- Oct 17, 2011
- 43,726
- 46,790
- Country
- United States
- Faith
- Atheist
- Marital Status
- Legal Union (Other)
Top Wall Street institutions are preparing for a severe future of global warming that blows past the temperature limits agreed to by more than 190 nations a decade ago, industry documents show.
The recent reports — from Morgan Stanley, JPMorgan Chase and the Institute of International Finance — show that Wall Street has determined the temperature goal is effectively dead and describe how top financial institutions plan to continue operating profitably as temperatures and damages soar.
“We now expect a 3°C world,” Morgan Stanley analysts wrote earlier this month, citing “recent setbacks to global decarbonization efforts.”
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.
Wall Street knows how to run the numbers, and right now the smart money expects warming to exceed 2 degrees, explained Jain, the former investment banker.
“These guys are not making assumptions out of the blue,” he said. “They are following the science.”
That's certainly pretty clear. The science says "If we do this, we can keep it under 2". And since we're not doing it, we won't.
The recent reports — from Morgan Stanley, JPMorgan Chase and the Institute of International Finance — show that Wall Street has determined the temperature goal is effectively dead and describe how top financial institutions plan to continue operating profitably as temperatures and damages soar.
“We now expect a 3°C world,” Morgan Stanley analysts wrote earlier this month, citing “recent setbacks to global decarbonization efforts.”
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.
Wall Street knows how to run the numbers, and right now the smart money expects warming to exceed 2 degrees, explained Jain, the former investment banker.
“These guys are not making assumptions out of the blue,” he said. “They are following the science.”
That's certainly pretty clear. The science says "If we do this, we can keep it under 2". And since we're not doing it, we won't.
