Diverting resources into fighting climate change ‘an exercise in futility’
HARDLY a day goes by without the news that somebody else has joined the "fight against climate change".For instance, at a recent annual general meeting of Glencore, in Zug, Switzerland, investors agreed that the company should provide more information on risks to its business from growing levels of government legislation to tackle climate change. The general meetings of BP and Royal Dutch Shell took similar resolutions.Such tub-thumping is no doubt very righteous. The shareholders surely feel much relieved that the companies are taking the matter seriously. Nobody stops to enquire whether the battle is worth diverting effort. Nobody bothers to question whether the perceived risks are real. Many would argue that the meeting in Paris last year resulted in global commitments that all are bound to honour.Few have actually read the Paris Agreement — if they did, they would find it as incomprehensible as it is brief. In the agreement, no-one agrees to anything other than to prepare a list...
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