Greta Thunberg told to study economics by US treasury secretary

Steven Mnuchin takes swipe at activists call for immediate fossil fuel divestment

Donald Trumps treasury secretary has dismissed Greta Thunbergs call for immediate fossil fuel divestment, saying the 17-year-old activist should go to college and study economics.

In a withering slapdown on the climate emergency movement, Steven Mnuchin pretended not to know who Thunberg was, before dismissing her concerns as ill-informed.

Asked whether calls for public and private-sector divestment from fossil fuel companies would threaten US growth, Mnuchin jibed: Is she the chief economist? Who is she, Im confused before clarifying that he was joking.

After she goes and studies economics in college she can come back and explain that to us, Mnuchin added, at a press conference at the World Economic Forum in Davos.

Quick guide

What is Davos 2020?

Davos is a Swiss ski resort now more famous for hosting the annual four-day conference for the World Economic Forum. For participants it is a festival of networking. Getting an invitation is a sign you have made it andthe elaborate system of badgesreveals your place in the Davos hierarchy. The meeting is sponsored by a huge number of international banks and corporations.

For critics, Davos man is shorthand for the globe-trotting elite, disconnected from their home countries after spending too much time in the club-class lounge. Others just wonder if it is alla big waste of time.

The 2020 meeting is being advertised as focusing on seven themes: Fairer economies, better business, healthy futures, future of work, tech for good, beyond geopolitics and how to save the planet. Young climate activists and school strikers from around the world will be present at the event to put pressure on world leaders over that last theme.

Mnuchins comments expose the huge gulf that still exists between climate activists and the White House. Pressed on the climate emergency, Mnuchin insisted that environmental issues are clearly complicated.

He said: When I was allowed to drive I had a Tesla. I drove in California. I liked it.

But nobody focuses on how that electricity is made and what happens to the storage and the environmental issues on all these batteries.

He also claimed the US was showing leadership in tackling emissions but through its private sector rather than government. President Trump believes in clean air and water, and a clean environment, Mnuchin insisted, but also believes that the real environmental issue centres on China and India.

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‘What will you tell your children?’: Greta Thunberg blasts climate inaction at Davos video

People who call for divestment should remember there are significant economic issues, issues with jobs, he continued. Many economies are transitioning to more efficient and cleaner energy. That doesnt have to be all renewables.

He also revealed he will travel to London for talks with the UK chancellor, Sajid Javid, this weekend. They will discuss US concerns over whether Britain will use Huaweis 5G technology.

Angela Merkel, though, spoke warmly about the work of the new generation of climate activists.

The impatience of our young people is something that we should tap, the German chancellor said. In a special address to the WEF, Merkel called for more international cooperation to tackle climate change.

I am totally convinced that the price of inaction will be far higher than the price of action, she declared.

Thunberg has used this weeks gathering in Davos to push for radical change on the climate emergency.

She called for an immediate exit from fossil fuel investment, an end to subsidies for the industry and a halt to investment in fossil fuel exploration and extraction by companies, banks, institutions and governments.

You might think were naive but if you wont do it, you must explain to your children why youve given up on the Paris agreement goals and knowingly created a climate crisis, she told delegates.

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Mnuchins comments clearly show the White House has yet to heed the call.

The US labour secretary, Eugene Scalia, called for a balanced approach. The energy sector has been an important source of jobs and fully divesting from fossil fuels would also harm US pensioners, he said.

On Tuesday, Trump told Davos that delegates should be optimistic.

To embrace the possibilities of tomorrow, we must reject the perennial prophets of doom and their predictions of the apocalypse. They are the heirs of yesterdays foolish fortune tellers, he said.

Read more: https://www.theguardian.com/business/2020/jan/23/greta-thunberg-told-to-study-economics-by-us-treasury-secretary-steven-mnuchin