
JP Morgan economists warn climate crisis is threat to human race - melonkidney
https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race
======
kccqzy
Not just JP Morgan, but plenty of economists and even fund managers and
traders know of this threat. Here's another example:
[https://www.barrons.com/articles/jeremy-grantham-called-
the-...](https://www.barrons.com/articles/jeremy-grantham-called-the-
financial-crisis-he-has-another-warning-for-investors-51581532462)

The problem has never been whether most people believe in climate change and
its damaging effects. The problem has always been politics.

------
chiefalchemist
A few weeks ago I read Naomi Klein's "This Changes Everything." She
specifically mentions how the bailout - after the 2008 crash - was a missed
opportunity; that WS' behavior could been nudged or more. Given what was at
risk, it's difficult to disagree.

[https://www.theguardian.com/books/2014/sep/22/this-
changes-e...](https://www.theguardian.com/books/2014/sep/22/this-changes-
everything-review-naomi-klein-john-gray)

~~~
Melting_Harps
> I read Naomi Klein's "This Changes Everything.

The The Shock Doctrine: The Rise of Disaster Capitalism is another insightful
book of hers, I highly recommend it, it was written in 2008 as the financial
crisis happened: [https://www.amazon.com/Shock-Doctrine-Rise-Disaster-
Capitali...](https://www.amazon.com/Shock-Doctrine-Rise-Disaster-
Capitalism/dp/0312427999)

------
nwsm
Duplicate

[https://news.ycombinator.com/item?id=22386096](https://news.ycombinator.com/item?id=22386096)

------
narrator
"FIRM ACTS AS A PLACEMENT AGENT IN THE IFC’S $152 MILLION BOND TO PROTECT
FORESTS AND DEEPEN CARBON-CREDIT MARKETS"

[https://www.jpmorgan.com/country/US/en/detail/1320553563765](https://www.jpmorgan.com/country/US/en/detail/1320553563765)

~~~
eganist
Much as pointing out potential conflicts is always helpful, it's worth noting
that most companies won't dive into a market unless upside exists.

In this case, looks like JPM is betting that the world will get a hold of
itself, which would make this product a bit more... productive.

------
_bxg1
In all the distrust and misinformation out there around this subject, it's
refreshing whenever I see finance people talk in these terms. They are
pragmatic to a fault, and wouldn't make statements like these lightly.

~~~
Melting_Harps
> They are pragmatic to a fault, and wouldn't make statements like these
> lightly.

The situation is dire, but lets not discount these are the very same people
responsible for the derivatives scandal that plunged the global economy into
disrepute, and profited very handsomely from it with bail outs and bonuses for
their utter failure to exercise sound financial behaviour. So lets not place
the very same people capable of creating their own catastrophic global crisis
on pedestals.

With that said, consider how big their carbon footprint is in just the
creation, maintenance and upkeep of their legacy system, which really only
'works' 5 days out of the week.

If they want to be taken serious, knowing they will never correct the
malfeasance they call a business model, they should give little to no interest
loans on startups and small businesses that help offset global climate change.

They won't and instead you'll see Jamie Diamond on TV alongside Blankfiend et
al at Davos making these empty latitudes without so much as hesitating when
they board their private jets whilst eating exotic food and drinks procured
from all over the World.

Pragmatists? Hardly, opportunistic parasites willing to cling onto whatever
narrative suits them, of course.

~~~
_bxg1
I didn't mean to put them on pedestals; I really did mean "to a fault".
Usually it's a fault. What I'm saying is that they don't mess around when it
comes to their own self-interest. So if _even they_ are worried about this, we
all should be.

------
jedmeyers
Those things from big banks always remind me of the quote from Big Short:
"Yeah, I think you mean that you've secured a net short position yourselves.
So you're free to mark my swaps accurately for once because it's now in your
interest to do so."

