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 se… - Minouche Shafik

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.

Like you, I am new to this campus, having started as Columbia’s 20th president in July. And I say as someone who has experienced change once or twice in my life, beginnings are exciting, and hard, and everything in between. They introduce us to new people and ideas, challenge us to adapt to new situations, and open our eyes to new ways of thinking about the world and our place within it.

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.