A Green Swan
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[intro music] Welcome to World Ocean Radio… I’m Peter Neill, Director of the World Ocean Observatory I went to a lecture by a psychologist discussing social science response to the “global climate emergency” through “transformational resilience,” an approach developed “to teach behavioral, cognitive, and relational concepts and practices that can support emotional and interpersonal sustainability through the years of uncertainty and calamity that appear to be in store.” As the news of climate consequence burgeons around us, there is no doubt that the real and perceived adversity worldwide can generate concern and anxiety, paralyze individual and collective action, and undermine the mitigation and invention required if we are to react to sustain our future. As climate events have unfolded, we all have every reason to wonder “what will it take?” to convince leaders and government, event private industry, that these challenges must be met. What will it take? I ask this all the time, and I never seem to get an answer. One evocation of what is lost in all this reality is the pastoral image of birds; the doves of peace, free-flying gulls, white swans floating tranquilly in idyllic ponds. The news also reports the true calamity of literally millions of birds, indeed billions over the past few decades, lost to changing climate conditions, their migration and feeding patterns interrupted. What would the world be if there were no more swans? In my search for an answer I came across a paper published by the Banque de France, a member of BIS, a larger international group of central banks and economists, addressing the implications of climate change. Francois Villeroy de Galhau, the French bank’s Governor, writes in the Forward: “Climate change poses unprecedented challenges to human societies, and our community of central banks and supervisors cannot consider itself immune…” He concludes, “…the stark reality is that we are all losing the fight against climate change.” The central bankers understand. What can be done? Even economists can find power in metaphor. A concept put forward in 2007 by Nassim Nicholas Taleb suggests certain disruptive financial events, named “black swans,” with three special characteristics: they are unexpected and rare, wide-ranging and extreme, and explicable only after the fact. The metaphor continues to serve with the designation of “green swans,” unique still from their dark species by the prevailing certainty that climate events will continue to materialize in the future; that there is need for ambitious, imperative actions in response; that climate catastrophes are even more serious than systemic financial crises, posing an existential threat to humanity. Green swans are new to scientific classification and, as such, do not bode well for the future. The authors of the BIS report go on to observe that “this complex collective problem requires coordinating actions among many players, including governments, the private sector, civil society and the international community, and, indeed central banks.” To enact as a climate defense will require formidable “transformational resilience” and significant, perhaps not yet known behavioral, cognitive, and relational concepts and practices in revolutionary response I suggest that we are now in the midst of our first major global “green swan” event. Consider the worldwide impact of the coronavirus outbreak, a respiratory disease, like SARs and MERS epidemics previously, expressing symptoms that resemble the common cold, but that can lead rapidly to serious pneumonia and death spread by human interaction and contact through air, water, and touch. Is this disease climate related? It appears to have originated in the poor hygienic conditions of a seafood market? Perhaps first distributed by bats? How will we know? Will we know in time? International response has been dramatic, literally tens of millions of people confined to their homes, cases isolated, regional and international movement by ground, plane, and ship constricted or cancelled, screening at border crossings and major points of entry worldwide. There is a new sense of urgency now, as if we already know that we are dealing with dimension and consequence heretofore unimaginable. And then consider the financial implications of the coronavirus outbreak disruption in a wholly integrated global economy. Consider the cessation of manufacture, supply chain interruption, factories closed, workers confined, revenues lost, and sudden uncertainty, even panic, in world markets presently at all time highs. The massive collective response signals the significance of circumstance outside modern experience, the realization that without equally massive resilience and immediate transformational change, the world economy and all its social and political inter-connections will be overwhelmed by a vengeful bird. Are we ready for the innocence and the anger of a green swan? Is that what it will take? We will discuss these issues, and more, in future editions of World Ocean Radio. [outro music]
Since the mid 2000s, economists have spoken of Black Swans, disruptive financial events that embody three special characteristics: they are rare, wide-ranging and extreme, and they are explicable only after the fact. Now there are Green Swan events, a new scientific classification for climate catastrophes that can trigger systemic financial crisis unless authoritative action is taken. In this episode of World Ocean Radio, host Peter Neill argues that due to the global disruption caused by the Coronavirus outbreak, we may now be in the midst of our first major global Green Swan event.
About World Ocean Radio
World Ocean Radio is a weekly series of five-minute audio essays available for syndicated use at no cost by college and community radio stations worldwide. Peter Neill, Director of the World Ocean Observatory and host of World Ocean Radio, provides coverage of a broad spectrum of ocean issues from science and education to advocacy and exemplary projects.
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Source material
Bank of International Settlements (BIS) analysis adapts the Black Swan concept to describe adverse events outside the scope of regular expectations, warning climate change may spark Green Swan disasters that trigger systemic financial crises. LEARN MORE
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