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"It started with the launch of Sputnik and ended with the Cuban missile crisis, but for a moment - so brief it has almost been forgotten - it looked as if the Russian dream of unrivalled prosperity would be realised. Francis Spufford on the lessons to be learned from the Soviet experiment"

A new UN report estimates that accounting for the environmental damage of the world's 3,000 biggest companies would wipe out one-third of their profits. Any precise figure, however, is a matter of how risk is quantified and of where you draw the line. In 2006, for example, the New Economics Foundation (NEF), of which I am the policy director, looked at the oil companies BP and Shell, who together had recently reported profits of £25bn. By applying the Treasury's own estimates of the social and environmental cost of carbon emissions, we calculated that the total bill for those costs would reach £46.5bn, massively outweighing profits and plunging the companies into the red.