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A senior figure at Allianz, one of the world’s biggest insurance companies, says the climate crisis is on track to destroy capitalism and civilization itself. [More inside] (www.theguardian.com)

submitted 12 hours ago* (last edited 12 hours ago) by [email protected] to c/[email protected]

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The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate.

The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.

[...]

At 3C of global heating, climate damage cannot be insured against, covered by governments, or adapted to, Thallinger said: “That means no more mortgages, no new real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.”

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[–] [email protected] 43 points 11 hours ago (3 children)

This is about saving the conditions under which markets, finance, and civilisation itself can continue to operate.

The onion could never

[–] [email protected] 20 points 10 hours ago (2 children)

this world is simply a vessel for the all-powerful god, the market. it must be saved, for the market's sake

[–] [email protected] 11 points 9 hours ago

This has always been the line I've used on libs: until it is more profitable to stop climate change rather than continuing to cause it, capitalism will offer no solutions. I can't believe the top ghouls are starting to say it out loud to the news

[–] [email protected] 5 points 8 hours ago* (last edited 8 hours ago)

Ironically, the implementation of a lot of socialist infrastructure would actually be good for capitalism in the long run…Adam Smith even wrote that the rich should never have too good of a deal, literally for the rich’s own sake.

Look at the porks ripping the copper out of the walls of their businesses and sitting on and doing nothing with so much assets. Now what they have left are artificially smaller institutions which limit their revenue generation in the long run…and now their businesses are less sustainable as a result because of only thinking in the short term.

It’s honestly hilarious that capitalism’s best kept secret is how in the 40s, socialists saved capitalism from itself.