Big Banks Quietly Prepare for Catastrophic Climate Change
- Top Wall Street institutions, including Morgan Stanley and JPMorgan Chase, are preparing for severe climate impacts as they acknowledge that limiting warming to 2 degrees Celsius is almost impossible.
- Morgan Stanley analysts predict a 3°C rise in temperature, resulting in severe droughts and extreme heat, which could double the growth rate of the cooling market by 2030.
- JPMorgan's CEO Jamie Dimon emphasized the bank's commitment to financing a transition to cleaner energy while acknowledging that capital will move at scale only when the economics make sense.
- The Institute of International Finance reported that limiting warming to 1.5 degrees Celsius is almost certainly unachievable and cites analyses backing this claim.
10 Articles
10 Articles
Big Banks accept a Catastrophic 5.4º F. Temperature Rise, Hope to sell People more Air Conditioners
Ann Arbor (Informed Comment) – Corbin Hiar reports at the Scientific American that the big banks are now banking on a 5.4º F. (3º Celsius) rise in global temperatures above the pre-industrial average. Morgan Stanley let the conclusion slip in a report on air conditioner sales, which it expects to double, what with the extra heat. Hiar says that especially after the election of Trump, the banks accept that that is just the way it is going to be. …
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