Climate change has, quite suddenly, become a lightning rod for business and finance leaders around the world, Axios' Amy Harder and Dion Rabouin report.
Driving the news: Climate generated the highest degree of public pressure on corporations by activists, policymakers and journalists last year, according to data analyzed by consultancy High Lantern Group and provided exclusively to Axios. The topic's mention rose 77% over 2018.
How it works: This is the survey's second year and they analyzed over 6 million tweets.
- Twitter is hardly the only barometer of influence, but Rob Gluck, the group's managing partner, says, "the vast majority of relevant public actors are using that platform to communicate."
The big picture: In recent months, the world's foremost economic institutions have advocated for policies cutting greenhouse gas emissions. They're driven by extreme weather, greater public pressure and other forces.
- The institutions include the International Monetary Fund, the Bank for International Settlements, the Organization for Economic Co-operation and Development and major central banks.
- And climate dominates the official agenda at the World Economic Forum this week in Davos.
What they're saying: The BIS — known as the central bank for central banks — warned Monday in a research paper that climate change could cause "potentially extremely financially disruptive events that could be behind the next systemic financial crisis."
- IMF head Kristalina Georgieva said in a speech last week that the Fund should create "mandatory disclosure standards" for climate risks.
The intrigue: Finance and economics-focused groups have increasingly been pushing governments to implement carbon taxes, an approach championed last year by every living former Federal Reserve chair and dozens of former chairmen of the Council of Economic Advisers and Nobel Laureate economists.
But, but, but: All this rhetoric needs careful and frequent scrutiny. Talking about supporting climate policies is quite different from actually doing something. Rhetoric often outpaces action.
- For example, although JP Morgan CEO Jamie Dimon said Wednesday he would advocate for such a policy, his company is not a member of groups supporting carbon fees.