Investment experts explain a new blueprint for winding down the use of oil, gas and coal that bypasses a dependence on big businesses or national governments, and instead places power in the hands of ordinary people.
Dr David Ko and Mr Richard Busellato, co-founders of Rethinking Choices present an innovative blueprint for fighting the climate crisis. They call it Transformational Ownership.
The co-authors of The Unsustainable Truth argue current approaches are not working. The continual use of oil, gas, and coal remains the main driver of climate change, and persistent uncertainties in government policy on climate change means more innovative approaches are urgently needed. As the national flood emergency in Pakistan has shown this year, climate change hurts ordinary people the most.
The blueprint, Transformational Ownership, outlines a mechanism to create a wholly ethical supply of oil, gas, and coal. Ordinary people can be given real power by supporting businesses committed to using this supply of energy. The supply is made ethical by systematically reducing the amount of oil, gas, and coal that is consumed in line with net zero pledges and doing so guided by climate science, to ensure the planet is protected. Transformational Ownership would also protect people by distributing all profits to everyone affected by climate change.
With decades of investment experience behind them, Dr Ko and Mr Busellato emphasise that this framework for reducing oil, gas and coal use can be brought about using capital market mechanisms. Under it, businesses would contribute a fraction of the money people spend with them as a fee. The money would then be used to buy up oil, gas and coal companies, putting them into stewardship. Therefore, ordinary people would become Transformational Owners.
“We may still need oil, gas, and coal, but they harm the world every time they are used”, says Mr Busellato. “This disqualifies them as investment assets. Any business not committing to Transformational Ownership is clearly hell-bent on destroying our livelihoods.”
Dr David Ko continues: “Life is all about having enough for ourselves and having a better place where our children can live and find love. Transformational Ownership gives us a chance at securing that”.
The full blueprint for Transformational Ownership can be read on the Rethinking Choices website.