Addressing climate change, as a global commons problem, will require collective action. There is no one solution as markets and government must act to mitigate and adopt to a warming plant and the adverse economic, social, and national security consequences. From this fight, a cottage industry of consultants, standards, academic research, think tanks has emerged. A virtual alphabet soup of organizations and associations such as CDP, GIIN, SASB, ISS, IFRSF, MSCI, and PRI has emerged [this is just a partial list as there are so many more]. But one set of letter combination is missing – CSO or civilian society organization. Another name for a CSO is NGO. However, in its most fundamental form CSO and NGO just means public mobilization.
Why do I bring this up in a blog for a sustainable investing class. Let me connect the dots. I recently watched a documentary on the Vietnam war. I was too young to serve but I vividly remember watching the evening news and seeing pictures of not only of the conflict but protests at home. The end of U.S. involvement could be attributed to a menu of reasons but, one that stands out for me is the coalescing and mobilization of civil society.
We can frame climate as a risk and note the significant sum of money required for the transition and thereby engage the capital markets or make an argument grounded in the social contract between government and its citizens, market failure, and argue that only the state has the capacity to address this public bad. We can even cite philosophers and generational responsibility as a call to action. After studying this issue by listening to experts, reading economic, academic, and scientific texts, talking to policymakers and plain folk, and attending classes, it seems clear to me that without public mobilization as a driving force all we, as collective societies, will do is kick the can down the road. Mark Carney calls this “The Tragedy of the Horizon”
What became clear as we engaged in our consulting project is the number of players, different perspective on prioritization and sequencing of steps to address climate change, degree of engagement, and pressures that influence behavior. But what is often overlooked is the role of CSO. The take-away I learned from the Vietnam documentary that I can apply to climate change – I may not know the good I do at the time but when I look back 20 years from now, I can see the positive impact I and my fellow advocates had on our society.
Working on a tangible issue with a real-world firm to understand the challenges and opportunities has only deepened my resolve. Class may be over but not my engagement with this most consequential and pressing cause.