Reviews
Maybe it can grow on trees money, whether you are a business leader or head of a household.” The authors strive to be non-partisan, insisting that “this is not a liberal agenda, or a red or a blue wedge issue.” They clearly try to boost both environmenunny thing, global talism and business at the warming. With all the same time. attention and environBy their reckoning, the mental action it has smart money is already rushgenerated — and a recession ing into clean energy. This to boot — it keeps getting movement is propelled by a worse. You’d think the ecoheady mix of green faith and nomic slowdown, at least, would entrepreneurial vision, not to have made a dent in carbon-spitmention the expectation of ting. Apparently not. According to more government intervention. the International Energy Agency, “From the local to the global level, increasing greenhouse gas emissions businesses have essentially no choice: hit a record last year. climate regulation is here and more is comWhatever are we to do? Well, do more ing,” they note. “Despite the persistent claims by business, say the authors of this new book. They climate change deniers that climate regulation will see “climate capitalism” as “the best route to profitdestroy prosperity, most companies recognize that a ability and competitive advantage.” rules-based system is needed to establish a predictable The authors have plenty of green cred. L. Hunter and level playing field.” Lovins is president and founder of Natural Capitalism Lovins and Cohen see lucrative business opportunities Solutions; Boyd Cohen is CEO of CO2IMPACT. Together in energy (including solar, wind and wave power), they race through the world of corporate green transportation and biofuel technology that can and offer a breathless promotion of how smart produce motive fuel out of straw, chocolate, cofbusinessfolk can save the planet and make money fee, even cooking grease (“turkey crude”). Many at the same time. Wherever there is a global of these have applications in developing counwarming problem, they say, you can find “climate tries, such as new insurance products for drought capitalists” looking for profitable solutions. and extreme weather, as well as delivery of The stakes are high, and go beyond simply potable water. Solar-powered water filters, saving the environment. In their view, the Guess what. You for instance, enable users to not cut trees world economy depends on it. can save the planet for fuel to boil dirty water, thus mitigating “Commitments by global leaders to unand make money at carbon. leashing the green economy could turn the The book has plenty of examples of how world around,” they declare. “Conversely, the same time. aggressive environmental initiatives can delay in implementing sustainable measures profitably solve the problem. They cite DuPont, whose could deepen the current depression, now recognized as stock price reportedly rose 340 percent while it cut global the worst since the 1930s.” Quite simply, solving the cliemissions by 67 percent. “When the likes of Goldman mate crisis “IS THE WAY OUT(their caps) of the economic Sachs and Deloitte report that companies leading in envicrisis. ronmental, social, and good governance policies have 25 The good news (and there seems to be plenty of it in percent higher stock values, change is clearly underway.” this book) is that the business community, not always seen Moreover, “it is clear that behaving in more sustainable as a friend of green, can be part of the solution by using ways has moved from a chic niche position to a business intelligent market mechanisms. “The best and fastest way imperative.” to protect the climate is to reduce the unnecessary use They analyze both adaptive responses (how to get used of fossil energy,” they say. “It is also the fastest way to to living on less carbon) and mitigation responses (reducan immediate return on investment. Cutting waste saves Climate Capitalism: Capitalism in the Age of Climate Change. By L. Hunter Lovins and Boyd Cohen (Hill and Wang, 2011, 390 pp. $27.95 U.S. $32.50 Cdn.)
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The Marketplace November December 2011
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