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2020 SkS Weekly Climate Change & Global Warming News Roundup #8

Posted on 22 February 2020 by John Hartz

A chronological listing of news articles linked to on the Skeptical Science Facebook Page during the past week, i.e., Sun, Feb 16, 2020 through Sat, Feb 22, 2020

Editor's Pick

JP Morgan economists warn climate crisis is threat to human race

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory

C02 emissions from coal-fired power plants

The JP Morgan paper said ‘catastrophic outcomes’ could not be ruled out. Photograph: Dimitar Dilkoff/AFP via Getty Images

The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.

The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas. 

JP Morgan economists warn climate crisis is threat to human race by Patrick Greenfield and Jonathan Watts, Environment, Guardian, Feb 21, 2020


Articles Linked to on Facebook

Sun, Feb 16, 2020

Mon, Feb 17, 2020

Tue, Feb 18, 2020

Wed, Feb 19, 2020

Thu, Feb 20, 2020

Fri, Feb 21, 2020

Sat, Feb 22, 2020

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Comments

Comments 1 to 5:

  1. "The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas." I suspect the fossil fuel industries won't have trouble finding financing and if necessary they'll set up their own banks and financial firms.

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  2. JoeZ,

    New investment is needed to expand the rate of fossil fuel production, and is even needed to maintain it.

    And Alberta's fossil fuel export pushing leadership is very concerned that any Canadian decisions to limit new fossil fuel production investment, decisions that add costs or that simply deny the initial low-balled offering of the profiteer developer, low-balled to maximize their profit if it is accepted that way, will send a 'terrible' message to global investors.

    Many fossil fuel corporations are already in debt. They have no significant internal wealth to spend on New Opportunities. And some of the traditional fossil fuels firms are transitioning away from that activity as shareholders push to stop such corporations from gambling income on new fossil fuel ventures.

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  3. "Many fossil fuel corporations are already in debt." Sure, but many are doing great. When the debt ridden firms go under- those doing fine will buy their assetts. I doubt that J.P. Morgan and some other investment houses turning against fossil fuel industries will make much of a difference. it's a big world with lots of people with lots of money looking for investments. Whether anyone likes it or not I think fossil fuel firms will be around for some time. Especially because a lot of people still want gas for their cars, heating oil for heir homes, etc. I have an electric chainsaw- not to help save the planet but because they're really nice- very convenient for backyard kind of work. Quite and I sure got tired of pulling on the cord trying to start gas saws. But, they'll only work for only an hour or so. I'd hate to be a logger who has to cut big trees all day- because no electric chain saw will do that- so those loggers will want gas. Of course much logging today is done with big machines (feller-bunchers and skidders). I suppose they won't be happy without diesel. Oh, and I plan on buying an electric lawn mower this year- for the same reason- convenience and quite.

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  4. Joe Z @3, reduced conventional bank financing to the fossil fuel industry would leave them having to compete for other remaining funds which are a limited resource, thus driving up the cost of those funds, increasing the price of petrol and forcing people to consider electric cars etcetera. This is what is needed.

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  5. JoeZ,

    Please share specifics about all of the major fossil fuel corporations that are not in debt to lenders or to shareholders and not looking for financing (note that share values do not fund new projects, new shares being bought would be required). I am sure they exist. I am not sure there are that many of them, but you claim to know, and I am open to learning.

    Also, please share details of how such an entity purchasing a failing competitor would be 'Their go to strategy for New Investments to sustainably grow the corporation'. Note that the key issue I am asking about is Sustainably Growing the Corporation.

    Admittedly, there has been an unsustainable rash of success by people buying up businesses and unsustainably 'optimizing the value extracted'. But there is no actual future for that type of operation. The pursuit of 'opportunities to benefit that way' are being seen to be creating harmful consequences, in addition to being unsustainable ways of creating impressions of wealth and status.

    "Winners Take All - The Elite Charade of Changing the World", by Anand Giridharadas is a thorough evidence-based presentation of many unsustainable harmful things that have developed, particularly since the damaging disruption of the likes of Reagan and Thatcher in the 1980s. The most damaging development is the way there is now a reluctance to actually understand how harmful the pursuits of benefit actually are. The harmful pursuits/pursuers are excused by claiming that they "reduce poverty, or allow really rich people to charitably give back some wealth to Help as they see fit", failing to admit the harm done and failing to admit that the activity is unsustainable.

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