A candle we hold up in the darkness

Dear Stubborn Optimist,

It’s lovely to be back in your inbox after a break and some deep preparation for the upcoming mini-series on Nature as part of our new season. We look forward to returning to the airwaves on Thursday.?

In the meantime - anyone remember the former ostensible Head of Responsible Investing at HSBC Asset Management, whose infamous ‘who cares’ speech called climate warnings "shrill" and caused a public relations scandal for the bank in 2022? It was a moment that brought into sharp view the challenges of shifting not just emissions but also cultural and social norms.

HSBC continues to face problems, including today’s big fines for “serious failings” in safeguarding the deposits of some customers, and recent claims that the bank assisted with the finance of ￡37 billion for oil and gas companies that are expanding extraction activities. But as in every business, it is possible to learn from mistakes and make changes for the better. The bank certainly appears to have learned from its climate scandal in 2022. Last week HSBC released its first Net Zero Transition plan, which sets a new bar - and signal - for the banking sector even as it remains a work in progress. It takes a clear-eyed view of the transformational changes required both inside and outside the bank to advance the transition to net zero.

In a statement about the new plan, HSBC’s Group Chief Sustainability Officer, Celine Herweijer , recognised how complicated the work to achieve it will be: decarbonisation is necessary but not easy. It requires systematic shifts across all interconnecting aspects of the economy. Herweijer explained that the bank’s approach will therefore need “to evolve with the science and data, with evolving regulations and standards, and most importantly with the real world around us”. Her words are a reminder that nothing is static and everything is interdependent. Doing what is necessary to effect change in the right direction today might need to shift tomorrow. Keeping abreast of those shifts requires real patience and tenacity.?

Those qualities are going to be critical this year. Billions of people around the world will go to the polls against a backdrop of war and geopolitical turmoil, cost of living increases, worsening inequality and scientific predictions 2024 will be hotter than 2023 thanks to the highest emissions in human history and the continued El Ni?o effect:?

OUTRAGE + OPTIMISM: ON THE CALENDAR??

This week: Season 9 of Outrage + Optimism starts here! Our hosts - Christiana Figueres, Tom Rivett-Carnac and Paul Dickinson - are back in conversation, sharing expertise, insights and camaraderie at the outset of the biggest election year in history. Tune in to hear their thoughts on the intersection between climate and everything else you’re hearing about in the news. Wherever you get your podcasts, Thursday, February 1st.??

Next week: Christiana Figueres and co-host Isabel Cavelier’s mini-series ‘Our Story of Nature’ begins. Over three episodes they explore how the ecological crisis - and the many crises we find ourselves in - have their roots in the fact that, by and large, over time, many of us have become disconnected from the rest of nature. This heartfelt inquiry into our relationship with nature has been months in the making. It includes conversations with many insightful guests, including Xiye Bastida , Bayo Akomolafe, Kate Raworth, Gunhild Anker Stordalen , Krista Tippett and Sister True Dedication.?

If you like this ‘dose of Outrage + Optimism’ and haven’t already, do sign up to our full bi-weekly email newsletter to make sure you’re not just informed about the climate crisis, but also inspired to be part of the changes we all need to make.

In this week's email newsletter you’ll find:

?? A sneak peek into what we'll be exploring in each of the three episodes of 'Our Story of Nature'

?? Why Stubborn optimism is needed now more than ever before. We look at Christiana Figueres ' most recent article, recently published in the Bulletin of the Atomic Scientists

?? Could a new global governance system based on science safeguard our only home? A look at Johan Rockstr?m's co-authored paper which calls for unified governance across the world.

?? Tips from the team: what we've been reading and watching this week

Thank you for reading our newsletter.

With stubborn optimism,

The Outrage + Optimism team.

?? Listen to the podcast here or wherever you get your podcasts.

?? Sign up for the full version of our newsletter here.