Image by Jon Tyson.

Capitalism, like Antarctica and like the Amazon rainforest, is under threat of destruction by excessive levels of CO2 emissions which cause radical climate change. Risk of some level of extinction of capitalism goes to the heart of a recent article written by Gunther Thallinger, Member of the Board of Management of Allianz Group (est. 1889, Munich) the world’s largest insurance company: Climate, Risk, Insurance: The Future of Capitalism d/d March 25, 2025.

Mr. Thallinger’s provocative article starts by spelling out the relationship between CO2 emissions and “the amount of energy” trapped in the atmosphere, which is one way of saying “global warming trapped in the atmosphere,” as he draws a direct link between the two.

Mr. Thallinger spells out the risks: “These extreme weather phenomena drive direct physical risks to all categories of human-owned assets—land, houses, roads, power lines, railways, ports, and factories. Heat and water destroy capital. Flooded homes lose value. Overheated cities become uninhabitable. Entire asset classes are degrading in real time, which translates to loss of value, business interruption, and market devaluation on a systemic........

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