The crowd at davos must ignore trump | thearticle

At Davos this year, the World Economic Forum welcomes 119 billionaires and 53 heads of state. This year, climate change is the central topic — Donald Trump and Greta Thunberg among the

attendees. Speaking to _BBC _on Tuesday, Malcolm Turnbull, the former Australian Prime Minister, described Trump as “the leading climate denier in the world”. The president lived up to the

description in his special address. After falsely claiming to have overseen an economic boom in the US “the likes of which the world has never seen before,” and declaring that “America is

winning like never before” following his negotiation of two of the world’s “biggest ever trade deals,” he turned his attention to climate change advocates. “Fear and doubt is not a good

thought process because this is a time for tremendous hope and joy and optimism and action,” he said. “To embrace the possibilities of tomorrow, we must reject the perennial prophets of doom

and their predictions of the apocalypse. They are the heirs of yesterday’s foolish fortune tellers.” Thunberg, who Trump all but called out by name, was more bleak in her appraisal. “Pretty

much nothing has been done, since the global emissions of CO2 has not reduced,” the teenager said. “If you see it from that aspect, what has concretely been done, if you see it from a

bigger perspective, basically nothing. It will require much more than this, this is just the very beginning.” Speaking at a second panel discussion on Tuesday afternoon, Thunberg continued:

“From a sustainability perspective, the right, the left, and the centre have all failed. No political ideology or economic structure has managed to tackle the climate and environmental

emergency and create a cohesive and sustainable world. Because that world, in case you hadn’t noticed, is currently on fire.” The climate crisis couldn’t come at a worse time for the global

economy. The head of the International Monetary Fund, Kristalina Georgieva, said at a recent conference that, “In the UK . . . the top 10 per cent now control nearly as much wealth as the

bottom 50 per cent. This situation is mirrored across much of the OECD, where income and wealth inequality have reached, or are near, record highs.” The new managing director continued: “In

some ways, this troubling trend is reminiscent of the early part of the 20th century — when the twin forces of technology and integration led to the first gilded age, the roaring 20s, and,

ultimately, financial disaster.” This wealth inequality was emphasised in the latest Oxfam report, released on the eve of Davos, which found that the world’s 22 richest men had more wealth

than all 325 million women in Africa. Globally, the richest one per cent have twice the wealth of the poorest 6.9 billion people. Furthermore, the report said the climate crisis will mean

that 2.4 billion people will be struggling with water shortages within the next five years. In an interview with the_ Guardian_ in December, Georgieva said, “In a world that’s eager for

higher growth, this is an opportunity to accelerate investment in low-carbon technologies and speed up the transition to a low-carbon world.” Also to coincide with Davos, the Bank of

International Settlements (the central bank of central banks) issued a report warning that climate change could trigger a global financial crisis. In an introduction to the paper, Francois

Villeroy de Galhau, Governor of the Bank of France, wrote: “The stark reality is that we are all losing the fight against climate change. If central banks are to preserve financial and price

stability in the age of climate change, it is in their interest to help mobilise all the forces needed to win this battle.” In Australia, the economic toll of climate change is being felt.

John Quiggin, an economist at the University of Queensland estimated in _CNN Business _that the price tag of the fires was $100 billion so far. When intangible costs are factored in, based

on the Deloitte Access Economics ratio, the total cost is edging towards a quarter of a trillion dollars. After a brief respite, Australian fires are again flaring up amid 40-degree

temperatures and strong winds. In the nation’s capital of Canberra, residents in several suburbs were told it was too late to leave and the airport was closed. “People in these suburbs are

in danger and need to seek immediate shelter as the fire approaches,” the ACT Emergency Services Agency said. “Driving now is extremely dangerous and potentially deadly.” On Thursday, three

United States firefighters who were assisting in efforts died when their C-130 water tanker plane crashed in action in New South Wales. The global elite meets for the World Economic Forum

“committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas”. Let’s hope by the

time they leave the ski slopes of Davos on Friday, they will have listened to the experts and dismissed the distraction-seeking comments of President Trump.