WORLD OPINION ABOUT CLIMATE CHANGE

Emerging Markets shine amid climate change gloom
26 October 2010 (HSBC)

"The results of HSBC's fourth Climate Confidence Monitor…reveal that climate change is one of the top three concerns globally, on a par with economic stability and terrorism. In Hong Kong and Vietnam, climate change is the number one concern.

"The emerging economies provide a welcome note of optimism, leading the way in terms of concern, personal commitment and the belief that climate change can be stopped in a survey that reflects a largely gloomy picture of a worried, pessimistic public. Two thirds (64 per cent) of respondents in China claimed to be making a significant effort to help reduce climate change, compared to 23 per cent in the UK, 20 per cent in the USA and 11 per cent in Japan. One in three people in Vietnam, India and China believe climate change can be halted, compared to just one in twenty in France and the UK."

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"People's opinions surrounding the business opportunities and economic prospects presented by climate change were more encouraging. Over half of respondents in Brazil, India and Malaysia strongly agreed their country would prosper and new jobs would be created by responding to climate change. The UK and the US were slightly less optimistic, but still a third of people thought economic opportunities and new jobs could be created.

"This sentiment was accompanied by a strong call for business to invest in addressing climate change, with almost three quarters of people in France (73 per cent) and more than two thirds in Germany (67 per cent) expressing the view that greater business investment is needed in this area. NGOs and individuals were seen as central to the effort, backed up by effective government intervention (such as carbon taxes and emissions trading schemes)…"

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"When asked to rank climate change against other issues as a priority for public spending, only healthcare was the outright higher priority. Addressing climate change is as high a priority for public money as tackling crime, supporting the national economy and funding education in most markets…

"Four years of tracking data show that concern about climate change is picking up again after a slight drop…Global optimism that climate change can be stopped is now 30 per cent lower than in 2007…But the divergence of views is enormous – in Vietnam, 1 in 3 are optimistic whereas in France and the UK the figure is only 1 in 25, and 1 in 20 respectively…Only 1 in 5 people globally believe that those who should be addressing climate change are doing what is needed…China is the only market where more than half of respondents feel confident that enough is being done…"