Book Review by Bhaskar Parichha
Title: Climate Capitalism: Winning the Global Race to Zero Emissions
Author: Akshat Rathi
Publisher: Hachette India
Climate capitalism combines economic growth and environmental sustainability. This approach leverages market forces and capitalist principles to address climate change. Climate capitalism aims to create a system where businesses can thrive while reducing their carbon footprint and promoting clean technologies. A key driver of climate capitalism is the belief that the market will drive innovation and investment in sustainable practices. The transition to a low-carbon economy can be accelerated by creating economic incentives for companies to adopt clean technologies.
There are many strategies and policies involved in climate capitalism. Carbon pricing mechanisms, such as carbon taxes or cap-and-trade systems, put a price on carbon emissions to create a financial incentive for companies to reduce their emissions. The development and deployment of clean technologies can also be supported through subsidies or grants.
Climate capitalism also integrates environmental considerations into corporate decision-making. Sustainable business strategies include setting greenhouse gas emission targets, adopting environmentally-friendly practices throughout operations, or incorporating sustainability goals into business strategies. Climate capitalism advocates argue that businesses can drive economic growth while also contributing to climate mitigation and adaptation. A more sustainable and prosperous future can be achieved by aligning financial incentives with environmental objectives.
Critics, however, are concerned that greenwashing may result in superficial attempts to appear green. Climate capitalism may not go far enough in addressing the systemic changes necessary to address climate change, and more radical action is needed. Economic development and environmental sustainability are reconciled by climate capitalism. By harnessing market forces to create a more sustainable future, it acknowledges the role that market forces can play in driving change. Whether climate capitalism can deliver on its promises and effectively address climate change challenges remains a subject of debate.
In this context, this book is an excellent addition.Climate Capitalism: Winning the Global Race to Zero EmissionsbyAkshat Rathi is a fascinating book that sheds a fresh look at the issue. Akshat Rathi is a senior reporter at Bloomberg News. Bloomberg Green’s Zero podcast is hosted by him. A PhD in organic chemistry from Oxford and a BTech in chemical engineering from IIT Mumbai, he has worked for Quartz, The Economist and the Royal Society of Chemistry. His writings have also been published in Nature, The Hindu and The Guardian.
According to the blurb: “Our age will be defined by the climate emergency. But contrary to the doomist narrative that’s taken hold, the world has already begun deploying the solutions needed to deal with it. On a journey across five continents, Climate Capitalism tracks the unlikely heroes driving the fight against climate change. From the Chinese bureaucrat who did more to make electric cars a reality than Elon Musk, to the Danish students who helped to build the world’s longest-operating wind turbine, or the American oil executive building the technology that can reverse climate damages, we meet the people working to scale technologies that are finally able to bend the emissions curve.”
Through stories that bring people, policy and technology together, Rathi reveals how the green economy is possible, but profitable. This inspiring blend of business, science, and history provides the framework for ensuring that future generations can live in prosperity. It also ensures that progress doesn’t falter.
Which economic policies are most effective at reducing greenhouse gas emissions and combating climate change? Climate Capitalism examines the economics and politics of market-based climate change solutions. It is essential reading for all students and teachers, unionists and business leaders, grassroots activists and politicians.
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Bhaskar Parichha is a journalist and author of Unbiased, No Strings Attached: Writings on Odisha and Biju Patnaik – A Political Biography. He lives in Bhubaneswar and writes bilingually. Besides writing for newspapers, he also reviews books on various media platforms.
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