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#McKinsey

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Capitalism Eating Itself by Fueling Climate Mayhem, Warns Capitalist

If humanity stays on current course, warns top insurer, the "financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable."

According to GüntherThallinger, a former top executive at Germany's branch of the consulting giant #McKinsey & Company and currently a board member of #Allianz SE, one of the largest insurance companies in the world, the #ClimateCrisis is on a path to destroy #capitalism as we know it.

"We are fast approaching temperature levels—1.5C, 2C, 3C—where #insurers will no longer be able to offer coverage for many" of the risks associated with the #climate crisis, Thallinger writes in a recent post highlighted Thursday by #TheGuardian.

There is no way to "adapt" to temperatures beyond human tolerance. There is limited adaptation to #megafires, other than not building near #forests. Whole cities built on flood plains cannot simply pick up and move uphill. And as temperatures continue to rise, adaptation itself becomes economically unviable.

Once we reach 3°C of warming, the situation locks in. Atmospheric energy at this level will persist for 100+ years due to carbon cycle inertia and the absence of scalable industrial carbon removal technologies. There is no known pathway to return to pre-2°C conditions. (See: #IPCC AR6, 2023; NASA Earth Observatory: "The Long-Term Warming Commitment")

At that point, risk cannot be transferred (no insurance), risk cannot be absorbed (no public capacity), and risk cannot be adapted to (physical limits exceeded). That means no more mortgages, no new real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.

commondreams.org/news/capitali

Common Dreams · Capitalism Eating Itself by Fueling Climate Mayhem, Warns Capitalist | Common DreamsIf humanity stays on current course, warns top insurer, the "financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable."

"After spending more than $50 billion, the crown prince’s sci-fi-inspired dreams—an arid-mountain ski resort, a floating business district, and the Line, the 106-mile-long pair of Empire State Building-height skyscrapers that is Neom’s centerpiece—have collided with reality.

Costs have soared, delays are ubiquitous and a decision last year to reduce Neom’s first phase threatens to deprive the desert city of the critical mass of inhabitants needed to make it a modern business hub.

Behind Neom’s problems: a dance of mutual delusion in which the crown prince pushed for fantastical plans—and executives shielded him from the full scope of challenges and costs, according to former employees and a more than 100-page internal audit of the project presented to members of Neom’s board last spring and reviewed by The Wall Street Journal.

The audit report, labeled “final draft,” found that executives, at times aided by the project’s longtime consultants, McKinsey & Co., plugged unrealistically rosy assumptions into Neom’s business plan to justify rising cost estimates. The audit found “evidence of deliberate manipulation” of finances by “certain members of management.”"

wsj.com/finance/saudi-arabia-n

Continued thread


Ted Chiang also wrote:
"Whenever anyone accuses anyone else of being a Luddite, it’s worth asking, […] is the person making the accusation actually in favor of improving people’s lives? Or are they just trying to increase the private accumulation of capital?"

newyorker.com/science/annals-o

The New Yorker · Will A.I. Become the New McKinsey?By Ted Chiang

Texte schreiben kann auch die #KI: Fatale #McKinsey #Studie diffamiert die #Arbeitsleistung im öffentlichen Dienst in #Deutschland:
"Aktuell fehlen dem öffentlichen Sektor demnach rund 550.000 Vollzeitkräfte. Durch den Einsatz von generativer KI, also KI-Anwendungen, die beispielsweise Texte erzeugen, könnte diese Lücke um bis zu 165.000 Vollzeitkräfte - also fast ein Drittel - verkleinert werden."
n-tv.de/wirtschaft/KI-koennte-

n-tv NACHRICHTEN · Boomender öffentlicher Dienst: KI könnte 165.000 unbesetzte Vollzeitjobs ersetzenBy n-tv NACHRICHTEN

#McKinsey #BMI #Korruption 🔥

Auftragsvergabe in Millionenhöhe:
Filz-Vorwürfe gegen #Faeser-Beamten - Ministerium untersucht den Fall

"Ein hochrangiger Beamter im #Bundesinnenministerium steht unter dem Verdacht, eine bedenkliche Nähe zu einem Berater zu haben. Interne Untersuchungen sollen herausfinden, ob diese persönliche Beziehung eine Rolle bei der Vergabe von Millionen-Aufträgen gespielt hat."
m.focus.de/politik/deutschland

Kolumne: In knapp drei Wochen beginnt die Weltklimakonferenz #COP28 in Dubai. Sie droht schon jetzt zur Farce zu werden. Der Konferenzpräsident ist Ölmanager – und er hat einen selbstmörderischen Plan für Anti-Klimapolitik. #McKinsey-Beratern sei Dank. Europa muss in Dubai gegenhalten, massiv. spiegel.de/wissenschaft/mensch

DER SPIEGEL · McKinsey und die Klimakonferenz: Die UntergangsberaterBy Christian Stöcker

"The world's top management consultancy McKinsey & Company is using its position as a key advisor to the UN's COP28 climate talks to push the interests of its big oil and gas clients, undermining efforts to end the use of the fossil fuels driving global warming, according to multiple sources and leaked documents."

news.yahoo.com/top-consultancy

via carbonbrief.org/daily-brief/fo

Yahoo News · Top consultancy undermining climate change fight: whistleblowersBy Marlowe HOOD

Ted #Chiang wrote”: if you want something done but don’t want to get your hands dirty, #McKinsey will do it for you. That escape from accountability is one of the most valuable services that management consultancies provide. […] By hiring consultants, management can say that they were just following independent, expert advice. Even in its current rudimentary form, #AI has become a way for a company to evade responsibility by saying that it’s just doing what “the algorithm” says.”

#capitalism 🧶

McKinsey-Studie: Niedriger Frauenanteil bei Tech-Jobs bremst Wirtschaft aus

Jungen sind in Mathematik oder Informatik nicht besser als ihre Mitschülerinnen. Nach der Schule trennen sich allerdings ihre Wege. Das schade der Wirtschaft.

heise.de/news/McKinsey-Studie-

#McKinsey stellt fest, dass gerade ein milder Verlauf von #Corona die Wirtschaft am stärksten schädigt.

Millionen von Arbeitsstunden werden "verschwendet", weil Kranke 1, 2 Wochen zu Hause bleiben.
Für die @fdp ist das nach den #eFeul heute bereits ein Doppelschlag.
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RT @_mbdr_
McKinsey estimates the biggest burden on lost productivity due to COVID is time wasted during a mild or moderate COVID infection.

This means that COVID INFECTIO…
twitter.com/_mbdr_/status/1613

Replied in thread

@KlimaWandeln @BMWK @SchulzkiHaddouti @HannesK @riffreporter

Danke für diesen Brief und Danke, dass Ihr ihn veröffentlicht habt.

Wie schön wäre es, wenn nun endlich jemand in Berlin (Bund, nicht Land … vielleicht auch beide) positiv darauf reagieren würde.

Was aber sollen #Lindner #Habeck und #Scholz nun antworten?

Das ist aus meiner Sicht das Problem! - Die #Regierung müsste nun ja zugeben, dass man nun mehr machen müsse …

Selbst der Link zur #McKinsey Studie zeigt vergleichbares.