Minouche Shafik Quotes

Columbia has a long and proud tradition of protest and activism on many important issues such as the Vietnam War, civil rights, and the anti-apartheid struggle in South Africa. Today’s protesters are also fighting for an important cause, for the rights of Palestinians and against the humanitarian tragedy in Gaza. They have many supporters in our community and have a right to express their views and engage in peaceful protest.

I think at the moment we really are on the cusp of potentially a major change, and I'm quite optimistic about not just all the women we see rising to the top, but also all the young women coming up who will fill those jobs in the future toward gender parity.

Over the last few months, we have been patient in tolerating unauthorized demonstrations, including the encampment. Our academic leaders spent eight days engaging over long hours in serious dialogue in good faith with protest representatives. I thank them for their tireless effort. The University offered to consider new proposals on divestment and shareholder activism, to review access to our dual degree programs and global centers, to reaffirm our commitment to free speech, and to launch educational and health programs in Gaza and the West Bank. Some other universities have achieved agreement on similar proposals. Our efforts to find a solution went into Tuesday evening, but regrettably, we were unable to come to resolution.

So, the economy of the future is our choice. We face a classic intertemporal investment problem – incur some investment costs now with high returns later or opt for inaction or not enough action but incur very high costs and risks later. Even if you do not take into account future generations (which makes these arguments much, much stronger), it seems to me the choice is clear. Climate change and biodiversity loss are here, and we are already suffering the consequences. Unlike the Pharaohs, we can overcome this climate change by choosing a different kind of economy for the future.

I know that many of our Jewish students, and other students as well, have found the atmosphere intolerable in recent weeks. Many have left campus, and that is a tragedy. To those students and their families, I want to say to you clearly: You are a valued part of the Columbia community. This is your campus too. We are committed to making Columbia safe for everyone, and to ensuring that you feel welcome and valued.

We know we are in difficult economic times with war, recession, and inflation. Where will the money for this investment come from? In tough times, we need to use our limited resources most efficiently. Given the history of climate change, we need an appropriate balance between responsibility and resources.

Africa is responsible for only 1% of emissions but will be the hardest hit by climate change. That cannot be right. At the same time, many African countries are rich in sunshine, wind, rivers and forests. With support, they could leapfrog the dirty energy systems of the past and, if we create a better carbon market, provide a huge source of income for countries rich in carbon sinks.

Obviously, it’s a great thing that women are increasingly in leadership roles in top universities. I guess I just sort of feel like it’s about time. It’s my honest opinion. I mean, I don’t wake up every morning thinking, “Oh, I’m the first woman president of Columbia.” You just kind of get on with the job. So I don’t really think about it very much every day. But I think it’s great.

I strongly believe that talent is spread evenly around the world, but opportunity is not.

It is not okay to cast civility aside because the moment is too heated. We must cultivate a university culture that pushes back on the forces that seek to divide us. A culture that encourages empathy, not personal attacks on individuals or identities. Learning to speak, and listen with respect, that is a cherished Columbia value.

I am honoured to speak today in the country of my birth, a country that has been a cradle of human civilization for millennia, on a topic that will determine the future of human civilization and whether it lasts for more millennia. I am an economist who has worked on development and environment issues for several decades and I wanted to speak to you about the economy of the future.

There are many ways in which co-operation on macro-prudential policies could be deepened further. Options which could warrant further investigation range from formalising the exchange of information, to frameworks for reciprocity for tools beyond the countercyclical capital buffer, to common stress test scenarios and risk assessment that are used across the world.

But before doing that, let me start with a story from the past. Over 3000 years ago a different kind of climate change caused by volcanic eruptions and changing weather patterns resulted in persistent droughts that caused famines and political unrest in ancient Egypt. The pharaohs of the Ptolemaic dynasty such as Cleopatra went to great lengths to adapt – transferring grain from productive regions to drought plagued areas, opening up grain stores, crossbreeding cattle to develop more heat resistant animals, and providing tax relief. These foresighted efforts managed to prolong the Egyptian empire for a half century longer but ultimately one of the greatest empires the world has ever known collapsed because of the effects of climate change. The difference between then and now is that we are the cause of today’s climate change, and we have the means to stop it by changing our economy.

It is going to take time to heal, but I know we can do that together. I hope that we can use the weeks ahead to restore calm, allow students to complete their academic work, and honor their achievements at Commencement.

We also must continue with urgency our ongoing dialogue on the important issues that have been raised in recent months, especially the balance between free speech and discrimination and the role of a university in contributing to better outcomes in the Middle East. Both are topics where I hope Columbia can lead the way in new thinking that will make us the epicenter, not just of protests, but of solutions to the world’s problems.