way to position themselves is through earnest environmental initiatives that have integrity. That is why many companies are already looking well beyond events like Earth Day and emboldening their commitment to sustainable business practices.

For business, Earth Day is a marketing opportunity, and as such an opportunity to grow profits and increase market share, but businesses are also using Earth Day to fund environmental projects and raise awareness about the environment. If the world is to change, people's attitudes must change and public events like Earth Day are an important part of the transition to a Greener world. Earth Day engages people and helps to transform the wider culture.

Although it is easy to respect the dedication of many Green activists, it is sometimes difficult to understand the approach of certain eco-purists. The anger they vent as they rail against popular movements like Earth-day seems at times incomprehensible. It is easy to appreciate the purists' roles as watchdogs and stalwart activists, even their impatience has its place, but at times their comments detract from the urgency of the Green message.

As a force within the broader efforts eco-purists serve a valuable purpose, but when they hijack the mainstream discussion, they foster anger, apathy and cynicism. Environmental extremists may attract a core of misanthropes, but they alienate the general public and send businesses looking for loopholes instead of contributing to the discussion. Thankfully many corporate leaders are participating in finding solutions, and many more appear ready to follow.

Are eco-purists trying to help the planet or as it sometimes appears, do they prefer distancing people with unproductive vitriol? Some purists go so far as to call for a revolution that does away with capitalism and the whole free market system. However, it is clear to almost everyone that these nihilistic reveries do not serve people or the planet.

More reasonable approaches envision ways of bringing about change without bloodying our streets. It seems obvious that the most expedient change will occur by working within our system. For example, proposed climate change legislation in the US would put a price on carbon emissions and unleash the power of free markets expediting an efficient transition to a carbon restricted world. Perhaps the most reasonable approach involves sending a loud message to our elected representatives.

As purists rue the popularity of Earth Day, Green businesses are taking advantage of the opportunity to highlight their Green initiatives and eco-entrepreneurs are hopeful that events like Earth Day will expedite the task of bringing their innovations to market. Earth Day is effectively turning the wheels of our free market economy.

Sadly some green-purists appear confused, they fail to understand that sustainable consumerism is not the enemy it is the goal. Their cynical rants further serve to illustrate that their approach does not engage the public nor influence politicians.

Admittedly, Earth Day is a highly commercialized event, but those who criticize should remember that commerce is the language of action. If we are to see a Greener world, businesses must not only be amongst those who contribute solutions, they must lead.

For businesses and consumers, Earth Day is about more than a point on a calendar. The Earth Day event has amplified a message that will reverberate throughout the year.

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Earth Day Review of American Environmental Attitudes

A review of polling results reveals the sad truth about US attitudes on climate change. Despite the plethora of science and media coverage American attitudes on climate change are the same today as they were in 1989. Americans claim they want greener products and services and they also claim that they want corporations to be greener, however this is not reflected in their actual buying behavior.

In an article titled "Earth Day and the polling of America 2015" Joel Makower comments on the theory that a strong economy lends itself to greater environmental concern. However, he observes the opposite appears to be true, as Americans feel more economically secure the level of environmental concern has decreased or remained static.

His review of public opinion polls over the last eight years leads him to conclude that the level of environmental concern has stalled in the US. Americans appear to be enamored with the fossil fuel boom in the US and less than preoccupied with the associated environmental impacts.

Although Americans are somewhat concerned about clean air and water, they are relatively unconcerned about climate change, declining biodiversity and even species extinction.

According to the most recent Gallup poll the number of Americans that believe global warming is happening already or will happen in their lifetime is 65 percent. That is exactly the same percentage as in 1989. The Gallup poll is corroborated by research from the Pew Research Center’s annual policy priorities survey in which the Environment ranked 13th and global warming ranked 22nd (next to last).

However other polls have produced different results. A 2014 poll by Tiller LLC, suggested that Americans have a "deep and growing concern for the environment.” This poll indicated that climate change ranked abouve terrorism and global epidemics as the greatest long term threat to their health and well being. The Tiller LLC survey found that women are more concerned about the shape of the environment than men.

According to a November 2014 University of Texas Energy Poll, young Americans are more likely to vote for a candidate who wants to address climate change. A study conducted by Ipsos Public Affairs on behalf of Avaaz reveals that almost all (94 percent) of high school students believe in the veracity of climate change and 80 percent attribute it to human activity.

A national survey conducted by KSV, revealed that Hispanics and African-Americans are almost twice as likely to be interested in energy efficiency as their white counterparts.

The Tiller survey said that more than three quarters of Americans (78 percent) believe it is important to “purchase products from a socially or environmentally responsible company.” And 43 percent said they have declined to buy a product over the past year out of concern for the effect the product or its packaging might have on the environment.

In the same survey Americans attributed the behavior or environmentally responsible corporations to regulatory or competitive reasons rather than altruistic motives. However, 72 percent of respondents indicated that they do not care why a company goes green as long as they do so.

Makeover commented on these results saying, "a number of environmental polls suggest that most Americans are ready and willing to make purchasing, investing and career choices based on their high levels of environmental concern, even if their actual choices don't reflect such high levels of commitment."

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The Importance of Science and Nature on Earth Day

One scientist and sustainability expert suggests we should go outside and play so that we can connect with nature on Earth Day.

Meg Lowman, is the Chief of Science and Sustainability at the California Academy of Sciences. She pioneered the science of canopy ecology which earned her the monikers, “Real-Life Lorax,” "Canopy Meg" and “Einstein of the treetops.” She is also a biologist, educator, and ecologist. Her personal mantra is “no child left indoors.”

In a Net Impact article, Lowman laments the scientific illiteracy of most American, particularly children. Never have we needed to understand science and appreciate nature more than today, she explains.

Understanding the science of climate change, biodiversity loss, species extinction, resource depletion, ocean acidification and other environmental concerns is essential if we are to forge a more sustainable relationship with our planet.

Lowman references the well-known book "Last Child in the Woods," by Richard Louv. In this book Louv analyzed the societal problems that have arisen in American youth who have generally lost contact with natural science. This leads to a condition Louv calls “nature-deficit disorder” as the human cost of alienation from nature, including diminished use of the senses, attention difficulties, and higher rates of physical and emotional illnesses.

"For Earth Day this year, why not pledge to enjoy the natural world and – if you can – take a kid with you? Climb a tree, watch a spider build a web, photograph spring flowers, download the iNaturalist app, or simply bring some leaves indoors. You don’t really have to get muddy while you’re at it, but why not? If anyone asks, tell them a scientist told you to do it."

As Rachel Carson said, “Those who contemplate the beauty of the earth find reserves of strength that will endure as long as life lasts.”

In an era where life on earth is threatened by climate change, people need to understand science so that they can make responsible decisions in their own lives and at the ballot box.

We need to oppose those that seek to deride science to serve their own partisan interests. We need to confront the lies from the anti-science advocacy of the fossil fuel lobby and their political minions that threaten the future of civilization.

If we are to cultivate a passion for nature and the science which explains it, we need to get outdoors and be part of it.

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Earth Day Activities and Actions in the US and Canada

Earth Day activities include a full slate of sustainability-conscious events and conservation efforts. This includes contests, awards, petitions, marches, parties, lectures, discussion groups, bike rides, tree planting, trash collection, film screenings and art projects.

While Earth Day is officially celebrated on April 22, there have been a number of actions that have taken place in the month of April and throughout the year. As part of an annual program called "One Billion Acts of Green," there have been well over one billion pledges and the goal is two billion.

Earth Day Activities and Actions in the US

In the US there are a range of activities promoted on Earth Day. One of these projects is called the Canopy Project. This initiative work with tree planting organizations around the world to ensure our trees are reaching people who need them most. The Canopy Project is an official partner of the United Nations Environment Programme’s Billion Trees Campaign

There is also a climate petition that seeks to tell local, national and international leaders to phase out carbon. Another endeavor seeks to encourage Congress to fund environmental education. People are also being asked to pledge to reduce their energy consumption.

To search Earth Day activities and actions in the US click here.

Earth Day Activities and Actions in Canada

In Canada Earth Day annually garners the support of more than six million people. Earth Day Canada is a platform for a wide range of events that celebrate environmentally sustainable lifestyles and promote actions and behavior that actively tackle climate change.

Events in Canada include things like Clean Your Commute. Other Canadian activities include the Earth Day Everyday Campaign, 2015 Earth Flag.

While Earth Day is celebrated on April 22 it is actually espouses environmentally responsible behavior year round. The "Earth Day Every Day" campaign includes a new user-friendly tool that is being launched on April 22nd. It is designed to help people make good green choices year round. This online, mobile-friendly platform supports your commitment to green acts, tracks your carbon progress, and encourages you to share and be recognized for your achievements.

The 2015 Earth Flag project is a national petition signed by people who are committed to making Earth Day Every Day and are doing their part to reduce carbon emissions 20% by 2020. The 2015 Earth Flag will be taken to the COP21 International Climate Conference in Paris this December.

To search Earth Day activities in Canada click here.

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Earth Day 2015: The Marriage of Economic Growth and Sustainability

Each year Earth Day celebrated on April 22 and 2015 marks the 45th anniversary of this international environmental protection event. Earth Day is the largest civic observance in the world today. All around our planet a billion people will participate in thousands of events. Almost 2 billion "acts of green" will take place on and around the day to demonstrate support for a healthier environment and a sustainable life. Earth Day was first celebrated in the US in 1970 and now more than 192 countries are involved. The inaugural event saw 20 million Americans showing their support for the environment. The movement contributed to the creation of the US Environmental Protection Agency (EPA) and the passage of the Clean Air, Clean Water, and Endangered Species Acts.
For more information on the history of Earth Day click here.

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Video - Naomi Klein Argues Against Capitalism

In this video David Roberts from Grist talks to Naomi Klein about her new book, "This Changes Everything: Capitalism vs. the Climate." Klein is described by the New Yorker as "the most visible and influential figure on the American left." Klein starts the interview by explaining that capitalism is a discredited system because it venerates greed above all else.

Although the book does not support Marxist socialism, it does refute capitalism and it makes a powerful case for regulation. She appears to be calling for a new economic system. We need to come up with an economic system that is ecological rooted, says Klein. Protecting life needs to be at the root of that system.

She states that just focusing on climate is uninspiring and "getting us nowhere." She advocates that in addition to combating global warming, we need to change the economic system as well. She suggests that addressing both the climate and the economy may be a better approach to catalyze change.

Her view is that free market capitalism is a profoundly broken economic system. She states that climate change is a strong argument for the left to advocate for economic change. She looks towards a day when radical anti-capitalist ideas are normalized.

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Video - Naomi Klein on Bottom Up Leadership and "Brutal" Capitalism

Naomi Klein discusses her new book, This Changes Everything, in which she says it's time to stop counting on the politicians to save the planet. The real enemy is the brutal form of capitalism that is fundamentally at odds with what we need to do to combat climate change. She is opposed to deregulation and other tenants of conservatism as espoused by the ruling Canadian Conservative government under Stephen Harper. "We need bold collective action," she said, "beyond individual shopping decisions."

Politicians are not the solution according to Klein. She says there needs to be a "push from below." The leaders are in their streets pushing against those whose business model would destroy the planet.

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Video - Naomi Klein on Free Market Capitalism: Opportunities Inequality and Climate Change

In this November, 2012 broadcast Bill Moyers interviews Naomi Klein. She says the tragic destruction of Hurricane Sandy can also be the catalyst for the transformation of politics and our economy. "Let's rebuild by actually getting at the root causes. Let's respond by aiming for an economy that responds to the crisis both [through] inequality and climate change," Klein says in this video. Klein believes that to combat the powerful fossil fuel lobby we must cultivate a "bottom-up" approach to change. Klein further believes that to combat climate change must "regulate corporations."

The science of climate change is an affront to those who subscribe to radical free market ideologies. Combating climate change is at odds with the conservative believe that our liberation will come from liberating corporations.

"We have to regulate we have to plan we can't leave everything to free markets," Klein said, "climate change is the single greatest free market failure." The science of climate change refutes the world view of those who subscribe to a free market ideology. This is a conservative (Republican) view that is at odds with science.

The market can play a role, for example the government can incentivize free markets in areas like renewable energy. As Klein explains it, deregulated capitalism is a "crisis machine."

Klein says that we have to go after the companies whose business model is driving climate change, she specifically advocates divestment from the fossil fuel industry. "Your business model is at war with the planet" Klein says. She talks about a youth led movement specifically one that works to advance divestment on university campuses.

While she advocates planning it is not the central planning endemic to socialist ideologies. She stresses the importance of community planning. While she believes that capitalism must be transformed she is also very critical of socialism.

Klein opposes unbridled free market conservatism that is driving the ecological crisis. Klein decries those powerful interests that are at odds with environmental stewardship and have no concern for the well being of people and societies.

She say that climate change is the most significant issue humanity has ever faced, we must get our heads around the threat and not allow outdated right wing ideologies to temper the scope of action.

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Video - How Economic Inequality Hurts Societies

This TED talk by Richard Wilkinson is prescient in light of a recent report by Standard & Poor's which shows that US economic inequality is at its worst point since the 19th century. Inequality was also the theme of this year's Blog Action Day which took place on October 16th.

In this video, Wilkinson explains how societies with the largest gaps between rich and poor tend to be those with the lowest levels of well-being and satisfaction. Using hard data, Wilkinson also details the detrimental effects from inequality which includes impacts on health, lifespan, trust and respect.

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Regulation or Revolution

The increasing economic inequality in the distribution of wealth is among the many weaknesses of our capitalist system. This issue is prescient in light of a recent report by Standard & Poor's which shows that US economic inequality is at its worst point since the 19th century.

The issue of inequality cannot be ignored as it poses a real danger to social peace and economic stability. 

The problem is understandably framed by some as one of insatiable greed and this in turn augers rebellious sentiments. This article argues that the solution is regulation not violent revolution.

This is an edited repost for Blog Action Day.  Founded in 2007, Blog Action Day brings people together around an important theme each year and in 2014 the focus is inequality. On previous Blog Action Days people from diverse walks of life in different countries and different languages have rallied around themes like Water, Climate Change, Food, the Power of We and Human rights.

This year as with previous years, many will reiterate various takes on the same old paradigms. This will include thousands of different ways of saying "Business is Bad" and "capitalism must go." However these messages are commonly far too facile to produce the kind of changes we need to see.

Capitalism is commonly a target of protestors. While the destructive tendencies that are unleashed against capitalism may be cathartic, such sentiments also produce a host of undesirable consequences. 

Many of those on the left who have called for revolution are poor students of history who fail to grasp the power they already have at their disposal.  We can address the problems of capitalism without resorting to violent revolution. The power of social media through events like Blog Action Day are a prime example of one of the instruments we can use to peacefully change the world for the better. 

In his new book, economist Jeremy Rifkin shows how Internet technology and renewable energy are merging to create a powerful "Third Industrial Revolution." 

We must address capitalism's many flaws (growing inequality between rich and poor, insider trading, CEO pay, failure to increase the minimum wage, Wall Street recklessness, corporate payoffs, political interference, corruption, and the elite's control over our democracies). However we must do so without causing more harm than good. 

The article which follows was written in 2011 in support of the green economy and in response to the Occupy Wallstreet movement. However, it remains prescient today in the context of discussions on inequality and the proliferation of anti-capitalist views.  
________________________

Angry revolutionary sentiments are undermining the very instruments required to stabilize the economy and manage climate change. Massive demonstrations are taking place all around the globe. The rage on the streets is coalescing into a global movement that threatens the economic system. There have been revolutionary protests in Tunisia, Egypt, Libya, Bahrain, Syria, Yemen, Israel, Algeria, Iraq, Jordan, Morocco, and Oman, and minor protests in Kuwait, Lebanon, Mauritania, Saudi Arabia, Sudan, and Western Sahara. We have also seen widespread anti-austerity protests in European countries like Greece, Spain, Belgium, Britain, Portugal, Ireland, Slovenia and Lithuania. Even Pakistanis are rioting in Lahore and eight other cities. Now the revolution has come to America. While some of these uprisings may seem sympathetic to combating climate change, they are in fact highly counterproductive.

Extremist anti-business sentiments want to overturn the economic system and throw the “corporate fat cats” out onto the street. However, while reform is desperately needed, we need to be careful not to throw out the proverbial baby with the bath water.

These grassroots movements are being led by young activists and labor organizations. Most of these social protests and strikes are focused on changing the economic system. Contrary to the sentiment on the street, capitalism is our best hope to lead us out of the climate crisis we are facing. In fact, the business community is essential to instituting the widespread changes that are needed in a timely fashion.

Although there are an increasing number of businesses that are delivering on serious sustainability initiatives, there will need to be much broader participation in the green economy if we are to tackle climate change and stabilize the economy. Governments have a crucial role to play but however, the best government approaches use the instrument of the free market to leverage the strengths of private enterprise.

On Saturday September 17, over 5,000 people descended on the financial district of lower Manhattan with anti-capitalist signs, banners, and slogans. They proceeded to walk towards what they called the “financial Gomorrah” of the nation as they vowed to “occupy Wall Street” and to “bring justice to the bankers.”

Protesters who have been camping out in Manhattan’s Financial District say their movement has grown and become more organized over the last couple of weeks and they have no intention of stopping.

The campaign to “Occupy Wall Street” was inspired by the “People’s Assemblies of Spain,” which were in turn inspired by the “Arab Spring.” It all started when Adbusters magazine asked its network of culture jammers to flood into lower Manhattan for a long term occupation of Wall Street. The idea caught on in social networks and unaffiliated activists seized the idea.

This large and growing revolutionary movement unites people who have radically dissimilar views. The scope of the frustration that is sweeping across America brings together unlikely allies like the Tea Party and labor unions.

The Occupy Wall Street demonstration started out small, with less than a dozen college students, but has grown to include thousands of people in communities across the country. The young are not the only ones that are frustrated; anger is evident in almost all sectors of society. Rage has been building in the labor movement far from Wall Street. An editorial by the Socialist Worker points to protests in recent months – by longshoremen in Washington, striking hospital workers in California, and the groundbreaking Verizon strikers – as signs of a new “fighting mood” among the rank and file.

The protests on Wall Street and elsewhere strike at the very heart of capitalism. Although they have little understanding of the levers of power, many protestors on the street want to destroy the very system that offers the best chance we have to auger change.

There is a shared feeling on the streets around the world that the global economy is a “Ponzi scheme” run by and for “Big Finance,” who does not want to pay taxes. People everywhere are turning to the belief that there is something fundamentally wrong with the system.

People around the world are joining hands with the New York and Madrid “indignados.” This mood is resonating amongst the world’s poor with many calling for a World Revolution.

In an International Business Times article titled, Roubini on Why ‘Karl Marx Was Right,’ Economist Nouriel Roubini, the New York University professor who, four years ago, accurately predicted the global financial crisis, said one of Karl Marx’s critiques of capitalism is playing itself out in the current global financial crisis.

“Karl Marx had it right,” Roubini said in an interview with wsj.com, “capitalism will destroy itself.” Marx claimed capitalism embodies an internal contradiction that leads to cyclical crises. Companies and individuals are motivated to minimize costs and avoid spending. Roubini said, but this leads to less money in the hands of employees. In turn, they have less money to spend on goods and services that would flow back to companies.

According to Roubini, the markets are not working because you cannot keep shifting from labor to capital without an excess capacity and a lack of aggregate demand. In the absence of strong growth, there is a need for a large fiscal stimulus. The $786 billion stimulus approved by Congress in 2009 was not large enough to create the aggregate demand necessary to advance the U.S. economic recovery.

Without additional fiscal stimuli, or unexpectedly strong growth in the GDP, the only solution to the current problem is universal debt restructuring for banks, households, and governments, Roubini said. However, no such universal restructuring has occurred, he added.

In theory, Roubini said, the United States can “(A) grow itself out of the current problem (but the economy is currently growing too slowly, hence the need for more fiscal stimulus); (B) save itself out of the problem (but if too many companies and citizens save, the flaw Marx identified is magnified); or (C) inflate itself out of the problem (but that has extensive collateral damage, he said).”

Roubini said that if the current trend continues, we run the risk of repeating the second leg of the Great Depression — the “Mistake of 1937.” In 1937, President Franklin D. Roosevelt was pressured by congressional Republicans to cut spending, just like President Obama today. The result was that U.S. unemployment started rising again, and hit 12.5 percent in 1938. Cutting government spending prematurely hurt the U.S. economy in 1937 by reducing demand, and Roubini sees the same thing happening today.

One organization that is part of the occupation of Wall Street is known as the American Dream Movement, it was launched in New York City on June 23, 2011. The inaugural event was billed as an attempt to bring together the progressive movement under a united front. The group’s message centers on the economy and the dangerous rhetoric coming from the American right. The group is led by Van Jones, the former Special Advisor for Green Jobs to the Obama White House.

According to Jones, misinformation is preventing America from rebuilding the economy, and confronting these lies is paramount to moving forward. “We are being lied to” Jones said. “We know that we cannot solve the problems our country is facing while continually and continuously being lied to.”

Jones outlines key elements of his plan to get America back on track in what he calls the Contract for the American Dream. The first proposition was what Jones called a “gambling tax on Wall Street,” which would take 1/10 of one cent for each stock trade. He added that he is seeking a rollback of the Bush tax cuts and the elimination of oil subsidies.

The American Dream Movement believes that the U.S. is not broke and the super-rich must pay their share of taxes. Jones also refutes the idea that hating America’s government and wrecking America’s infrastructure is patriotic. “Real patriotism is defending our infrastructure from all enemies – foreign and domestic,” he said. “We need right now a movement for a patriotism deeper than that.”

Despite Jones’ claim, there is a real danger to American infrastructure from rabid protestors enraged about decrements to their standard of living.

If we are to address climate change and get America working again we will need to make some important changes to the capitalist system. Britain is also struggling, but they may offer some useful suggestions as to how we might solve this crisis. Not long ago, UK austerity policies led to serious social tensions that erupted in riots and widespread destruction of property.

Britain is now suffering under huge levels of personal debt; a trade deficit, low productivity, diminishing oil; poor relations with the EU and the weakest recovery in demand in any economic upturn since the 1830s. In light of these facts, some are saying that the type of capitalism practiced by Britain for the last 30 years has failed.

As reported in the Guardian, Ed Miliband, the leader of the Labour party, is pro-capitalist and pro-business, but he condemns the capitalism we have. He would like to see a new kind of capitalism, one that is informed by a sense of responsibility and a commitment to productive enterprise.

We need to see broad spectrum initiatives to engage sustainability on a truly global scale. Unless countries can manage their deficits AND stimulate the economy, we could face ongoing economic declines that threaten the viability of our economic system.

The fact is, neither businesses nor consumers are making the massive changes needed to lower their emissions significantly. The surest and most effective way to change behavior and promote research and investments in clean technologies is to put a price on carbon emissions. And the faster that is done, the lower the price will be in future years, and the lower the overall cost to the economy.

The best way to build a price for emissions into our economy is through combination of a “carbon tax” on consumers and a “cap-and-trade” system that allows companies that produce less carbon than their caps permit to sell their unused quotas to companies that exceed their caps.

While the purpose of a carbon tax would be to promote the use of carbon-free fuels and increased efficiency in the use of fossil fuels, it would also generate extra revenues. The introduction of a carbon tax should be tied to an offsetting reduction in income taxes, so that those who conserve energy find themselves no worse off than they would have been without a carbon tax. Big polluters could trade their quotas in the marketplace, allowing some flexibility for industries that must make huge cuts in their current emissions.

People are demanding jobs and a stable economy. If the private sector is provided with the right stimulus, the green economy will grow, provide jobs and stabilize the economy. People like LSE’s Simon Dietz believes that strong and urgent action on climate change is good economics and the Pembina Institute says that environmental protection is key to promoting a strong economy.

Capitalism and free markets are highly adaptable and efficient but unless governments regulate, the free markets will not augur the changes we need. If governments fail to regulate, the entire system is at risk.

Governments can lead the green economy through a combination of private sector stimulus investments and increased regulation. In the absence of government action, we may very fall victim to a revolution that will undermine stability or we will suffer from an economic decline that will erode our capacity to act.

Popular protests are essential if we are to reverse the troubling trend of inequality and combat climate change. However, we must fight against the lax regulatory environment, not the economic system. While more oversight and stronger regulations are essential, a socialist revolution is economic and environmental suicide. If we fail to implement more stringent regulations, we will add fuel to violent revolutionary sentiments.

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Investors Showing Leadership on Climate Change

The global investment community is coming to terms with the risks posed by climate change and they are taking action to reverse our perilous direction. Investors see the future and they are following the money and moving away from fossil fuels towards clean energy. In additon to divesting from fossil fuels, investors are advocating for climate pricing and reporting.

Here are three recent actions:

1. A total of 350 global institutional investors, representing more than $24 trillion in assets, called on government leaders to adopt climate pricing.

2. A group of 70 major companies and investors, have committed to report climate change in corporate reports as a matter of fiduciary duty.

3. On the eve of the Climate Summit, the Rockefeller Brothers Fund announced plans to begin divesting from fossil fuels. Starting with coal and tar sands investments, the fund plans to reduce such investments to almost zero by the end of this year. This will be followed up by further fossil fuel divestment over the next few years.

Steven Rockefeller, a son of Nelson A. Rockefeller, and a fund trustee, told the New York Times he saw economic problems for companies that plan to use fossil fuel reserves that are theoretically ‘unburnable’ if climate change is to be kept in check. “We see this as having both a moral and economic dimension”

The Global Divest-Invest coalition is calling for divestment from fossil fuels and the $860m Rockefeller Brothers Fund is one of the signatories. Stephen Heintz, an heir of Standard Oil tycoon John D. Rockefeller, said the move to divest away from fossil fuels would be in line with his wishes.

“We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy,” Heintz said in a statement.

Heintz, the fund’s president, said “We’re moving soberly, but with real commitment.” He said the fund had already stopped investments in tar sands and coal, and was now trying to drop other fossil fuel investments.

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Report Highlights Investor Action on Climate Change

Investor groups have published a report detailing examples of action being taken to combat climate change. The report sites numerous examples of investments that support a low carbon, climate resilient economy.

While ambitious policy is required in order for low carbon investments to be brought to scale, these examples demonstrate that investors are already acting on climate change in a variety of ways. These activities include direct low carbon investments, the creation of low carbon funds, company engagement, and reducing exposure to fossil fuel and carbon intensive companies.

"Stronger carbon and climate frameworks are needed to catalyze institutional investment," said Fiona Reynolds, managing director of PRI. “The time is now for national governments to overcome the political obstacles that prevent global carbon pricing and hinder long term capital flows into climate mitigation and adaption."

Examples in the report from both developed and developing countries include:

Danish pension fund PKA looking to increase its new and existing offshore wind farm investments to €1.5 billion by the end of 2015.

U.S. insurer and pension fund provider TIAA-CREFF reduces the carbon footprint of its real estate portfolio by 17 percent, cutting 58,000 metric tons of greenhouse gas emissions.

Swedish pension fund AP4 is committed to decarbonizing its entire $20 billion listed equities portfolio.

China Utility-Based Energy Efficiency Finance Program provides loans worth $790 million, financing 226 projects and reducing emissions by 19 million metric tons of carbon.

ASN Bank in the Netherlands to become fully carbon-neutral by 2030. Zurich Insurance Group to invest up to $2 billion in green bonds, one of many commitments this year that has resulted in 20-fold growth in green bond market since 2012.

HSBC Armenia partners with IFC to finance nine small-medium size enterprise energy efficiency projects in Armenia, totaling approximately $25 million and reducing carbon emissions by more than 6,600 tons per year. Global bank ING has in 7 years reduced its energy project loan allocation to coal power from 63 to 13% and increased its allocation to renewable energies from 5 to 39 percent.

In addition, the investor groups have launched a public online database of select low carbon investments made by asset owners such as pension funds and insurance companies. The Low Carbon Investment Registry identifies how institutional investors are directing capital towards low carbon assets. Asset owners around the world will be encouraged to add examples to the Registry leading up to the climate negotiations in Paris.

“The Low Carbon Investment Registry shows how investors are already supporting the transition to a low carbon economy by investing in a variety of different ways – directly into renewable energy projects, into clean energy funds, through green bonds and through the establishment of public-private-partnerships,” said Nathan Fabian, Chief Executive of IGCC. “It gives policymakers a better understanding of how private capital is currently flowing into low carbon investments.”

Several signatories to the Global Investor Statement on Climate Change are expected to announce significant new individual commitments related to climate risk and low carbon investment at the UN Summit on Climate Change on September 23.

For more information, contact pickering@ceres.org and NWilliams@IIGCC.org.

To read the report click here (PDF)

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Event - Impact Capitalism Summit

The Impact Capitalism Summit will take place on April 29 - 30, 2014, at the Union League Club of Chicago. At this event you will learn how to deploy capital to make a positive impact while still maximizing returns. This summit presented by the Watershed Capital Group.

Conference Overview

The Summit is an excellent forum to develop relationships, to gain insight into successful strategies across industry segments and to learn from leaders who are mainstreaming impact investing. A new model of value creation is emerging deploying capital in strategies that leverage the inherent link between natural, social and financial capital.

Over 300 family offices, asset managers, and fund managers representing over $150 Billion in investable assets will explore the current state and trends of this dynamic sector.

The Impact Capitalism Summit will feature a variety of industry leaders with panel discussions on specific asset classes including private equity, public equity, private debt, public debt and direct deals. Presenters, LP's, and strategic partners will also be able to schedule targeted, one-on-one breakout sessions. The conference provides a rich environment for learning and business development opportunities.

Conference Format

Executives from fund managers across asset classes will showcase their businesses to an audience of more than 300 prospective financial, institutional and strategic investors.

Fund Presentations: Public and private fund managers will present overviews of their respective businesses regarding impact and return, followed by sector-specific panel sessions.

Panel Discussions: There will be a topical, in-depth panel discussing the current state of specific asset classes including private equity, public equity, private debt, public debt and direct deals. Panel members will include family office principals, wealth advisors, and fund managers.

One-on-One Meetings: Upon request from prospective investors/partners, Watershed Capital can arrange targeted, one-on-one meetings with presenters during the conference.

Click here for more information or to apply.

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