This Changes Everything: Capitalism vs. The Climate

by Naomi Klein

Communal forests around the world are being turned into privatized tree farms and preserves so their owners can collect something called “carbon credits,” a lucrative scam I’ll explore later. There is a booming trade in “weather futures,” allowing companies and banks to gamble on changes in the weather as if deadly disasters were a game on a Vegas craps table (between 2005 and 2006 the weather derivatives market jumped nearly fivefold, from $9.7 billion to $45.2 billion). Global reinsurance companies are making billions in profits, in part by selling new kinds of protection schemes to developing countries that have done almost nothing to create the climate crisis, but whose infrastructure is intensely vulnerable to its