Guardian enviro-scribe, George Monbiot, delivers a stark warning and a call to arms in this year’s Sheffield Political Economy Research Institute address. Monbiot warns that we’re about to feed the environment into the gaping maw of the financial sector so responsible for its current degradation.
Monbiot says that neo-liberalism will complete the devastation of our already reeling environment. He points out, in words that ring true for Canada also, that we lack the political leadership we need so desperately to protect our environment.
“This is the horrendous mistake that New Labour here and the Democratic Party in the United States have made. ‘We’ve got to win the next election so we’ve got to appease people who don’t share our values, so we’re going to become like them. Instead of trying to assert our own values, we are going to go over to them and say, “Look, we’re not really red; we’re not scary at all. We are actually conservatives.” That was Tony Blair’s message. That was Bill Clinton’s message. That, I’m afraid, is Barack Obama’s message. ...We’ve ended up with a situation where there are effectively no political alternatives to neoliberalism being advanced by the ...government. In which the opposition is, in almost every case, failing to oppose. It is in this position because it has progressively neutralised itself by trying to appease people who do not share its values.”
Does that sound familiar? It does to me. Monbiot captures the abandonment of the Left and centre-left in Canada by New Democrats and Liberals alike. They’re all neoliberal petro-pols and, as such, richly deserving of our contempt and loathing. Monbiot warns of the darker side of neoliberal politics – the inability to support anything but neoliberal solutions to our environmental threats. Foremost of these, he warns, is the madness of “natural capital” – monetizing the environment, component by component.
“You are effectively pushing the natural world even further into the system that is eating it alive. Dieter Helm, the Chairman of the Natural Capital Committee, said, ‘The environment is part of the economy and needs to be properly integrated into it so that growth opportunities will not be missed.’
“There, ladies and gentlemen, you have what seems to me the government’s real agenda. This is not to protect the natural world from the depredations of the economy. It is to harness the world to the economic growth that has been destroying it. All the things which have been so damaging to the living planet are now being sold to us as its salvation: commodification, economic growth, financialization, abstraction. Now, we are told, these devastating processes will protect it.”
“It gets worse still when you look at the way in which this is being done. Look at the government’s Ecosystems Market Task Force, which was another of these exotic vehicles for chopping up nature and turning it into money. From the beginning it was pushing nature towards financialization. It talked of ‘harnessing City financial expertise to assess the ways that these blended revenue streams and securitizations enhance the return of investment of an environmental bond.’ This gives you an idea of what the agenda is...
“What we are talking about is giving the natural world to the City of London, the financial centre, to look after. What could possibly go wrong? Here we have a sector whose wealth is built on the creation of debt. That’s how it works, on stacking up future liabilities. Shafting the future in order to serve the present, that is the model. And then that debt is sliced up into collateralized debt obligations and all other marvellous devices that worked so well last time round.
“Now nature is to be captured and placed in the care of the financial sector, as that quote suggests. In order for the City to extract any value from it, the same Task Force says we need to ‘unbundle’ ecosystem services so that can be individually traded.
“That’s the only way in which it can work – this financialization and securitization and bond issuing and everything else they are talking about. Nature has to be unbundled. If there is one thing we know about ecosystems, and we know it more the more we discover about them, is that you cannot safgely disaggregate their functions without destroying the whole thing. Ecosystems function as coherent holistic systems, in which the different elements depend upon each other. The moment you start to unbundle them and to trade them separately you create a formula for disaster.”
Monbiot concludes that the only way to save our planet is to utterly reject neoliberalism, no matter the name of the party that embraces it. What he’s saying is that we have to reject not just the Conservatives but also the Liberals and the New Democrats. He says the message from these parties is “follow us and we’ll give you a slightly less worse government.” He’s right and that’s just what the Liberals and the New Democrats have on offer. They’ve already gone to the Dark Side, you just need to be honest with yourself and admit it.
MoS, the Disaffected Lib
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