Panel
Risks and Rewards: Accelerating Climate Change Solutions
Milken InstituteAyana Elizabeth Johnson, Gina McCarthy, Nat Simons, John Kasich, Sheldon Whitehouse, Alex Witt
- Clean energy is projected as the primary global solution to climate challenges, contingent on U.S. leadership and government-wide policies that create an environment for private sector innovation to flourish.
- A "World War II level mobilization" is anticipated to be necessary to reduce emissions by 50% within a decade, with fossil fuel industries expected to continue covert operations and resist market accountability until subsidies end, potentially causing widespread bankruptcies.
- The private sector is expected to fail in solving the issue alone without price signals and government intervention, yet may provide the majority of solutions once catalyzed, though many corporations currently prioritize tax breaks over climate action.
- Significant market shifts are predicted driven by financial institutions refusing to fund environmentally negligent projects and the realization by banks and agricultural firms that climate change threatens their business models.
- U.S. ocean protection targets aim to shield 30% of waters by 2030 through the Ocean-Based Climate Solutions Act, while Europe is expected to maintain a lead in offshore wind energy deployment.
- Political dynamics are forecast to shift as the public demands federal action, with expectations of a resurgence in young Republican interest on campuses and a potential return to bipartisan climate cooperation by the middle of the political spectrum.
- The demographic profile of climate denialism is identified as predominantly conservative white men, a group that young women are expected to influence regarding climate concerns.
- Corporate strategies are predicted to evolve to address talent recruitment risks, as companies ignoring climate issues may struggle to attract top employees.
- A one-third portion of the population is expected to reside in states committed to 100% clean energy, with the Republican party anticipated to become more aggressive on climate once fossil fuel group pressure subsides.
- Political timelines indicate potential significant progress following the November election if public support is sufficient, with the expectation that the President will encourage a transition including fracking rather than endorsing the Green New Deal.