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.
下個月，超達(Xstrata)與嘉能可(Glencore)擬議的價值700億英鎊的合併案將在股東大會上進行表決。在投票前的這段時間，投資者的注意力都放在了高階主管薪酬問題上。就像以往一樣，他們忽視了其他系統性風險，尤其是氣候變化帶來的風險。然而超達三分之一的利潤來自煤炭領域。氣候研究中心告訴各國政府，如果不能大幅削減燃燒煤炭、石油和天然氣所釋放的溫室氣體，全球氣溫將升高6攝氏度，這將對經濟和環境造成災難性後果。目前來看，市場認爲各國政府不會針對這些警告採取任何重大措施。但實際上政府是有可能採取行動的，尤其是如果像最近襲擊美國東北部沿海地區的破壞性風暴發生得更加頻繁的話。如果政府不採取行動，其他方面也可能會自發採取行動。