In the build-up to next month’s shareholder vote on the proposed £70bn merger of Xstrataand Glencore, investors have focused on executive compensation. As is so often the case, they are neglecting other systemic risks, in particular that of climate change. Yet a third of Xstrata’s revenues come from coal. Atmospheric research centres are telling governments that unless greenhouse gas emissions from coal, oil and gas burning are slashed, we are heading for a 6C rise in global temperatures that would be economically and environmentally catastrophic. As things stand, the markets assume governments will not act on these warnings in any meaningful way. But they might – especially if events such as this week’s devastating storm on the US north-east coast become more frequent. And if they don’t, others might act even without regulation.
下个月，超达(Xstrata)与嘉能可(Glencore)拟议的价值700亿英镑的合并案将在股东大会上进行表决。在投票前的这段时间，投资者的注意力都放在了高管薪酬问题上。就像以往一样，他们忽视了其他系统性风险，尤其是气候变化带来的风险。然而超达三分之一的利润来自煤炭领域。气候研究中心告诉各国政府，如果不能大幅削减燃烧煤炭、石油和天然气所释放的温室气体，manbetx app苹果 气温将升高6摄氏度，这将对manbetx20客户端下载 和环境造成灾难性后果。目前来看，市场认为各国政府不会针对这些警告采取任何重大措施。但实际上政府是有可能采取行动的，尤其是如果像最近袭击美国东北部沿海地区的破坏性风暴发生得更加频繁的话。如果政府不采取行动，其他方面也可能会自发采取行动。