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Climate Change

New research from the Cornerhouse highlighting the links between ecological and financial crisis:

New markets in environmental services are springing up all over the world – biodiversity markets, wetlands markets and species markets, in addition to the climate markets that got their start more than 15 years ago. Britain is no exception. Its Department of Environment, Food and Rural Affairs is enthusing over the economic potential of a “market in conservation projects” populated by a “network of biodiversity offset providers”.

What lies behind this trend? Some historical perspective is necessary to answer this question. Environmental services markets are not aimed merely at “solving environmental problems at the lowest cost”. More importantly, they redefine those problems in a way that creates new assets, economic sectors and property rights. As part of the neoliberal response to the economic crisis that set in during the 1970s, they function to loosen regulatory constraints on business, relax Environmental Impact Assessment (EIA) requirements, and open up new profit opportunities for an increasingly dominant financial sector.

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The ethical bank? The Co-op Bank and aviation

Article from the Manchester Mule which reveals the Co-operative bank’s provision of £40 million over the next five years to the Manchester Airports Group. The bank prides itself on its ‘Ethical Investment Policy’ which places the prevention of climate change at its heart. Manchester Airport is responsible for 5 million tonnes of carbon dioxide emissions every year which will increase if plans to expand the airport and double passenger numbers by 2030 go ahead. These plans will result in the demolition of local homes.