The free market and business world is on a devastating road to "creative self-destruction" because it prizes profits over the planet, according to a new book which critically examines the response to climate change, which the authors describe as "the greatest threat of our time." Listen Duration: 7 minutes 16 seconds 7 m Listen Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Capitalism is not dealing with climate change issues as Professor Christopher Wright explains to Michael Condon Download 3.3 MB

Climate Change, Capitalism and Corporations: Processes of Creative Self-Destruction by the University of Sydney Business School's Professor Christopher Wright and the University of Newcastle's Professor Daniel Nyberg, examines corporate claims to value the environment while refusing to abandon policies contributing to environmental "annihilation."

Professor Wright said while some individual companies had made significant changes to their carbon footprint, in the overall scheme of things not enough was being done.

"What we need is a whole of government, whole of business approach," Professor Wright said.

"And just setting a price signal, or setting a carbon price will not be enough.

"I know that many farmers are looking at new crops and wine grape growers are looking at new varieties and new locations because of climate change.

"But that in addition there are a number of farmers that are climate change deniers that think that it is just a variable climate.

He said it was a similar situation in many big corporations, with companies having varying responses to the issue of climate change.

"Some are taking action and some are not, but a piecemeal approach won't solve the problems.

"I think the science is clear and the IPCC (Intergovernmental Panel on Climate Change) is actually a very conservative body.

"There are many groups and businesses that are looking at the impact of climate change if the worst case scenario is what happens.

"I am talking about a number of insurance companies and the military that are factoring in higher temperatures and the polar ice caps melting more quickly.

"If business is not acting on the market signals, and they are not, then governments should step in," Professor Wright says.