The Major Concerns Around Facial Recognition Technology

Facial recognition software has become increasingly popular in the past several years. It is used everywhere from airports, venues, shopping centers and even by law enforcement. While there are a few potential benefits to using the technology to prevent and solve crimes, there are many concerns about the privacy, safety and legislation regarding the use of the technology.

Facial recognition technology uses a database of photos, such as mugshots and driver’s license photos to identify people in security photos and videos. It uses biometrics to map facial features and help verify identity through key features of the face. The most key feature is the geometry of a face such as the distance between a person’s eyes and the distance from their forehead to their chin.

This then creates what is called a “facial signature.” It is a mathematical formula that is then compared to a database of known faces. The market for this technology is growing exponentially. According to a research report “Facial Recognition Market” by Component, the facial recognition industry is expected to grow $3.2 billion in 2019 to $7.0 billion by 2024 in the U.S. The most significant uses for the technology being for surveillance and marketing. This, however, raises concerns for many people.

The main reason for concerns amongst citizens is the lack of federal regulations surrounding the use of facial recognition technology. Many are worried about how accurate the technology is and if there are biases and misinformation in these technologies. One issue, for example, is that the technology has been proven in multiple studies to be inaccurate at identifying people of color, especially black women.

Another major concern is the use of facial recognition for law enforcement purposes. Today, many police departments in the U.S., including New York City, Chicago, Detroit and Orlando, have begun utilizing the technology. According to a May 2018 report, the FBI has access to 412 million facial images for searches.

Not only is this a concern with the possibility of misidentifying someone and leading to wrongful convictions, it can also be very damaging to our society by being abused by law enforcement for things like constant surveillance of the public. Currently, the Chinese government is already using facial recognition to arrest jaywalkers and other petty crimes that cause debate amongst what is considered basic civil rights and privacy issues versus protecting the public.

Accuracy and accountability are necessary when it comes to the use of technology, especially regarding the justice system. The concerns have not gone unnoticed by politicians and many cities have started to create legislation around these issues. Oregon and New Hampshire have banned the use of facial recognition in body cameras for police officers. California cities, such as San Francisco and Oakland, and some cities in Massachusetts have outlawed certain uses of facial recognition technology for city officials including law enforcement.

The Utah Department of Public Safety has also put forth some bans on the use of facial recognition for active criminal cases. Law enforcement in Utah claim that the use of facial recognition software helps keep dangerous criminals off the streets, but advocates say that there is no checks and balances when it comes to the system. Recent pushes from Portland, Oregon show that they are soon to follow suit.

The latest legislation push to put limitations on facial recognition technology is a California bill, AB 1215, also referred to as the Body Camera Accountability Act. This bill will temporarily stop California law enforcement from adding face and other biometric surveillance technology to officer-worn body cameras for use against the public in California.

According to the ACLU of Southern California, “AB 1215 is a common-sense bill that rightly concludes that keeping our communities safe doesn’t have to come at the expense of our fundamental freedoms. We should all be able to safely live our lives without being watched and targeted by the government.”

Governor Gavin Newsom must decide whether or not to sign it into law by October 13. If he does, it will go into effect in January. Law enforcement isn’t the only issue with the technology that is of concern. U.S. Customs and Border Protection in partnership with Delta have added facial scanning to the Atlanta airport’s Concourse E, its Detroit hub, boarding gates in Minneapolis and Salt Lake City, and this month to Los Angeles International Airport.

The use of this technology causes concerns about how much people are being watched and if hackers can access this data causing more harm than good. “Facial recognition really doesn’t have a place in society,” said Evan Greer, deputy director of Fight for the Future. “It’s deeply invasive, and from our perspective, the potential harm to society and human liberties far outweigh the potential benefits.”

With the vast number of concerns and privacy issues surrounding facial recognition software and its use, cities around the U.S. will face more dilemmas as they attempt to tackle these issues. AI and facial recognition technology are only growing and they can be powerful and helpful tools when used correctly, but can also cause harm with privacy and security issues. Lawmakers will have to balance this and determine when and how facial technology will be utilized and monitor the use, or in some cases abuse, of the technology.

Nicole Martin is the owner of NR Digital Consulting and host of Talk Digital To Me Podcast. She has worked in many different industries on customer journeys, website management, social

Source: The Major Concerns Around Facial Recognition Technology

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‘The Alignment Factor’: Market Alignment With Segmentation and Differentiation

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A new, ongoing series from the authors of ‘Total Alignment’ continues with a look at how defining a segment and focusing on its needs gets you one step closer to your goals. Businesses small and large are being impacted by the pandemic, and entrepreneurs are not immune. In order to survive and prosper during these difficult times, it might be necessary to reinvest in your business concept and redesign your offerings.

As a successful entrepreneur, you have been aligned with your market, but are you still aligned? Do your customers need the same things as before, with the same mode of delivery? For example, imagine a previously successful restaurant that has lost its customers during the pandemic. Does the owner truly understand the current needs of his customers beyond the menu it used to offer or the ambiance it had created before?

Related: The Alignment Factor’: The Keys to Internal Alignment

What Is Market Segmentation?

In a nutshell, it’s grouping heterogenous people into homogeneous groups, or segments, by some criteria related to their needs. By defining a segment and focusing on the needs of that segment, and aligning products or services with those needs, you have taken steps toward market alignment. The key characteristics of a market segment could be similar customer needs or preferences.

In a company with multiple locations, a segment will likely account for geography, demography and choices people make, the type of services they value and the quality they expect. In a smaller company, it could be a subset of these criteria. Let’s look again at restaurants. Assuming the wearing of masks is a pretty universal requirement, the first pressing issue for owners is how to proceed over the next few months.

Should the restaurant continue to offer inside dining? If so, how do you protect the customers? Usually, this is met by distancing the tables farther apart, requiring the servers to wear masks and hopefully the kitchen staff to wear masks and gloves. But what about the substantial number of people who now want to-go meals? Should they be forced to walk into a restaurant where people are eating (obviously without masks) to pick up the food?

Or, more conveniently, can the restaurant offer to bring the food to the car? What about payment? Does the customer need to enter the dining room and present his credit card? Or can they pay over the phone or on the website when ordering? These issues are not unsolvable, yet many restaurants seem unable to adapt. Perhaps it is a rigidity in the way the owners see their establishments and an unwillingness to re-evaluate the new needs of the market segment they were serving.

It’s crucial to re-evaluate your customers and perhaps re-segment your market in line with the new reality. Otherwise, precious resources can be wasted on activities that are no longer in alignment. Flexibility and creativity at this juncture can mean the difference between success and failure.

What Is Differentiation?

After re-defining your market segments, you will have to identify what is important to customers in a segment likely to buy your product. Value drivers could be cost, quality, features, safety, buying experience, after-sale support, etc. In a restaurant, they could include the cost of items on the menu, the quality of the food (e.g. organic or not; using meat and poultry and sea food from sources that care for the animals well in a healthy environment), the variety in the menu, safety in the process of acquiring the food and eating, the restaurant experience and treatment received after the service is completed.

For each segment, evaluate the importance to the customers of each appropriate value driver on a scale of low to medium to high. For example, quality might be high for a segment while cost is a medium. Safety could be high, and follow-up support could be low. The evaluation should be based on data, not just opinion. You may need to use customer surveys to hear the voice of the customer.

Next, evaluate the same value drivers in terms of how your offering is different from your competitors. For example, is the quality you offer significantly better than your competitors? Is the cost you offer substantially lower than your competitors? Are the features you offer unique to you and unavailable to the customer from other suppliers?

As you evaluate your value drivers, you can assign a low, medium or high rating to each. For example, if your value driver is features, and you offer unique features no one else is providing, your differentiation would be high. If everyone offers the same features, then your differentiation is low. Again, the evaluation should be based on data.

After evaluating your differentiation on each of the value drivers, you have a set of two evaluations for each one: The first is how important the value driver is to the customer in a segment, and the second is the differentiation of that value driver from your competitors. You can plot the two evaluations on a two-dimensional grid, the scale being low, medium and high on both axes.

The value drivers that fall in the (High:High) category should become your primary focus, both in terms of the message you send to the customers in that segment and in terms of making absolutely sure that those value drivers are perceived by your customers as you promised — or even better. For example, if quality and safety have been evaluated as (High:High), your resources should be directed toward making sure your customers are aware of your differentiation and that your quality and safety are, in fact, at the highest possible levels.

Strategies for Each Segment

Your market segments don’t all deserves the same attention. You could close out some segments and put your investment into others, especially during these challenging times. As entrepreneurs, you will have a preference based on emotional attachments. This is dangerous, as your pet offering might not be appropriate for all segments. Having re-segmented your market during this pandemic, you are in a position to decide where to put your energies and investment.

You will have to choose the segments to grow, those that could stay at the same level of growth and those you should exit. How do you make such decisions? There are guides in the management literature to help you do this. Essentially, for each segment, you perform a two-fold evaluation: How strong is your segment compared to your strongest competitor in terms of the internal processes that deliver value to the customer? And how attractive is the segment to an investor?

If you are much stronger than your strongest competitor, then your strength in that segment would be high. If you are at the same level as your strongest competitor, your strength would be medium, and if you are weaker than your strongest competitor, your evaluation in that segment would be low.

As for market attractiveness, you will have to evaluate whether the market in a segment is extremely favorable, (considering a set of external criteria) or not. The external criteria could include the size of the market, the growth of the market and the profitability of the market. If the market segment is favorable, then the evaluation for that segment would be high. Otherwise, it could be medium or low. The value of this exercise is that it will enable you to see the relative position of your different segments compared to each other.

The segment with high strength and high market attractiveness (High:High) is the one that deserves your attention the most, and the segment that has low strength and low attractiveness (Low:Low) can be divested unless it provides input into an attractive segment. Other segments will require appropriate strategies based on their evaluation.

Related: The One System That Changes Employees’ Behavior

Strategic Mindset

The strategic mindset we are proposing in this article will help you arrive at a set of strategies appropriate to each of your market segments. To develop a strategy, you need to have identified your market segments, differentiation and the relative position of your segments on the business strength/market attractiveness continuum.

Choosing where to put your time and investment will be key to your survival and growth, enabling you to make sound decisions and use your precious financial and human resources to deliver maximum value to your customers.

By

Source: ‘The Alignment Factor’: Market Alignment With Segmentation and Differentiation

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Related contents:

Undifferentiated marketing”. Business Dictionary. Archived from the original on 23 September 2020. Retrieved 3 June 2022.Based on Weinstein, A., Market Segmentation Handbook: Strategic Targeting for Business and Technology Firms, 3rd ed., Haworth Press, Binghamton, N.Y., 2004, p. 12Claessens, Maximilian.

Market Targeting – Targeting Market Segments effectively”. marketing-insider.eu. Retrieved 17 October 2020.Diaz Ruiz, Carlos A.; Kjellberg, Hans (December 20, 2020).

Feral segmentation: How cultural intermediaries perform market segmentation in the wild”. Marketing Theory. 20 (4): 429–457. doi:10.1177/1470593120920330. S2CID 219027435 – via DOI.org (Crossref).

Hospitality Marketing Management (Fifth ed.). John Wiley and Sons. p. 139. ISBN 978-0-470-08858-6. Retrieved 2013-06-08.Tynan, A.N and Drayton, J., “Market segmentation,” Journal of Marketing Management, Vol. 2, No. 3, 1987, DOI:https://dx.doi.org/10.1080/0267257X.1987.9964020.

Market Segmentation Analysis: Understanding It, Doing It, and Making It Useful. ISBN 9789811088186.

“Management Tools – Customer Relationship Management”. bain.com. Retrieved 23 November 2015.Marketing Insider, “Evaluating Market Segments”, Online: http://targetmarketsegmentation.com/target-market/secondary-target-markets/ Archived 2016-10-23 at the Wayback Machine

“B2B Market Segmentation Research” (PDF). circle-research.com. Archived from the original (PDF) on 12 April 2015. Retrieved 9 June 2015.Gupta, Sunil. Lehmann, Donald R.Goldstein, Doug.

“What is Customer Segmentation?” MindofMarketing.net, May 2007. New York, NY.Market Research Association, Glossary of Terms, Online:http://www.marketingresearch.org/issues-policies/glossary

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Social Security’s ‘Taxable Maximum’ Jumps 9%—But Will It Make a Dent In The Trust Fund?

Getty Images/iStockphoto 

Social Security’s payroll tax cap was raised nearly 9% for 2023, meaning more income will face Social Security taxes next year, but the rise is unlikely to affect the solvency of the trusts underpinning the system.

Citing the increase in average wages, the Social Security Administration said the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000 starting in January. The announcement was part of the release of the cost-of-living adjustment, or COLA, on Thursday. The taxable maximum for 2021 was $142,800.

While the increase is sharper than in recent years, it’s unlikely the higher taxable maximum will affect the overall Social Security system, experts said.

The higher taxable maximum “will generate more revenue and tax benefits from higher earning households,” said Rob Williams, managing director of financial planning at Charles Schwab. “It will contribute more to the system. Generating more income may help the solvency but we won’t know for sure until the Social Security trustees release their next report.”

The Social Security and Medicare Board of Trustees issues a closely watched report every year on the financial health of the program’s two trust funds that support benefits to retired, survivor and disabled beneficiaries. In June, the most recent report said that without any changes in the next 13 years, Social Security beneficiaries can expect to see a 20% cut to their Social Security checks in 2035.

The change in the taxable maximum will only be felt by the people with income thresholds between $147,000 and $160,200. Those people who earn more than that maximum—even millions of dollars above that level—will pay the same taxes as someone making $160,200, said Eric Bronnenkant, head of tax at Betterment at Work.

“These changes are not designed to move the needle one way or the other,” Bronnenkant said. “It would require legislative changes to do something on the order of changing the retirement age or changing benefits.”

Roughly 80% to 85% of all wages are below this taxable maximum, according to the Center for Retirement Research at Boston College. And only 6% of all earners will be impacted by the change, or roughly six to seven million people, said Jim Blankenship, a financial adviser located in New Berlin, Ill., specializing in Social Security retirement benefits who also writes for MarketWatch.

There’s been proponents who have called for even higher hikes in the taxable maximum as a way to help shore up Social Security. When campaigning for president for the 2020 election, both Bernie Sanders and Pete Buttigieg proposed hiking the payroll-tax cap.

Read: Social Security is at a crossroads this election season—and older voters have enormous power ..“We’ve had so much income and wealth inequality that I do think the higher income people should pay more,” said Nancy Altman, president of Social Security Works.

There have been proposals to stabilize Social Security, such as raising the retirement age, increasing payroll taxes or cutting benefits, and allowing more legal immigration, but legislators have been reluctant to engage the subject of major reform. Social Security has long been referred to as the “third rail” of politics, because it’s deadly if you touch it, but lawmakers aren’t expected to act until the trust funds run lower.

“What it’s going to take is a looming disaster similar to what happened in 1982,” Blankenship said. Read: This could be the perfect time for Social Security reform—except for one thing..Higher wages allowed for workers under the full retirement age

The earnings limit for workers who claim Social Security before their full retirement age will increase to $21,240 and the earnings limit for people reaching their full retirement age in 2023 will increase to $56,520, the Social Security Administration also announced. There is no limit on earnings for workers who are full retirement age or older for the entire year.

“Basically, if you claim Social Security before your full retirement age but are still earning above a certain limit ($21,240 in 2023) then Social Security will withhold part of your benefit and give it back to you later. This is because when you claim early, you receive an actuarially lower benefit. Most people time their retirement and Social Security claiming together,” said Anqi Chen, assistant director of savings research at the Center for Retirement Research at Boston College.

“This just allows someone to earn a little more,” Schwab’s Williams said. “But working in retirement is not just about income. It’s social and an activity and some people still want that.” Some advocates argue that allowing retirees to earn money during retirement raises the question of why Social Security isn’t higher to make such work unnecessary.

“It’s another signal that the Social Security benefits are too low,” Altman said.

By: Jessica Hall

Source: https://www.marketwatch.com

.

Related News:

Gloucester City Business Owner Admits Payroll Tax Fraud and Pandemic Loan Fraud U.S. Department of Justice (Press Release)Law passed to stop hospitality staff paying payroll tax on tips Royal Gazette

11:22 Fri, 07 Oct
18:41 Mon, 03 Oct
17:19 Thu, 22 Sep
23:15 Mon, 19 Sep
Social Security Benefits To Jump 8.7% In 2023, As Top Tax Hits $19,865 Forbes

07:16 Tue, 04 Oct

18:04 Tue, 20 Sep

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Crypto Links With Banks Pose Threat To Financial Stability, Says ECB

The crypto industry’s deepening ties to banks and asset managers will pose a risk to financial stability, the European Central Bank has warned, in the latest sign of how central banks and governments are stepping up their scrutiny of the market. The ECB said on Tuesday it had undertaken “a deep dive into cryptoasset leverage and crypto lending” and found evidence that these activities were becoming more risky, complex and interconnected with traditional institutions.

Investors have been able to handle the €1.3tn fall in the market capitalisation of unbacked cryptoassets since November 2021 without any financial stability risks being incurred,” the ECB said. “However, at this rate, a point will be reached where unbacked cryptoassets represent a risk to financial stability.” The first such warning from the ECB, published as part of its twice-yearly financial stability review, followed similar messages from US and UK authorities, which have been unnerved by a series of recent failures in the crypto market.

Bitcoin, the world’s flagship cryptocurrency, has halved in value since November and recently fell below $30,000 for the first time since last summer. The market’s most important stablecoin, tether, momentarily lost its peg to the US dollar, while its rival terraUSD all but collapsed. The crypto market itself has boomed in size in recent years, with major platforms like Binance and FTX offering a wide array of complex financial products.

The world’s biggest crypto exchanges processed almost $700bn in spot trading last month and $1.1tn in bitcoin futures, according to data collated by The Block Crypto. Recommended Gillian Tett The Goldilocks crisis may have arrived for crypto The ECB said trading volumes for cryptoassets “have at times been comparable with or even surpassed those of the New York Stock Exchange or euro area sovereign bond quarterly trading volumes”.

At the same time, some crypto exchanges are offering loans to customers to allow them to increase their exposures by as much as 125 times their initial investment, it said. But “significant informational and data shortcomings persist”, which meant “the full extent of possible contagion channels with the traditional financial system cannot be fully ascertained”. ECB president Christine Lagarde said on Dutch television at the weekend that a crypto token was “worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety”.

Fabio Panetta, an ECB executive, recently likened the sector to a “Ponzi scheme” and called for a regulatory clampdown to avoid a “lawless frenzy of risk-taking”. Links between eurozone banks and crypto assets “have been limited so far”, the ECB said in its report on Tuesday. The central bank said some international and eurozone banks are “already trading and clearing regulated crypto derivatives, even if they do not hold an underlying cryptoasset inventory”.

It added that large payment networks had “stepped up their support of cryptoasset services” and institutional investors were “now also investing in bitcoin and cryptoassets more generally”. Noting that German institutional investment funds have been allowed to put up to a fifth of their holdings into crypto assets since last year, it said such investments had been aided by the availability of crypto-based derivatives and securities listed on exchanges.

Recommended Behind the Money podcast20 min listen A crypto vibe shift? The ECB also cited risks from decentralised finance, or DeFi, in which cryptocurrency-based software programs offer financial services without the use of intermediaries such as banks. “Crypto credit on DeFi platforms grew by a factor of 14 in 2021, while the total value locked was hovering at around €70bn until very recently, on a par with small domestic peripheral European banks,” it said.

Rehypothecation, in which collateral for a loan can be repledged against another loan, increased the chances of leverage limits being breached. As many as one in 10 EU households “may own cryptoassets”, though most had less than €5,000 invested in the sector, according to a recent ECB survey. Similarly, a Fed survey released on Monday found 12 per cent of US adults held or used cryptocurrencies in 2021. The EU is finalizing legislation, called markets in crypto assets, but the ECB said it would not come into force until 2024 at the earliest.

“Given the speed of crypto developments and the increasing risks, it is important to bring cryptoassets into the regulatory perimeter and under supervision as a matter of urgency,” it said.

Source: Crypto links with banks pose threat to financial stability, says ECB | Financial Times

Critics by Kate Rooney

Financial services firms added three times as many crypto jobs last year than in 2015, according to recent data from LinkedIn. In the first half of 2021, that pace jumped by 40%. Banks on a crypto hiring spree included Deutsche Bank, Wells Fargo, Citigroup, Capital One, Barclays, Credit Suisse, UBS, Bank of America and BNY Mellon.

The crypto boom on Wall Street coincides with more funding and hiring in the start-up world. Crypto and blockchain companies raised a record $25 billion last year, an eightfold increase from a year earlier, according to CB Insights data.

Farooq said that even with the start-up boom, JPMorgan has seen “limited attrition.” Those leaving have been people “wanting to start their own company versus wanting to leave and go do something similar.”

However, JPMorgan did lose one of its highest-profile crypto deputies last year. Christine Moy is on garden leave after departing her role as managing director and global head of crypto and metaverse at Onyx. She has yet to announce her next move.

“After over a half-decade laying the foundations for blockchain-based infrastructure across financial markets and cross-border payments, creating new businesses that have already scaled into the $USD billions at J.P. Morgan, I am looking to challenge myself further by finding new opportunities to create value and drive impact for the Web3/crypto ecosystem from a new angle,” Moy told CNBC in an email.

Other top crypto executives who left Wall Street recently expressed some frustration at how long it takes to get projects moving within a large financial institution. Mary Catherine Lader, chief operating officer at Uniswap Labs, left her job as a managing director at BlackRock last year. Her foray into crypto started as a side project within the asset management company.

“It certainly wasn’t my primary job,” Lader said. “It was kind of a hobby, as it is for so many people on Wall Street, and it definitely wasn’t something that at the time I was thinking about, because it was early stages of adoption.”

Justin Schmidt, former head of digital asset markets at Goldman Sachs, made a similar career change last year. He joined institutional crypto trading platform Talos and described the risk in a similar way, calling the decision “multidimensional.”

“Inherently, you’re taking a brand risk — Goldman is one of the storied institutions of Wall Street,” Schmidt said. “You are also taking a risk by staying someplace more traditional, and I very firmly believe that this is a generational change and there’s a generational opportunity here…..

Further contents:

Opinion: If We Want To Solve Climate Change, Businesses Need To Invest In Our Planet 

Kathleen Rogers is President of EARTHDAY.ORG, a global year-round policy and activist organization with programs around the world. She has been at the vanguard of developing campaigns focused on expanding and diversifying the environmental movement. The views expressed in this commentary are her own.

(CNN)Environmentalists’ traditional role is to hold governments and corporations accountable and to inform, motivate and engage the broader public of the dangers posed by government inaction or corporate malfeasance. And our relationships with both government and business have often been uneasy.

On the government side, pro-environment leaders come and go. Some have passed forward leaning environmental laws and regulations, others have reversed this progress. Environmentalists have brought innumerable lawsuits against governments for their failure to uphold their own laws yet often we work cooperatively with governments and legislatures to pass critical legislation and regulatory action.

On the other hand, environmentalists and corporations have often been adversaries. In the five-plus decades since the first Earth Day, the global environmental community has filed tens of thousands of lawsuits against corporations and corporations have sued back to block environmental regulations.

And if they aren’t actively blocking environmental laws and regulations, corporations are lobbying to prevent those laws from being passed in the first place. In the United States alone, more than $2 billion was spent on lobbying climate change legislation between 2000 to 2016, according to one analysis, outspending environmentalists by 10 to 1.

Yet compromises have often been possible, and environmentalists also work collaboratively with both corporations and governments to transform industries where there are mutual environmental and economic benefits such as the transformation of the lighting industry to LEDs, supporting renewable energy incentives, and forest certification standards.

Overall, that ebb and flow of the “wins” by governments, environmentalists, and corporations has led to a two steps forward, one step back process for decades, and overall progress on solving or reducing environmental damage and risk has been glacial.

In the meantime, over 1 million species are at risk of extinction, plastics are in our bloodstream, oceans, and food, and chemical toxins still plague the planet. Now climate change has dramatically altered this back and forth and solving the world’s largest environmental disaster has become an imperative, requiring a radical new strategy.

Simply put, it is going to take a lot more than governments, environmentalists, and individuals can provide to solve the climate problem. After decades of treating business leaders as the enemy (and often rightly so), many environmentalists have come to the realization that if we want to save the planet, we cannot do it without them.

“The largest market in the history of the world”

The notion that businesses, innovators, and investors might play a larger role than governments was on full display at the recent Glasgow COP climate summit. Instead of stepped-up ambition to solve climate, most countries did nothing, even stepping backwards.

Environmentalists lobbied vigorously to no avail and if we had all been honest, a sense of despair was growing. On the corporate side, however, there was palpable enthusiasm around deal making, new technologies, and opportunities to make money.

Recently, more than 450 companies with more than $130 trillion in assets, more than the global GDP, pledged deep investments in a net zero transition. US Special Presidential Envoy for Climate John Kerry described it “the creation of the largest market in the history of the world,” bigger than the industrial revolution. And bankers and investors are saying the same thing.

How do we invest in our planet?

First, governments have long taken the lead in research and development and every economic revolution since the 1800s witnessed massive government investment in technology. Unfortunately, government investments in environmental and climate research, subsidies, and incentives have ebbed and flowed depending on who’s in charge.

Governments must invest, build infrastructure for the transition to renewables and the green economy in general, and regulators must provide some certainty in the marketplace, along with carrots (subsidies and incentives) and sticks (ending fossil fuel subsidies and requiring disclosures from all businesses).

Second, with this extraordinary funding, businesses could create extraordinary chaos and damage. They must agree to complete transparency on their environmental and climate impacts and without the phony net-zero claims.

Many major global companies have chosen to obfuscate and overstate the reality of their net zero promises, undercutting their credibility with both governments and environmentalists. And while we are waiting for national and international bodies to finalize climate risks and impacts’ requirements, more companies must choose to follow a net positive for climate and nature even if profits are impacted.

Environmentalists must acknowledge that as the frenzy of green investment accelerates, we must be better financed to expand our watchdog role, while also keeping accountable those who hide behind greenwashed smokescreens. We must partner with governments and business to build a reliable green consumer movement.

And lastly, given there is ample opportunity to produce future environmental disasters as we redesign the planet — and more likely than not at the expense of the Global South and its very valuable green tech resources — equity and justice have to become a central part of the mission for all three players.

Even if all these steps are taken, proofing the planet against climate change and other environmental woes will be a long and expensive journey that will require investments and new ways of thinking from all sides. Unless all the planet’s stakeholders change their behavior, the causes of climate change will further entrench themselves into the world economy, increasing scarcity, draining profits, and cutting job prospects. That is a recipe for all of us to end up in the red.

By:

Source: Opinion: If we want to solve climate change, businesses need to invest in our planet  – CNN

.

United Nations Environment Programme 2021Weart

“The Public and Climate Change: The Summer of 19882020).

“Heat stored in the Earth system: where does the energy goNASA.

“The Causes of Climate ChangeACS.

“What Is the Greenhouse Effect?

Is the Sun causing global warming?

The study of Earth as an integrated system

Hurricanes and Climate Change”.

Poleward expansion of tropical cyclone latitudes in warming climates

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