Living with limits

I have been reflecting on the Grantham Institute for Climate Change Annual Lecture given by Martin Wolf: Living with limits: growth, resources and climate change. Sometimes ideas need to time to brew before their true value becomes apparent; this lecture was one such occasion.

The lecture outlined the positive sum game of economic globalisation with all the associated benefits of prosperity and alleviating poverty. This has been successful through the lens of economics and Martin Wolf, economist at the Financial Times, has been one the most eloquent proponents. He opened the lecture by declaring that he is no expert on climate but he went on to talk about areas in which he is expert explaining that, as the world reaches the limits of resources, the game cannot continue. The challenge is how to rein in expectations to live within limits. He closed by stating that he had no idea how this could be done and throwing the challenge back out to the audience.

After the lecture, the immediate impression was that he had told us nothing new, simply explaining that the world has a problem and we do not have a clue how to solve it. We adjourned to a reception where there were a number of useful and animated conversations about climate change, the economy, resources and the general theme of where next? We did not solve the world’s problems that evening, but strolling towards the train station with James Smith the new chairman of the Carbon Trust, we shared optimism that the job can be done but leaving open the question of how.

During a period of quiet reflection on Martin Wolf’s words reveals that a very useful foundation stone has been laid. Martin Wolf is a leading exponent of economic globalisation and a gifted communicator, who writes for the readership of the Financial Times – rather different to the greenies who read the Guardian. Martin Wolf has the ability to start a dialogue with the mainstream to persuade policy makers to back off from unquestioning adherence to the policies of economic globalisation. This is a vital first step in shifting the debate onto ground where it is possible to find solutions.

I wish Martin Wolf well and congratulate him on a lecture that is hugely valuable in defining the problem as the pre-stage of finding the solution.