The Value of a Whale: On the Illusions of Green Capitalism. Adrienne Buller. Manchester University Press £12.99.
Green capitalism is described here as involving two main aspects: the wish to maintain existing capitalist relations, and the attempt at the same time to expand accumulation during the transition to an ecologically sustainable method of production. It is, Buller argues, self-defeating, as profit-motivated ‘solutions’ just exacerbate current inequalities. Economic imperatives are given priority over other needs, and even the Green New Deal still refers to markets and profits. Appearing to act on the climate crisis is widely seen as important, but effective action is much rarer.
One crucial area for addressing climate change is decarbonisation, which involves reducing the amount of carbon released into the atmosphere. Green capitalism addresses this either by imposing a carbon tax (depending on the cost per unit of carbon emitted) or by invoking a carbon market (whereby a firm has a cap on how much carbon it can emit and can ‘trade’ with others for additional amounts they will not use). But cost and profits are in general big obstacles to decarbonisation, and the fossil fuel industry has successfully lobbied against carbon taxes in almost all cases where they have been proposed. Carbon markets often involve companies in wealthy countries balancing their emissions against those in less developed parts of the world. Carbon offsetting, such as newly-planted trees, is unregulated and barely effective.
A fair amount of attention is given to what has been termed ‘asset manager capitalism’, whereby firms such as BlackRock and Vanguard play a large role in the corporate economy. This has become increasingly the case since the 2007–8 financial crisis, and they provide at least as much credit to companies as banks do. Asset management funds often adopt the strategy of passive investing, which means they buy many of the securities tracked by a share index in order to replicate its performance. They rarely disinvest in a company, and emphasise long-term investment. They have little interest in influencing corporate behaviour regarding the climate, and BlackRock in particular operates a revolving door with government, in both the US and UK.
The author says her aim is not to suggest solutions to the ecological crisis, but rather to argue that green capitalist approaches do not offer a path to a safe future. With reference to carbon sinks, which absorb more carbon than they emit, she writes refreshingly that ‘We are more than capable of sustaining a decent life for all – and for the long term – with the space, resources and natural “sinks” this planet generously offers.’
In case you are wondering, an IMF study estimates the value of a great whale at $2m, based on their contribution to eco-tourism and their capacity for carbon capture.
Paul Bennett
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