Forestry Ink columnist Jim Hilton. (File photo)

Forestry Ink columnist Jim Hilton. (File photo)

FOREST INK: Credit, COVID and climate crises facing the world

Concerning COVID, Mr. Carney feels we have had the proper response by showing solidarity

A new book out this year: Value(s): Building A Better World For All, by Mark Carney is challenging to summarize in one article, especially when economics was not one of my favourite subjects.

After my wife brought the (600-page) book home from the local library, I was hooked upon reading the introduction and appreciating that here was a Canadian economist that had been in some of the most influential positions during the most challenging economic times in the world.

I was especially interested in what ideas an economist would have on climate change. I had first heard of Carney while he was Governor of the Bank of Canada (2008 to 2013) during the recession and then was surprised when he was asked to be the Governor of the Bank of England (2013 to 2020).

The experience from his Canadian position, plus his degrees from Oxford University convinced Britain he could help them, as well. The book is a good introduction to economic history and its basic principles and then deals with three topics that will be of interest to most of us.

His coverage of the 2007 economics crisis is described under the headings: “Global financial crisis, A WORLD UNMOORED and follows with creating a simple, safer, fairer financial system.

His second topic is: “The COVID crisis: how we got here and follows with “fallout, recovery and renaissance.”

His third topic is the climate crisis followed by a number of sections that he feels will help us deal with it in the long-term. His final two topics are how Canada can build value for all and humility.

READ MORE: More soil amendment science needed for degraded soils

In the introduction he describes how the credit crisis was caused by the authorities and market participants who fell for the three lies of finance: 1.) This time it will be different 2.) Markets are always right and 3.) Markets are moral.

Rather than reinforcing social capital we consumed it. Banks were deemed too big to fail, technology was favoured over retail investors and finally with too few market participants feeling responsible for the system lead to unchecked bad behaviour which eventually became the norm.

Concerning COVID, Mr. Carney feels we have had the proper response by showing solidarity, fairness, responsibility and compassion over economic consequences and the aspirations of society will focus not just on growth but also on its direction and its quality. He also expects the public will demand improvements in the quality and coverage of social support and medical care.

He feels these same values will need to carry over into the climate crisis, which is the ultimate betrayal of inter-generational equity. It imposes costs to the future generations that the current generation has no direct incentives to fix. In Chapter 11 he highlights how changes in policies, new technology and growing physical risks will prompt reassessments of virtually every asset.

Firms that align with the transition to a net zero carbon economy will be rewarded while those that fail to adapt will cease to exist. He goes on to describe how the solution to solving the climate crisis is through three technologies: engineering, political and financial.

He describes how the internal combustion engine is being replaced by electricity and financial markets need to work alongside climate policies but the task is large, the window of opportunity is short and the risks are existential.

Jim Hilton is a professional agrologist and forester who has lived and worked in the Cariboo Chilcotin for the past 40 years. Now retired, Hilton still volunteers his skills with local community forests organizations.


 


editor@wltribune.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

As a former reporter and editor at the Tribune, Diana French carries on sharing her ideas through her weekly column. (Photo submitted)
FRENCH CONNECTION: Reasonable decision making can go a long way

We’re all at fault, but today I’ll pick on politicians

Lorne Doerkson is the Liberal MLA for the Cariboo-Chilcotin. (Black Press Media file photos)
MLA’s CORNER: Be thankful for volunteers

It amazes me just how much people do to make the Cariboo Chilcotin region a better place for all

Cariboo North MLA Coralee Oakes shared this photo of the binders and binders of letters and paperwork she’s received on area roads in the past few years. (Submitted photo)
Cariboo MLAs call on province to fix region’s roads

Minister Rob Fleming said more resources were on the way to the region

Jim Hilton pens a column on forestry each week for the Williams Lake Tribune.
FOREST INK: A year to remember for lumber prices

As of March 12, a basic SPF (spruce, pine, fir) two-by-four cost $1,040 per thousand board feet

Ranch Musings columnist David Zirnhelt. (File photo)
RANCH MUSINGS: Drier weather good for calving season

My partner and I team up to look for any newborns and note them for later in the day

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

RCMP are looking for information on an alleged shooting attempt near an elementary school in Smithers March 10. (Phil McLachlan/Capital News/Stock)
UPDATE: Man killed in brazen daylight shooting at Vancouver airport

Details about the police incident are still unknown

Pieces of nephrite jade are shown at a mine site in northwestern B.C. in July 2019. THE CANADIAN PRESS/HO-Tahltan Central Government MANDATORY CREDIT
Indigenous nation opposes jade mining in northwestern B.C.

B.C.’s Mines Act requires operators to prepare a plan to protect cultural heritage resources

The body of Brenda Ware, 35, was found along Highway 93 in Kootenay National Park on Thursday, May 6, 2021. (RCMP handout)
RCMP ask for tips after woman’s body found in Kootenay National Park

Brenda Ware was found along Highway 93 in the park, 54 kilometres north of the town of Radium

People pass the red hearts on the COVID-19 Memorial Wall mourning those who have died, opposite the Houses of Parliament on the Embankment in London, Wednesday, April 7, 2021. On May 3, the British government announced that only one person had died of COVID-19 in the previous 24 hours. THE CANADIAN PRESS/AP-Kirsty Wigglesworth
For a view of a COVID-19 future, Canadians should look across the pond

Britain, like Canada, is one of the only countries in the world to delay second doses for several months

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

Most Read