[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.97,0:00:02.50,Default,,0000,0000,0000,,I am a tree hugger.
Dialogue: 0,0:00:03.14,0:00:04.75,Default,,0000,0000,0000,,I spent much of my childhood
Dialogue: 0,0:00:04.77,0:00:07.58,Default,,0000,0000,0000,,on the great lower limb\Nof a massive copper beech,
Dialogue: 0,0:00:07.60,0:00:11.42,Default,,0000,0000,0000,,alternately reading and looking up\Nat the sky through its branches.
Dialogue: 0,0:00:11.44,0:00:13.55,Default,,0000,0000,0000,,I felt safe and cared for
Dialogue: 0,0:00:13.57,0:00:17.15,Default,,0000,0000,0000,,and connected to something\Ninfinitely larger than myself.
Dialogue: 0,0:00:17.17,0:00:21.45,Default,,0000,0000,0000,,I thought the trees were immortal,\Nthat they would always be here.
Dialogue: 0,0:00:22.54,0:00:24.17,Default,,0000,0000,0000,,But I was wrong.
Dialogue: 0,0:00:24.19,0:00:25.97,Default,,0000,0000,0000,,The trees are dying.
Dialogue: 0,0:00:25.99,0:00:28.78,Default,,0000,0000,0000,,Climate change is killing\Nthe cedars of Lebanon
Dialogue: 0,0:00:28.80,0:00:31.08,Default,,0000,0000,0000,,and the forests of the American West.
Dialogue: 0,0:00:31.73,0:00:33.67,Default,,0000,0000,0000,,And it's not just the trees.
Dialogue: 0,0:00:34.16,0:00:40.03,Default,,0000,0000,0000,,Since 1998, extreme heat\Nhas killed more than 160,000 people,
Dialogue: 0,0:00:40.05,0:00:43.70,Default,,0000,0000,0000,,and unchecked climate change\Ncould kill millions more.
Dialogue: 0,0:00:44.17,0:00:45.84,Default,,0000,0000,0000,,How did we get here?
Dialogue: 0,0:00:46.16,0:00:48.14,Default,,0000,0000,0000,,There are many reasons, of course,
Dialogue: 0,0:00:48.16,0:00:49.63,Default,,0000,0000,0000,,but one of the most important
Dialogue: 0,0:00:49.65,0:00:53.51,Default,,0000,0000,0000,,is that we let capitalism\Nmorph into something monstrous.
Dialogue: 0,0:00:53.98,0:00:56.87,Default,,0000,0000,0000,,I'm a huge fan of capitalism at its best.
Dialogue: 0,0:00:56.89,0:01:00.72,Default,,0000,0000,0000,,After all, I'm an economist\Nand a business school professor.
Dialogue: 0,0:01:01.24,0:01:04.02,Default,,0000,0000,0000,,I think genuinely free and fair markets
Dialogue: 0,0:01:04.04,0:01:06.75,Default,,0000,0000,0000,,are one of the great inventions\Nof the human race.
Dialogue: 0,0:01:07.24,0:01:09.17,Default,,0000,0000,0000,,But here's the catch:
Dialogue: 0,0:01:09.20,0:01:14.01,Default,,0000,0000,0000,,markets only work their magic\Nwhen prices reflect real costs.
Dialogue: 0,0:01:14.36,0:01:16.93,Default,,0000,0000,0000,,And right now, prices\Nare badly out of whack.
Dialogue: 0,0:01:17.57,0:01:20.16,Default,,0000,0000,0000,,We're letting the firms\Nwho sell fossil fuels,
Dialogue: 0,0:01:20.18,0:01:23.58,Default,,0000,0000,0000,,and indeed anyone\Nwho emits greenhouse gases,
Dialogue: 0,0:01:23.60,0:01:27.32,Default,,0000,0000,0000,,cause enormous damage\Nfor which they do not have to pay.
Dialogue: 0,0:01:27.77,0:01:29.68,Default,,0000,0000,0000,,And that is hardly fair.
Dialogue: 0,0:01:30.60,0:01:32.78,Default,,0000,0000,0000,,Imagine for a moment
Dialogue: 0,0:01:32.81,0:01:36.14,Default,,0000,0000,0000,,that my hands are filled\Nwith a cloud of electrons,
Dialogue: 0,0:01:36.16,0:01:39.34,Default,,0000,0000,0000,,10 dollars' worth\Nof coal-fired electricity
Dialogue: 0,0:01:39.36,0:01:42.73,Default,,0000,0000,0000,,that could power your cell phone\Nfor more than 10 years.
Dialogue: 0,0:01:42.75,0:01:45.18,Default,,0000,0000,0000,,That probably sounds\Nlike a pretty good deal.
Dialogue: 0,0:01:45.20,0:01:47.33,Default,,0000,0000,0000,,But it's only so cheap
Dialogue: 0,0:01:47.36,0:01:50.23,Default,,0000,0000,0000,,because you're not paying\Nfor the harm that it causes.
Dialogue: 0,0:01:50.82,0:01:55.40,Default,,0000,0000,0000,,Burning coal sends poisons\Nlike mercury and lead into the air,
Dialogue: 0,0:01:55.42,0:01:58.30,Default,,0000,0000,0000,,increasing healthcare costs\Nby billions of dollars
Dialogue: 0,0:01:58.32,0:01:59.49,Default,,0000,0000,0000,,and causing the death
Dialogue: 0,0:01:59.51,0:02:02.39,Default,,0000,0000,0000,,of hundreds of thousands\Nof people every year.
Dialogue: 0,0:02:03.05,0:02:06.80,Default,,0000,0000,0000,,It also emits huge quantities\Nof carbon dioxide.
Dialogue: 0,0:02:06.82,0:02:09.46,Default,,0000,0000,0000,,So another part of the real cost of coal
Dialogue: 0,0:02:09.49,0:02:14.01,Default,,0000,0000,0000,,is the climate damage it will cause\Nand is already causing.
Dialogue: 0,0:02:14.61,0:02:18.15,Default,,0000,0000,0000,,More than a million acres\Nburned in California this summer,
Dialogue: 0,0:02:18.17,0:02:22.16,Default,,0000,0000,0000,,and massive floods put a third\Nof Bangladesh under water.
Dialogue: 0,0:02:22.18,0:02:26.40,Default,,0000,0000,0000,,Hundreds of studies have tried\Nto put a number on these costs.
Dialogue: 0,0:02:26.42,0:02:28.03,Default,,0000,0000,0000,,My sense of this work,
Dialogue: 0,0:02:28.06,0:02:31.30,Default,,0000,0000,0000,,and here I'm relying on my colleagues\Nin the School of Public Health
Dialogue: 0,0:02:31.32,0:02:33.29,Default,,0000,0000,0000,,and my friends in economics,
Dialogue: 0,0:02:33.31,0:02:37.58,Default,,0000,0000,0000,,is that generating 10 dollars' worth\Nof coal-fired electricity
Dialogue: 0,0:02:37.60,0:02:42.37,Default,,0000,0000,0000,,causes at least eight dollars' worth\Nof harm to human health
Dialogue: 0,0:02:42.39,0:02:46.76,Default,,0000,0000,0000,,and at least another\Neight dollars' worth of climate damage
Dialogue: 0,0:02:46.78,0:02:48.75,Default,,0000,0000,0000,,and probably much more.
Dialogue: 0,0:02:48.77,0:02:51.74,Default,,0000,0000,0000,,So the true cost\Nof this handful of electrons?
Dialogue: 0,0:02:51.76,0:02:53.41,Default,,0000,0000,0000,,It's not 10 dollars.
Dialogue: 0,0:02:53.44,0:02:56.32,Default,,0000,0000,0000,,It's something more like 26.
Dialogue: 0,0:02:57.07,0:03:00.59,Default,,0000,0000,0000,,The hidden costs of doing\Nthings like burning oil and gas
Dialogue: 0,0:03:00.61,0:03:05.26,Default,,0000,0000,0000,,and eating beef are similarly\Nenormous and just as unfair.
Dialogue: 0,0:03:05.99,0:03:09.79,Default,,0000,0000,0000,,Everyone who's trying\Nto build a clean economy
Dialogue: 0,0:03:09.81,0:03:13.11,Default,,0000,0000,0000,,has to compete with firms\Nthat are heavily subsidized
Dialogue: 0,0:03:13.14,0:03:16.84,Default,,0000,0000,0000,,by the destruction of our health\Nand the degradation of our climate.
Dialogue: 0,0:03:17.51,0:03:20.25,Default,,0000,0000,0000,,This is not the capitalism\NI signed up for.
Dialogue: 0,0:03:20.28,0:03:24.84,Default,,0000,0000,0000,,This is not a market\Nthat is either free or fair.
Dialogue: 0,0:03:25.60,0:03:26.94,Default,,0000,0000,0000,,So ...
Dialogue: 0,0:03:27.76,0:03:29.59,Default,,0000,0000,0000,,What do we do?
Dialogue: 0,0:03:30.74,0:03:35.44,Default,,0000,0000,0000,,The "easy" answer\Nis that governments should insist
Dialogue: 0,0:03:35.46,0:03:39.87,Default,,0000,0000,0000,,that anyone who emits greenhouse gases\Npay for the damage that they cause.
Dialogue: 0,0:03:40.44,0:03:41.72,Default,,0000,0000,0000,,However, at the moment,
Dialogue: 0,0:03:41.75,0:03:44.67,Default,,0000,0000,0000,,there's not much sign\Nthat governments are up for this,
Dialogue: 0,0:03:44.69,0:03:49.06,Default,,0000,0000,0000,,partly because the fossil fuel companies\Nhave spent the last 20 years
Dialogue: 0,0:03:49.08,0:03:52.17,Default,,0000,0000,0000,,using their heavily subsidized profits
Dialogue: 0,0:03:52.20,0:03:54.75,Default,,0000,0000,0000,,to deny the reality of climate change
Dialogue: 0,0:03:54.78,0:03:56.40,Default,,0000,0000,0000,,and to shower the politicians,
Dialogue: 0,0:03:56.43,0:03:59.50,Default,,0000,0000,0000,,who should be regulating them, with money.
Dialogue: 0,0:03:59.52,0:04:01.93,Default,,0000,0000,0000,,So here's my crazy idea.
Dialogue: 0,0:04:02.48,0:04:04.49,Default,,0000,0000,0000,,I think business should step up.
Dialogue: 0,0:04:04.93,0:04:08.52,Default,,0000,0000,0000,,I think business should fix capitalism.
Dialogue: 0,0:04:09.06,0:04:10.54,Default,,0000,0000,0000,,I know.\N(Laughs)
Dialogue: 0,0:04:10.56,0:04:14.72,Default,,0000,0000,0000,,Some of you are probably\Nthinking, "Fat chance."
Dialogue: 0,0:04:15.44,0:04:19.74,Default,,0000,0000,0000,,Didn't I just say that companies\Nare the ones denying the science,
Dialogue: 0,0:04:19.76,0:04:22.97,Default,,0000,0000,0000,,distorting the market\Nand lobbying the politicians?
Dialogue: 0,0:04:22.99,0:04:24.24,Default,,0000,0000,0000,,I did.
Dialogue: 0,0:04:25.02,0:04:29.51,Default,,0000,0000,0000,,But fixing this is squarely\Nin the private sector's interest.
Dialogue: 0,0:04:29.99,0:04:35.47,Default,,0000,0000,0000,,The truth is business is screwed\Nif we don't fix climate change.
Dialogue: 0,0:04:35.92,0:04:37.91,Default,,0000,0000,0000,,It's going to be hard to make money
Dialogue: 0,0:04:37.93,0:04:40.60,Default,,0000,0000,0000,,when the great coastal\Ncities are under water
Dialogue: 0,0:04:40.63,0:04:45.31,Default,,0000,0000,0000,,and millions of angry people\Nare migrating north as the harvests fail.
Dialogue: 0,0:04:45.33,0:04:48.35,Default,,0000,0000,0000,,It's going to be tough\Nto keep free enterprise alive
Dialogue: 0,0:04:48.37,0:04:51.44,Default,,0000,0000,0000,,if most people believe\Nthe rich and the white
Dialogue: 0,0:04:51.46,0:04:55.37,Default,,0000,0000,0000,,are using it to trash the planet\Nfor their own benefit.
Dialogue: 0,0:04:56.21,0:04:59.68,Default,,0000,0000,0000,,So let me tell you\Nwhat this looks like on the ground.
Dialogue: 0,0:04:59.70,0:05:04.04,Default,,0000,0000,0000,,My friend Erik Osmundsen\Nleft a cushy job in private equity
Dialogue: 0,0:05:04.06,0:05:07.31,Default,,0000,0000,0000,,to become the CEO of a garbage company.
Dialogue: 0,0:05:08.33,0:05:11.50,Default,,0000,0000,0000,,That sounds like a slightly odd idea.
Dialogue: 0,0:05:12.03,0:05:14.40,Default,,0000,0000,0000,,But Erik wanted to make a difference,
Dialogue: 0,0:05:14.43,0:05:16.65,Default,,0000,0000,0000,,and changing the way that trash is handled
Dialogue: 0,0:05:16.67,0:05:19.58,Default,,0000,0000,0000,,could reduce emissions\Nby billions of tons.
Dialogue: 0,0:05:20.17,0:05:23.11,Default,,0000,0000,0000,,Right away, he ran into a massive problem:
Dialogue: 0,0:05:23.13,0:05:25.87,Default,,0000,0000,0000,,the industry was thoroughly corrupt.
Dialogue: 0,0:05:25.89,0:05:29.48,Default,,0000,0000,0000,,Firms were cutting costs\Nby dumping waste illegally,
Dialogue: 0,0:05:29.50,0:05:31.39,Default,,0000,0000,0000,,the regulations were poorly enforced
Dialogue: 0,0:05:31.42,0:05:34.32,Default,,0000,0000,0000,,and the fines for violation were tiny.
Dialogue: 0,0:05:34.99,0:05:37.60,Default,,0000,0000,0000,,Erik announced he was going to run clean
Dialogue: 0,0:05:37.62,0:05:40.90,Default,,0000,0000,0000,,and to raise prices\Nto cover the costs of doing so.
Dialogue: 0,0:05:40.92,0:05:43.98,Default,,0000,0000,0000,,Many of his senior team\Nthought he was crazy.
Dialogue: 0,0:05:44.64,0:05:46.36,Default,,0000,0000,0000,,Half of them quit.
Dialogue: 0,0:05:46.38,0:05:48.52,Default,,0000,0000,0000,,So did many of his customers.
Dialogue: 0,0:05:48.55,0:05:52.57,Default,,0000,0000,0000,,His competitors denounced him\Nfor bringing the industry into disrepute,
Dialogue: 0,0:05:52.59,0:05:55.22,Default,,0000,0000,0000,,and he started\Nto receive personal threats.
Dialogue: 0,0:05:55.99,0:05:59.03,Default,,0000,0000,0000,,But corruption works best\Nwhen it's hidden.
Dialogue: 0,0:05:59.69,0:06:03.95,Default,,0000,0000,0000,,As soon as Erik went public,\Npeople started to step up.
Dialogue: 0,0:06:04.32,0:06:06.60,Default,,0000,0000,0000,,A few customers were willing to pay more.
Dialogue: 0,0:06:06.98,0:06:10.41,Default,,0000,0000,0000,,His investors agreed that taking\Nthe high road could pay off.
Dialogue: 0,0:06:10.84,0:06:15.44,Default,,0000,0000,0000,,Those of his employees who remained\Nloved the idea of taking a stand
Dialogue: 0,0:06:15.46,0:06:18.64,Default,,0000,0000,0000,,and found all kinds\Nof legal ways to cut costs.
Dialogue: 0,0:06:18.67,0:06:20.86,Default,,0000,0000,0000,,Erik persuaded several of his competitors
Dialogue: 0,0:06:20.89,0:06:24.26,Default,,0000,0000,0000,,to join him in refusing\Nto dispose of garbage illegally,
Dialogue: 0,0:06:24.28,0:06:28.50,Default,,0000,0000,0000,,and it got much tougher\Nfor regulators to stay on the sidelines.
Dialogue: 0,0:06:29.19,0:06:32.73,Default,,0000,0000,0000,,Today, Erik's company, Norsk Gjenvinning,
Dialogue: 0,0:06:32.75,0:06:36.24,Default,,0000,0000,0000,,is one of the largest\Nrecycling companies in Scandinavia.
Dialogue: 0,0:06:36.26,0:06:37.83,Default,,0000,0000,0000,,Let me generalize.
Dialogue: 0,0:06:38.23,0:06:40.64,Default,,0000,0000,0000,,These are the four pillars of change:
Dialogue: 0,0:06:41.51,0:06:44.10,Default,,0000,0000,0000,,Build a business\Nthat can set the right price
Dialogue: 0,0:06:44.12,0:06:46.09,Default,,0000,0000,0000,,and still be profitable.
Dialogue: 0,0:06:46.74,0:06:49.37,Default,,0000,0000,0000,,Persuade your competitors\Nto do the same thing.
Dialogue: 0,0:06:49.90,0:06:53.50,Default,,0000,0000,0000,,Make sure that investors understand\Nthere's money to be made.
Dialogue: 0,0:06:54.07,0:06:57.25,Default,,0000,0000,0000,,And push governments\Nto put the right price into law
Dialogue: 0,0:06:57.27,0:06:59.96,Default,,0000,0000,0000,,so that bottom-feeders can't survive.
Dialogue: 0,0:06:59.98,0:07:02.80,Default,,0000,0000,0000,,I'm not telling you we've got this nailed.
Dialogue: 0,0:07:03.10,0:07:04.83,Default,,0000,0000,0000,,Things are pretty desperate.
Dialogue: 0,0:07:05.52,0:07:09.64,Default,,0000,0000,0000,,But there are thousands\Nof businesspeople like Erik,
Dialogue: 0,0:07:09.67,0:07:12.13,Default,,0000,0000,0000,,and there are millions of people like us.
Dialogue: 0,0:07:12.68,0:07:18.16,Default,,0000,0000,0000,,And we are customers, employees,\Ninvestors and citizens.
Dialogue: 0,0:07:18.18,0:07:21.80,Default,,0000,0000,0000,,Instead of giving up\Non capitalism, let's fix it
Dialogue: 0,0:07:21.82,0:07:26.37,Default,,0000,0000,0000,,by making sure that markets\Nare truly fair and truly free,
Dialogue: 0,0:07:26.39,0:07:29.12,Default,,0000,0000,0000,,and that no one can dump garbage on us
Dialogue: 0,0:07:29.14,0:07:31.80,Default,,0000,0000,0000,,and walk away without paying for it.
Dialogue: 0,0:07:32.37,0:07:38.03,Default,,0000,0000,0000,,We have the resources and the technology\Nto solve climate change.
Dialogue: 0,0:07:38.05,0:07:40.86,Default,,0000,0000,0000,,Together, we can save the trees
Dialogue: 0,0:07:40.88,0:07:42.78,Default,,0000,0000,0000,,and each other.
Dialogue: 0,0:07:43.56,0:07:44.96,Default,,0000,0000,0000,,Thank you.