GMO: We need 'complete decarbonisation' of the world's economy to protect 'our species' from climate change

'Race of our lives'

Jeremy Grantham, co-founder and member of the asset allocation team at GMO, has issued a stark warning to portfolio managers and investors to protect "our species" as well as their portfolios from the impact of climate change in a report entitled 'The Race of our Lives Revisited'.

Grantham added in the report the continued use of fossil fuels to sustain the predicted 11 billion people on earth by 2100 would destroy the planet. The co-founder said the complete decarbonisation of the world's economy was required in order to avoid this, something which needed long-term planning, leadership and the increasing use of technological innovation. The climate change revolution: Two investor misconceptions "[However], we face a form of capitalism that has hardened its focus to short-term profit maximisation with little or no apparent interest in social good just as its...