The comments from Nigel Green, the chief executive and founder of deVere Group, which operates in 100 countries worldwide, come as the high-profile young Swedish environmental activist urged political and business leaders and the media at the World Economic Forum in Davos to heed the science as she warned time was running out to tackle global warming.
She said: “With today’s emissions levels, the remaining budget is gone in less than eight years. These aren’t anyone’s views, this is the science,” Thunberg said, citing a 2018 Intergovernmental Panel on Climate Change (IPCC) report. “I know you don’t want to report this or talk about this but I will keep repeating the numbers until you do.”
Her comments at the elite meeting in the Swiss mountain town came just before U.S. President Donald Trump – a global warming sceptic – who, yet again, denied the evidence.
Millenials and Gen Z
deVere CEO Nigel Green affirms: “Greta’s message is a consistent one, one based on science and fact, and one that is likely to hit home with millennials and Gen Z.
“Typically, these generations – those born from the early 1980s onwards – seem to ‘get’ the climate emergency we’re facing, and the urgency with which it needs to be tackled, far better than older generations.
“This is why it is crucial that she was at Davos in order to drive her message through to the political and business leaders who can actually do something about it right now.”
He continues: “These younger generations who will listen to the message and warnings of Greta Thunberg, amongst others, are going to be the beneficiaries of the biggest-ever generational transfer of wealth – likely to be around $30trn – over the next few years.
“They will also hold the balance of political and social influence.
“With their socially responsible awareness, plus their new wealth and power, we can expect them to put Environmental Social and Governance issues at the centre of their investment decisions.
“Therefore, Greta Thunberg is not just helping to save the planet - she is reshaping the global investment industry because financial institutions, companies and agencies will need to decisively shift their priorities to match those of millennials and Gen Z.”
According to a new global survey carried out by deVere Group, some 77% of millennials cite Environmental, Social and Governance investing as their top priority when considering investment opportunities.
The global poll of 1,125 people was carried out by deVere Group, one of the world’s largest independent financial services and advisory organisations, across the UK, Western Europe, the Middle East, Africa, North America, Australia, India, ASEAN and East Asia.
Nigel Green, noted: “This survey underscores that whilst traditional factors – such as anticipated returns (10%), past performance (7%), risk tolerance (4%) and tactical allocation (2%) – are important factors in millennial respondents’ investment decision-making, they are no longer enough.”
Of Davos 2020, the deVere boss concludes: “In many ways, Millennials and Gen Z ‘have got this’; they’re with Greta. Now it is time for the global investment industry to play catch-up. And quickly.”
CTMfile take: The change in attitudes of many consumers, not just the Millenials and Gen Z, is changing who they give their business to and what they invest in. The climate crisis is really impacting.
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