Siemens cautionary example during economy’s climate transition – opinion
The protest against Siemens’ involvement in the Adani coal mine project in Australia and the company’s handling of the situation is a cautionary example for others during the transition to a more climate-friendly economy, writes Caspar Busse in an opinion piece in Süddeutsche Zeitung. The Siemens case is “illustrative and will only be the beginning”, as not only climate activists but also investors like asset manager BlackRock are calling for changes, he writes. “Other companies will also have to deal with these issues in the future, possibly on an even larger scale. Then perhaps entire business models will start to falter.”
Siemens has been criticised for its participation in the controversial Adani coal mine project in Australia at a time when the southern continent has been ravaged by unprecedented wildfires. Protests also took place at the company’s annual general meeting in Munich on 5 February, where CEO Joe Kaeser said Siemens Energy – an energy business it plans to spin off by September – would be at the centre of the global debate on climate change.