Climate change: a godsend to politicians and business

The exact implications of climate change may be open to debate,says Simon Nixon, but two things are certain: politicians will call for higher taxes - and business will continue to profit from lucrative new markets.

I've just come across an article in Newsweek that is enough to make your hair stand on end. It talks of an impending environmental catastrophe brought about by changes to the Earth's weather patterns. It apocalyptically warns of declines in food production, widespread famine and social and economic upheavals. It talks of the failure of politicians to face up to the challenges and says that, the longer they leave it, the higher the bill for everyone. "The drop in food output could begin quite soon," it warns. "Perhaps ten years from now."

Fortunately, that article was published in 1975 and in 1985 the world was producing more food than ever before just as it is now 30 years later. But the interesting thing about the article is its title: "The Cooling World." Back in the mid-1970s, what kept climatologists awake at night was the prospect of a new ice age. Temperatures were falling, extreme weather was on the rise, and the UK growing season shrank by two weeks. A similar article in Time magazine was headlined, "The Big Freeze."

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Simon Nixon

Simon is the chief leader writer and columnist at The Times and previous to that, he was at The Wall Street Journal for 9 years as the chief European commentator. Simon also wrote for Reuters Breakingviews as the Executive Editor earlier in his career. Simon covers personal finance topics such as property, the economy and other areas for example stockmarkets and funds.