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[ESG] The Hutton Series on Climate Change

James Hutton, the father of modern geology, was the executor of Adam Smith's will and a frequent visitor to Panmure House.  The Hutton Series on Climate Change brings together a diverse cross-section of experts, business leader, scientists and concerned citizens in the service of one simple aim:  to identify ten key priorities, innovations and actions to mitigate climate change.

INAUGURAL SESSION OVERVIEW
 
We all need adaptation for future resilience.
1.  Speed of transition
Rising population poses tremendous stress on global resources.  We need to transition to a green economy but the concern is not just the transition, it is the speed of transition.
2.  Reset our expectation of what it means by living a good life
  • Consume a lot less
  • Learn to value things differently
 
3.  Climate Action
  • Tremendous opportunity to lead and support maximised impact
  • Sustainability team is a strategy team for a path of transition
  • Net-zero by 2025; we need to track carbon impact 
4.  Financial levers
  • Through bold and impactful choices, the financial section should think beyond the traditional sphere
  • Expand investment in green and social and sustainable bonds globally
  • Ensure it does not underwrite projects that do not have a credible transition plan in line with 2014 Paris agreement
5.  Partnership and collaboration
  • Shared focus for greater impact
  • Low-carbon economy and supply chain
  • Business, government and public bodies must ensure their collective move to zero-C
6.  Younger generation
  • Huge great ideas.  Not fully understand but are willing to come up with technical solutions
  • They are convinced in green economy as they will inherit the current problems
  • Provide them with a platform to discuss choices on how their lifestyles can and will change in the future 
7.  Leadership and talent
  • There must be global actions
  • The Zero-C targets must be achieved within a generation; we need to nurture the talent-pool across academia and business
  • Provide workers with the skills needed to make the transition happen swiftly and export these skills globally
RESPONSE FROM THE FINANCIAL SECTOR
1.  Values and clarity in financial investment
  • Encourage social values in investment -- "saving to save the planet"
  • Provide clarify of purpose to financial institutions
  • Turn saving into an investment ecosystem
2.  A whole system and coherent investment chain:
  • Connect financial sector, government and society to accelerate change 
  • Work with future generations to align understanding and build trust
  • Discuss both climate damaging investment and climate-change solutions
3.  Monitoring, reporting and disclosures:
  • Track and rate investment outcomes disclosures mandatory for investment companies for investor's choices
  • Government's annual budgets on the state of investment, progress and achievements against climate change targets;
  • Create an open market-place discussion on rankings of ESG financial tools
RESPONSE FROM THE SCIENCE SECTOR
1.  Net-zero as a global challenge
  • Everything can be de-carbonised and we need rapid decarbonisation
  • Technically there is no problem 
  • Problem is whether there is collective will to do it
2. Turning research solution to industry reality
  • High carbon economy to transition to Zero-C economy
  • From materials, to jobs and supply chain, put incentives in the right place but who should pay for the transition?
  • Sourcing:  do we source from areas with growth exceeding consumption or the other way around?
3.  Policy for industry and community
  • When the technology is ready, policy helps to scale
  • Community is essential to defining the path for climate change as an economic threat
  • Give political headroom for setting policy for the population
RESPONSE FROM CONCERNED CITIZEN
1.  Purpose and ethics
  • We need to work together with a clear sense of purpose and ambition. 
  • Most important is the ethics around these actions that meet the wider societal needs
  • Challenge the status quo; implement ideas in an industrial level
2.  Information and communication
  • With the right information and incentive, we can move into energy efficient and low carbon lifestyle
  • Create spaces for dialogue across all levels
  • Recalibrate the brain of young people and children from passive engagement with digital lives to active engagement that turns into contribution
3.  Mindset and behavioural change
  • Psychology or transformation when activating change?
  • Think global and act local
  • What are the most important things to us?  Covid has opened up opportunities and proliferated ideas
 
THE ENGINEERING SOLUTIONS
Coming soon....
Source:  Adam Smith Panmure House
Tags:  Sustainability    /    Climate Change    /    Green Economy    /    Net-zero