The heat wave crisis can only be tackled with huge amounts of private money :: InvestMacro


Written by George Pryor

The intense heatwave crisis that has raged in parts of the UK, Europe, the US and Asia underscores that private finance must urgently be unlocked and mobilized by the financial sector, as politicians continue to avoid the issue.

This is the cry for Nigel Green, CEO and founder of the deVere Group, one of the world’s largest independent financial advisory, asset management and fintech firms.

“The consequences of years and years of shameful inaction by politicians on the climate crisis are now exposed,” he says.

UK Met Office issues first-ever ‘Red Extreme’ heat alert; worst heat wave in Europe causes apparent collapse of devastating bushfires across Spain, Portugal, Croatia and France; a heat dome forms over southwestern and central US, breaking records Temperatures Nearly 90 cities in China live under heat alerts.

“The data shows that heat waves have been on the rise in recent years, yet governments around the world are either unwilling or unable to direct the resources needed to try to tackle the problem head on.”

He continues: “We need trillions of dollars. This is why it is so important now to open up and mobilize private money in the fight to mitigate the worst effects of man-made climate change.

For this to happen, all sectors of the financial industry need to accelerate, including financial advisory, insurance companies, banks, wealth and asset managers, investment firms, fintech groups, banks and auditors.

“If we fail to do so, the level of funding will not be available, nor will it be at the speed necessary, to stop the catastrophic effects of global warming.”

The deVere Group CEO’s calls come after he publicly criticized some in the financial advisory industry for failing to get clients to invest in ESG investments.

“I would say that those in our industry who look to weaponize or politicize investment in the environment, society, and governance by calling it ‘wake up signs of virtue,’ among other things, are putting themselves and their companies on the wrong side of history,” he wrote in a column in FT Adviser.

“The so-called ESG backlash is misleading and shallow.”

He adds that investment strategies for clients will also benefit.

“Money investing in entities with strong ESG credentials has exceeded their own benchmarks over recent years. From a risk management standpoint, including these companies in your portfolio is clearly a reasonable decision.”

It’s an issue Nigel Green has been talking about increasingly in recent years. Last year prior to COP26, deVere Group became one of the 18 co-founders of the UN-backed Net Zero initiative, the international alliance of powerful global finance firms that will help accelerate the transition to a net zero financial system.

DeVere CEO concludes: “If huge amounts of private money are not urgently allocated to combat climate change – the defining issue of our time – we are doomed.”

Around:

deVere Group is one of the world’s largest independent advisors for specialized global financial solutions to high-income and high-income international and local clients. It has a network of more than 70 offices worldwide, more than 80,000 clients and $12 billion under advice.


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