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Important Legal Information & Terms of Use

By using the Cape Capital website (“Website”), you declare that:

  • You are a qualified investor according to Art. 10 para.3 of the Swiss Collective Investment Scheme Act (CISA) and/or a professional or institutional investor according to Art. 4 of the Financial Services Act (FinSA).
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  • You have understood and agree to the following Important Legal Information and Terms of Use (together “Conditions”)

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About this Website

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Cape Capital is an independent wealth manager headquartered in Zurich, Switzerland.

The content of this Website (including microsites) has been prepared by Cape Capital AG, with its registered address at Utoquai 55, 8008 Zurich, Switzerland (“Cape Capital”), duly registered at the commercial register of the Canton of Zurich with number CHE-109.617.147. and contains the views and opinions of the particular individuals and is for general information and marketing purposes only. All copyrights and other rights, included but not limited to logos and registered trademarks relating to the entire content of the Website are reserved exclusively to Cape Capital or the specifically designated right holders. Any use, in particular the reproduction or publication in full or in part is permitted only with the prior written consent of Cape Capital. Cape Capital may from time to time suspend the operation of this Website for repair, maintenance or improvement work, or in order to update or upgrade its content or functionality. Cape Capital may also change the format, content and/or access of this Website at any time at its sole discretion without notice. Although Cape Capital believes that information provided on this Website is based on reliable sources, content on this Website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. Therefore Cape Capital cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained herein. Unless otherwise stated, the numbers/figures on the Website are unaudited.

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Regulatory Status & Ombudsman

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Cape Capital is a regulated asset manager of collective assets according to the Federal Act on Financial Institutions of 15 June 2018 (FinIA) and supervised by the Swiss Financial Market Supervisory Authority FINMA, Laupenstrasse 27, CH-3003 Bern, Switzerland (FINMA). The Website contains information about various collective investments (“Funds”) which may have been registered or otherwise notified for distribution and marketing in the jurisdiction you have selected. Please note, that such registration or notification does not mean that the Funds are suitable for all investors and their investment objectives, financial situation and risk profile. As an asset manager of collective assets, Cape Capital is, among others, subject to the rules under the Swiss Financial Services Act (FinSA), the Swiss Collective Investment Schemes Act (CISA) and the Swiss Financial Institutions Act (FinIA).Cape Capital is affiliated to the following Ombudsman according to FinSA: Finanzombudsstelle Schweiz (FINOS), Talstrasse 20, CH-8001 Zurich, Switzerland. For further information, please refer to the General Client Information Document available on the Website which forms an integral part of these Conditions. Cape Capital is an independent wealth manager headquartered in Zurich, Switzerland.

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No Solicitation, Offer, Recommendation or Advice

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Nothing contained on this Website constitutes a solicitation, an offer or a recommendation to buy or sell any Cape Capital Funds or other financial instruments, nor does it constitute any form of personal investment advice which takes into account your personal circumstances. Cape Capital does not provide investment, legal, tax or other advice through this Website and nothing herein should be construed as such advice. Cape Capital does not represent that any Cape Capital collective assets or financial instruments mentioned on this Cape Capital website are suitable for any investor. Investment or other decisions should be made solely on the basis of the relevant product and/or service documents (prospectus/offering memorandum, fund contract/articles, key information documents, financial reports) of the respective collective investment. If not a Cape Capital client, it is strongly recommended to contact a professional financial advisor, tax consultant or other qualified expert in order to determine whether an investment in a Fund or other financial instrument corresponds to the specific requirements and preferred level of risk of the investor.

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Any collective investment schemes mentioned on this Website may, unless explicitly stated otherwise, not be offered, sold or delivered to United States (U.S.) citizens or persons resident or incorporated in the U.S. and/or other natural or legal persons whose income and/or returns, regardless of origin, are subject to U.S. income tax, as well as persons who are considered to be U.S. persons pursuant to Regulation S of the U.S. Securities Act of 1933 and/or the U.S. Commodity Exchange Act, in each case as amended from time to time.

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Risk Considerations

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The provision of financial services and investments in Funds and other financial instruments involve opportunities but also bear risks, including the risk that the value of investments and the income therefrom may fall or rise and investors may not get back the full amount invested or may even lose all of their investment. Investors should ensure to have fully understood such risks before taking any investment decisions. Cape Capital strongly advises to consult the brochure “Risks Involved in Trading Financial Instruments” of the Swiss Bankers Association (SBA) as well as  the relevant documents of the respective Fund or financial instrument and to seek professional investment advice before taking any decision to invest. Investors should note, that these Conditions do not represent a complete statement of risks associated to a Fund or a financial instrument. Past performance is no indication of current or future performance. Performance data do not include commissions and costs incurred by investors when subscribing or redeeming Fund shares.Investments, in particular collective investments in private equity, venture capital and other illiquid assets involve an above-average degree of risk, including the risk that losses may even exceed the original investment and should be seen as long-term in nature.

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No Warranties

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The use of this Website, including any information accessed, downloaded or otherwise obtained through the Website is at your own risk. This Website, together with all content, information and materials contained therein, is provided “as is” and “as available”, without any representations or warranties of any kind, whether express or implied, with respect to the Website, and all information and functionalities contained therein.

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Limitations of Liability

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IN NO EVENT SHALL CAPE CAPITAL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF DATA, BUSINESS OR PROFITS) ARISING OUT OF OR IN CONNECTION WITH THESE CONDITIONS, THIS WEBSITE, THE INABILITY TO USE THIS WEBSITE OR ANY INFORMATION OBTAINED OR STORED THERFROM. Cape Capital excludes any liability for any loss, damage or alteration of any kind including but not limited to transmission to losses, delays, misunderstandings, unauthorized interception by third parties, duplication or fraud, except in the event of gross negligence on the part of Cape Capital. Any transmission or download of information is entirely at your own risk.

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Data Protection and Privacy Settings

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Cape Capital has established a Cape Capital Privacy Notice, which forms an integral part of these Conditions. It explains how personal data is collected and processed at Cape Capital, including this Website. Cape Capital uses cookies to personalize and improve site experience. You can at any time change or withdraw your consent from the Cookie Declaration on the Website. Your consent applies to the following domains: capecapital.com. Your current state: Consent accepted or Consent rejected. Manage your consent.

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Applicable Law and Jurisdiction

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The access and use of this Website, and these present Conditions are governed by substantive Swiss law with the exclusion of the conflict of law principles. The place of jurisdiction is Zurich, Switzerland.

Last Update: October 2024

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Hot planet, hard truths: the stark reality of a warming earth

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FOLIO Edition IX: WAVES
Impact & Environment

Following a summer of record-breaking temperatures across Europe, FOLIO speaks to Arthur Snell, author of Elemental: The New Geography of Climate Change and How We Survive It, on what lies ahead as the world continues to heat up.

According to the UN Environment Programme, an average global temperature rise of around 3ºC by the end of this century would lead to billions of people experiencing lethal heat annually and nearly 100,000 heat-related deaths per year in Europe alone – a not unrealistic scenario considering there are already predictions of a 2ºC increase by 2050. The ramifications include widespread extinctions, severe food shortages and sea level rises. It’s just one of many stark facts set out in British former diplomat Arthur Snell’s book Elemental: The New Geography of Climate Change and How We Survive It, published earlier this year. “We’ve lived through this incredibly hot summer and already it feels as though the political conversation has moved on. There’s no urgency,” he says. 

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While the big picture is depressing because we’re doing it all too slowly, we are making changes

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Whether discussing declining agricultural productivity in the Sahel (the African region which, the IPCC reports, is warming faster than almost anywhere else), escalating wildfires in the Congo and California, or the role of burning fossil fuels on the shifting international power hierarchy, Arthur’s underlying message is that human-induced climate change is reshaping our world in real time, rather than geological time – and it makes for mostly grim reading. However, he does also offer an alternative vision of the future. Yes, one with considerable climate change, major adaptations and disrupted economies but possible improvements within our reach too. 

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“While the big picture is depressing because we’re doing it all too slowly, we are making changes. There has been a rapid adoption of renewable energies and it’s growing all the time,” Arthur continues. “A great example is China which is a world leader in pioneering developments in EV and other battery technologies. What’s interesting is that the country has reached a point where its CO2 emissions are falling even though the economy is expanding. The US and the EU might have well-written documents on critical minerals strategy but China has gone out and done it. Partly being autocratic makes it easier but democracies recently are seen to have lost the ability we once had in terms of how to plan for the long term.”

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In 2025, data from the World Bank showed that electricity from onshore wind and solar costs about a third as much to produce as that from coal. As the book details, the rise of EVs is expected to make a big hole in the global demand for oil in the 2030s, perhaps reducing it by as much as six million barrels per day (the equivalent to around 60 per cent of the Saudis’ entire production). We are also seeing large-scale concentrated solar power plants in Morocco such as Noor Ouarzazate which produces enough electricity from a single solar installation to meet the needs of two million Moroccans (negatives include the significant amounts of water it uses and the challenge of storage) and Xlinks, whose basic premise revolves around connecting centres of abundant supply to areas that need it, through a global grid of subsea intercontinental cables. 

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Then there’s hydrogen, which, if produced cleanly, could be one way to cut emissions on short-haul flights. A 2022 report by the consultancy McKinsey proposed a route to net-zero aviation by 2050, relying heavily on hydrogen and related technologies (although as Arthur points out, this would mean rethinking the entire logistics infrastructure for the industry). The European aerospace giant Airbus and Brazilian manufacturer Embraer both expect to have hydrogen powered aeroplanes in service by the mid-2030s. 

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As the world, once again too late, gets closer to managing the crisis of greenhouse gases, the importance of these forests cannot be overstated

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Incidentally, he names Brazil, which sources 80 per cent of its electricity from clean energy and is one of the world’s leading producers of iron ore, as somewhere that could become a bigger player in the minerals arena. “It’s also an important agricultural producer. As the world, once again too late, gets closer to managing the crisis of greenhouse gases, the importance of these forests cannot be overstated.” Another country is Canada, which is “less affected by rising land heat but also has a wide number of minerals.”

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Although there are obvious concerns relating to energy dependence on any one country, Arthur, who has spent a decades-long career working in the geopolitical space across Africa and the Middle East, believes the counter-argument to the friction this could cause is that trade between nations can also foster cooperation. “When we look at the major environmental issues that can drive conflict such as water, in many cases the opposite has happened and countries have been forced to work together. India and Pakistan rely on the same mega basin in the Indus River, for instance. It’s logical that they can’t risk destroying that partnership and making two billion people without water. And, as the Arctic warms, allowing new shipping routes to open up which Russia wants to control, and Chinese farming migrants move to Siberia when the permafrost melts, China and Russia will have a lot of benefits from collaborating.”

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Migration, of course, is “a big part of the story as sparsely populated areas of the world such as deserts expand, and territories currently inhabited may become almost unliveable.” In some cases, such as the tiny archipelagic country of Tuvalu in the South Pacific this is due to rising ocean levels (in 2023, it signed the first bilateral agreement on climate mobility with Australia for the 11,000 citizens). In others, like East Africa and India, floods and droughts are causing crop failures, livestock losses and livelihoods to collapse. The World Food Programme estimates that more than 345 million people faced high levels of food insecurity in 2023, more than double the number in 2020.

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“We can adapt rice so it does better with flooding and grows better in extreme heat,” says Arthur, citing Bangladesh’s national rice research institute which has developed varieties that can flourish even after spending weeks underwater. “In countries like the UK where summer now is what it was like in the south of France 15 years ago, it’s about changing the techniques we use and what we grow.” Other ideas explored in the book range from the extreme, such as geoengineering the weather, to mega-dams and expanding the R2P (responsibility to protect) concept to safeguard globally critical ecosystems like the Amazon. “There’s no silver bullet invention that we’re waiting for; many of the technologies have already been found and there are lots of reasons for optimism,” he concludes.

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Elemental: The New Geography of Climate Change and How We Survive It (published by Hachette UK) is out now.

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