Big Banks Quietly Prepare for Catastrophic Climate Change
"We now expect a 3°C world," Morgan Stanley analysts wrote earlier this month, citing "recent setbacks to global decarbonization efforts."
#MorganStanley, #JPMorgan and an international banking group have quietly concluded that #ClimateChange will likely exceed the #ParisAgreement's 2 degree goal and are examining how to maintain profits.
The big banks' acknowledgment that the world is likely to fail at preventing warming of more than 2 degrees Celsius above preindustrial levels is spelled out in obscure reports for clients, investors and trade association members. Most were published after the reelection of President Donald Trump, who is seeking to repeal federal policies that support clean energy while turbocharging the production of oil, gas and coal — the main sources of #GlobalWarming.
Morgan Stanley’s #climate forecast was tucked into a mundane research report on the future of air conditioning stocks, which it provided to clients on March 17. A 3 degree warming scenario, the analysts determined, could more than double the growth rate of the $235 billion cooling market every year, from 3 percent to 7 percent until 2030...
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https://www.scientificamerican.com/article/big-banks-quietly-prepare-for-catastrophic-climate-change/
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