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The planet heats, the world economy cools – the global recession is ecological

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece here in The Guardian or enjoy below

🗞️ Driving the news: The combination of weak economic activity and increasing extreme weather events is a cause for concern
Germany is already in recession, and other developed countries, including the UK, appear to be heading in the same direction
The post-lockdown recovery in China has weakened, and the US jobs market is showing signs of cooling

🔭 The context: During periods of economic boom, environmental pressure usually intensifies, however, the current scenario of slower growth is not slowing down global heating
• This poses a real concern as the planet faces a catastrophic slump, and the ecological recession is becoming more evident

🌎 Why does it matter for the planet: Governments tend to prioritize the short term during recessions, and the costs of transitioning to a cleaner, low-carbon economy raise concerns, particularly for those least capable of bearing them
• While there are legitimate concerns, delaying action on the climate emergency may have severe consequences for the planet and future generations

⏭️ What’s next: The temptation to delay action remains strong, even though it may be shortsighted
• To avoid the edge of the abyss, the green movement must unite behind a common goal and focus on challenging a form of capitalism that is self-destructive 
Low-hanging fruit, such as addressing fossil fuel sponsorship in sports, can be targeted to bring about change

💬 One quote: "The real fantasists are those who cling to the belief that we can continue to exploit the natural world to satisfy our desires. If that's what economics is about, we badly need a new economics." (Larry Elliot, Economics Editor at The Guardian)

📈 One stat: The world registered its hottest-ever day (03.07.23), followed by an even hotter day (04.07.23), highlighting the urgency of addressing the climate crisis

Click for more news covering the latest on Sustainable Finance

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