Putting your money where your mouth is on climate change

Forget football - climate science is well worth a flutter, says Michael Brooks.

Did anyone waste watercooler time on the World Bank’s recent global warming warning? The one that said the planet will probably experience a 4° Celsius rise this century? Of course not. Neither did anyone use work time to talk over the UN Environment Programme report, released ahead of the current international climate negotiations in Qatar. It says the atmosphere now contains onefifth more carbon than in 2000, with no visible fall in emissions to come. Bad news, obviously. But we were busy discussing who might replace Roberto Di Matteo at Chelsea.

A report published in August showed that our interest in climate change has declined over the past five years. Only one-third of us even like to read or think about it. But Climate Science, the Public and the News Media does offer one useful pointer. People prefer climate coverage that is simple, bold and to the point. Even academics and broadsheet readers said that they preferred tabloid coverage of climate issues, and it had more immediate impact on their opinions.

We have to get past the idea that the only way we can cover climate science is by using long, balanced, reasoned arguments. So, why not take a leaf out of football’s book? Football has no trouble getting people’s attention. When Di Matteo was given the boot from his position as Chelsea manager, conjectures about his replacement sent the internet into overdrive. You could offer your contribution in online polls, or you could place a bet on Harry Redknapp or Avram Grant to take over at Stamford Bridge.

Every day, swaths of newsprint are dedicated to opinionated discussions of football that cut across divides of class, income or occupation. Season ticketholders for major football teams include politicians, comedians, television presenters, mathematicians, carpenters, journalists, roofers, bankers – every section of society.

But it’s not the movement of a football into a goal that is so interesting. It’s the people who make it happen. It’s the managers and their tactics. It’s the players and their skills and fallibilities. It’s about trajectories of success and failure, predictions that are proved right or wrong. Climate science has all these. And we could even make it worth a flutter.

Some people are already betting on the climate. At intrade.com, for instance, you can bet the average global temperature for 2012 to be the warmest on record. You can bet on the global-temperature anomaly for this month being greater than 0.45°C, or on global average temperatures for 2012 being the warmest on record.

Model behaviour

At the moment, Intrade’s bets are largely taken up by people advocating different climate models: it’s a way of putting your money where your mouth is. But surely there is scope to develop this on a bigger scale, and with endorsement from people in the know. If a Nasa chief started buying shares in a certain prediction, if a geographer saw a climate solution worth investing in, if a forestry researcher bet on a new ecological trend spiralling out of control, that might be more interesting than hearing the raw facts. It might even be a stimulus that made people look up the facts for themselves.

Perhaps it’s horrible to encourage us to place bets on the climate catastrophe, but it might be the thing that finally gets our attention. And at least there’s publicly accessible information to base your decisions on; you stand to make some quick cash by looking up Nasa satellite data before you commit. It’s definitely better than losing your shirt trying to second-guess the whims of a surly Russian billionaire.

Michael Brooks’s “The Secret Anarchy of Science” is published by Profile Books (£8.99)

Place your bets! Photograph: Getty Images

Michael Brooks holds a PhD in quantum physics. He writes a weekly science column for the New Statesman, and his most recent book is At the Edge of Uncertainty: 11 Discoveries Taking Science by Surprise.

This article first appeared in the 03 December 2012 issue of the New Statesman, The family in peril

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Scotland's vast deficit remains an obstacle to independence

Though the country's financial position has improved, independence would still risk severe austerity. 

For the SNP, the annual Scottish public spending figures bring good and bad news. The good news, such as it is, is that Scotland's deficit fell by £1.3bn in 2016/17. The bad news is that it remains £13.3bn or 8.3 per cent of GDP – three times the UK figure of 2.4 per cent (£46.2bn) and vastly higher than the white paper's worst case scenario of £5.5bn. 

These figures, it's important to note, include Scotland's geographic share of North Sea oil and gas revenue. The "oil bonus" that the SNP once boasted of has withered since the collapse in commodity prices. Though revenue rose from £56m the previous year to £208m, this remains a fraction of the £8bn recorded in 2011/12. Total public sector revenue was £312 per person below the UK average, while expenditure was £1,437 higher. Though the SNP is playing down the figures as "a snapshot", the white paper unambiguously stated: "GERS [Government Expenditure and Revenue Scotland] is the authoritative publication on Scotland’s public finances". 

As before, Nicola Sturgeon has warned of the threat posed by Brexit to the Scottish economy. But the country's black hole means the risks of independence remain immense. As a new state, Scotland would be forced to pay a premium on its debt, resulting in an even greater fiscal gap. Were it to use the pound without permission, with no independent central bank and no lender of last resort, borrowing costs would rise still further. To offset a Greek-style crisis, Scotland would be forced to impose dramatic austerity. 

Sturgeon is undoubtedly right to warn of the risks of Brexit (particularly of the "hard" variety). But for a large number of Scots, this is merely cause to avoid the added turmoil of independence. Though eventual EU membership would benefit Scotland, its UK trade is worth four times as much as that with Europe. 

Of course, for a true nationalist, economics is irrelevant. Independence is a good in itself and sovereignty always trumps prosperity (a point on which Scottish nationalists align with English Brexiteers). But if Scotland is to ever depart the UK, the SNP will need to win over pragmatists, too. In that quest, Scotland's deficit remains a vast obstacle. 

George Eaton is political editor of the New Statesman.