Public see the economic opportunity in addressing climate change, says HSBC’s Climate Confidence Monitor 2010

27 October 2010

HSBC’s fourth annual Climate Confidence Monitor, a global survey of public attitude towards climate change across 15 markets, reveals that climate change remains one of the top world concerns – on par with economic stability and terrorism. But only 1 in 5 people believe that enough is being done.

The 2010 findings show that once again, emerging economies are more concerned about climate change and are doing more to reduce their personal carbon footprint. They are also more confident than the developed markets that those who should be tackling climate change are doing so, and more optimistic that we will be able to stop climate change. Globally, optimism stands at just 16 per cent.

People are generally positive about the business opportunities presented by tackling climate change, with over half of respondents in Brazil, India and Malaysia strongly agreeing that their country would prosper and new jobs would be created by responding to the issue.

There is also a strong call – particularly among the developed markets – that businesses should invest more in addressing climate change.

Lord Nicholas Stern, Special Adviser to HSBC’s Group Chairman on Economic Development and Climate Change, said: “Strong national and global policies that provide incentives for investment in clean technology, that price fossil fuels in ways that reflect their true economic and social costs, and that assist consumers in using energy more efficiently, have the potential to unleash a significant pool of investment that can serve as a powerful engine for a new era of economic growth.”

Under the HSBC Climate Partnership, The Climate Group is working to reduce the carbon emissions of the world’s major cities. We have spearheaded a number of campaigns to drive public awareness and engagement on climate change, including and the Hong Kong Carbon Reduction Campaign. We are currently bringing together business, governments and financiers in cities to accelerate the large-scale deployment of clean technologies, through the development of policies that stimulate the flow of finance.

Stephen Howard, CEO, The Climate Group said, “It’s really exciting to see that around the world, people understand that tackling climate change is good for business and the economy. We agree wholeheartedly with the public sentiment that the private sector needs to invest more, but they need political support to be able to do so. We are working with governments to develop smart policies that incentivize business leadership and unlock private sector financing to help solve this issue.”

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