Chomsky:

The business press is generally fairly realistic. Its audience has a stake in knowing what’s happening in the world. So, to answer the question, it is useful to open today’s (October 24) business press and read the first paragraph of the major article on what we can realistically expect: “As the prospects for strong government action to curb climate change grow less certain, energy shares, and especially coal mining stocks, are generating astonishing returns.” The article goes on to review the great opportunities for huge short-term profits for the super-rich while they destroy the diminishing hopes for a livable world for their children.Economists soberly explain that this is a “market failure” caused by “externalities” — uncounted costs. Not false. The article quotes a recent International Monetary Fund (IMF) study that found that that “market-based fossil fuel prices in 2020 failed to account for $5.9 trillion in global environmental costs, equivalent to 6.8 percent of global gross domestic product. The I.M.F. estimated that the gap will rise to 7.4 percent of world G.D.P. by 2025.”

Source: Chomsky and Pollin: COP26 Pledges Will Fail Unless Pushed by Mass Organizing

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