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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.

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juancole.com

Left

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. …

22 hours ago

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Scientific American

Lean Left

Big Banks Quietly Prepare for Catastrophic Climate Change

Morgan Stanley, JPMorgan and an international banking group have quietly concluded that climate change will likely exceed the Paris Agreement's 2 degree goal and are examining how to maintain profits

2 days ago

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eenews.net

Lean Left

Big banks predict catastrophic warming, with profit potential

Morgan Stanley, JPMorgan and an international banking group have quietly concluded that climate change will likely exceed the Paris Agreement's 2 degree

2 days ago

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Caixin Global

Lean Right

Major Banks to Replenish Capital

Major Banks to Replenish Capital - Also in today’s rundown: State-owned carmakers’ plan to boost EV competitiveness, CK Hutchison says it has not made decision on spinning off telecom assets

2 days ago

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fintech.global

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regtechanalyst.com

Major regulatory shift as OCC ends climate guidance for banks

The Office of the Comptroller of the Currency (OCC) has announced a significant policy reversal by withdrawing its participation in the established interagency principles designed to manage climate-related financial risks for large financial institutions. This move comes as the OCC deems these guidelines to be overly demanding and redundant. Acting Comptroller of the Currency Rodney E. Hood explained that the existing regulatory frameworks alrea…

17 hours ago

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politicopro.com

E&E News: Big banks predict catastrophic warming, with profit potential

Morgan Stanley, JPMorgan and an international banking group have quietly concluded that climate change will likely exceed the Paris Agreement's 2 degree goal.

24 hours ago

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