Nobel Prize winner says “climate crisis is also a business crisis”

Speaking at the European Commission’s SME Assembly 2021 during the Schumpeter ‘Innovation in Enterprise’ Lecture, joint Nobel Prize laureate Professor Lučka Kajfež Bogataj of the University of Ljubljana said that the world needs “enlightened policies and governance, and an engaged citizenry if we are to achieve long-term sustainability.”

“We can no longer postpone tackling difficult issues, and we need to change the way we produce, consume and trade. We will only achieve a change in behaviour by emphasising the economic win for those who change. Decarbonisation and climate change mitigation offer a multitude of business opportunities,” Professor Bogataj said to a high-status audience at the prestigious European Commission lecture series. “Business has a crucial role to play in this process,” she added. “They should switch:

• from  accumulation to distribution,
• from an economy of extraction to regeneration, and
• from competition to co-operation.

“On the other hand, Small and Medium-Sized Businesses often lack political backing and monetary support and should therefore demand educational and financial support from Governments.”
Professor Bogataj emphasised that “Carbon emissions must have a price, and every person and every sector will have to contribute.” She also suggested that nuclear fusion could be the key to the future of carbon-free energy.

Professor Bogataj ended by saying that when it comes to climate change we must “aim high and do fast”.