Thirty five years ago, on this day, June 7th, 1989, the Australian Financial Review (piss-poor, compared to the Financial Times) was talking about the money to be made…
For all the worry that the greenhouse effect is causing around the world there is, perhaps, a bright side.
The greenhouse effect has opened up a number of potentially profitable opportunities for industry. It has created a number of niche markets for environmentally safe products or new strands of vegetable.
The South Australian Government has already taken steps to help industry identify these new niche markets. It has established a council to examine the implications of the greenhouse effect and the depletion of the ozone layer on the future direction of industry, agriculture and the economy of the State.
McLachlan, C. 1989. Hot chances for coping with greenhouse effect. Australian Financial Review, 7 June.
The amount of carbon dioxide in the air was roughly 353ppm. As of 2024 it is 426ppm, but check here for daily measures.
The context was everyone was talking about the greenhouse effect and what was to be done. Including the business press. And thanks, thank our lucky stars, it turns out there was money to be made. Because otherwise, you know, why would we act?
What we can learn from this is that every media outlet has its frames: the Hobbesian frame for the Mail and the Telegraph and the slightly more refined but still Hobbesian view for the Times. The bleeding heart Jean Jacques Rousseau, frame for The Guardian. And “let’s make loads of money” and “let’s identify anyone who can stop us making loads of money and squash them like a bug” frames for the business press.
What happened next? Everyone went on about how much money might be made. But then it turned out that there would be taxes and regulation in order to create new markets and the status quo actors, i.e. the incumbents, were able to squash those markets for a very long time. Until it was too late for anything to actually matter. And here we are.
What do you think? Does this pass the ‘so what?’ threshold? Have I got facts wrong? Interpretation wrong? Please do comment on this post, unless you are a denialist, obvs.
Also on this day:
June 7, 1959 – another letter about carbon dioxide build up in the Times of India
June 7, 1971 – Australians warned, on television, about ecological breakdown. #ABC
June 7, 1984 – UK diplomat pushes for more environmental action