The new colour of money
Environmentalists at the gates
Eco-magine all the people
Many of these councils, committees, initiatives and partnerships carry grandiose names. The spin doctors run the risk of getting out of control. Bankers talk of "creating a two-lane highway between our clients and the policymakers", "promoting environmental stewardship" and, of course, "expanding our environmental footprint".
Fundamental to all the discussions is the following question: "What does climate change mean for us?"
Translation: "If we can work out and even influence what our clients do in this area, then we’ll be in a position to make a lot of money out of their actions."
Such a reading of the situation is perhaps cynical. If you believe that markets must play a key role in combating global warming, then any attempt to broker consensus between their core constituents must be a positive. At the margins, investment banks are even prepared to share some of their ideas: heads of various bank environmental committees can and do on occasion meet up for the greater good.
Up to a point, of course. One senior banker interviewed by Euromoney went to great lengths to explain the potential benefits for the markets, and for society, of a recently announced climate change discussion group.