Big Finance to divest from fossil fuels

So many executive orders, so much twitter. What to do? Well, discuss it here for one...

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CDFingers
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Big Finance to divest from fossil fuels

Post by CDFingers »

This is CNBC.




Doing it for profit is the only way it's going to work. Because financial humans generally are greedy bastards, I am optimistic about this.

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Re: Big Finance to divest from fossil fuels

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Let's hope they see the writing on the wall. I never trust them to do the right thing, so I assume that they have some oligarchs in mind for this new green financing.
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Re: Big Finance to divest from fossil fuels

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It looks like all it took to shame trump and his man made climate change denying acolytes was videos of innocent Koala Bears dying in their thousands of years old homes, by incineration.
Is ignorance bliss? NO! It's suffering. Suffering ends when ignorance ends.

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Re: Big Finance to divest from fossil fuels

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Or, it is a lie... or bait-and-switch. Judge them by their actions. The Trump EPA is trying to roll back mercury pollution rules and even the power companies claim it is too dangerous to do that.

Maybe they realize that a reckoning is coming so they can't pretend and lie anymore?
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Re: Big Finance to divest from fossil fuels

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LONDON, 19 February, 2020 − Virtually all the world’s demand for electricity to run transport and to heat and cool homes and offices, as well as to provide the power demanded by industry, could be met by renewable energy by mid-century.

This is the consensus of 47 peer-reviewed research papers from 13 independent groups with a total of 91 authors that have been brought together by Stanford University in California.

Some of the papers take a broad sweep across the world, adding together the potential for each technology to see if individual countries or whole regions could survive on renewables.

Special examinations of small island states, sub-Saharan Africa and individual countries like Germany look to see what are the barriers to progress and how they could be removed.

In every case the findings are that the technology exists to achieve 100% renewable power if the political will to achieve it can be mustered.
https://climatenewsnetwork.net/renewabl ... d-by-2050/

Do we want to survive and thrive as a planet, or do we want to boil slowly while billionaires make rocket ships that will only carry seventeen people? I say throw a few billionaires into the public stocks while we move to renewables.

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Re: Big Finance to divest from fossil fuels

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CDFingers wrote:
Wed Feb 19, 2020 9:51 am
LONDON, 19 February, 2020 − Virtually all the world’s demand for electricity to run transport and to heat and cool homes and offices, as well as to provide the power demanded by industry, could be met by renewable energy by mid-century.

This is the consensus of 47 peer-reviewed research papers from 13 independent groups with a total of 91 authors that have been brought together by Stanford University in California.

Some of the papers take a broad sweep across the world, adding together the potential for each technology to see if individual countries or whole regions could survive on renewables.

Special examinations of small island states, sub-Saharan Africa and individual countries like Germany look to see what are the barriers to progress and how they could be removed.

In every case the findings are that the technology exists to achieve 100% renewable power if the political will to achieve it can be mustered.
https://climatenewsnetwork.net/renewabl ... d-by-2050/

Do we want to survive and thrive as a planet, or do we want to boil slowly while billionaires make rocket ships that will only carry seventeen people? I say throw a few billionaires into the public stocks while we move to renewables.

CDFingers
No argument here. However, they aren't going to another planet in rocket ships. They are purchasing bunkers, land, and islands.
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Re: Big Finance to divest from fossil fuels

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I maintain that the only way we can save ourselves is if some of us makes pots of money from doing so.

My portfolio is now 100% in renewables.

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Re: Big Finance to divest from fossil fuels

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Money talks, and bullshit walks. The scum who support fossil fuels will lose their shirts, bless their hearts.
The authors say policymakers need to change direction because a business-as-usual climate policy “would likely push the earth to a place that we haven’t seen for many millions of years”, with outcomes that might be impossible to reverse.

“Although precise predictions are not possible, it is clear that the Earth is on an unsustainable trajectory. Something will have to change at some point if the human race is going to survive.”

The investment bank says climate change “reflects a global market failure in the sense that producers and consumers of CO2 emissions do not pay for the climate damage that results.” To reverse this, it highlights the need for a global carbon tax but cautions that it is “not going to happen anytime soon” because of concerns about jobs and competitiveness.

The authors say it is “likely the [climate] situation will continue to deteriorate, possibly more so than in any of the IPCC’s scenarios”.

Without naming any organisation, the authors say changes are occurring at the micro level, involving shifts in behaviour by individuals, companies and investors, but this is unlikely to be enough without the involvement of the fiscal and financial authorities.
--snp--
Environmental groups remain wary because huge sums are invested in petrochemical firms, but some veteran financial analysts say the tide is changing. The CNBC money pundit Jim Cramer shocked many in his field when he declared: “I’m done with fossil fuels. They’re done. They’re just done.” Describing how a new generation of pension fund managers was withdrawing support, he claimed oil and gas firms were in the death knell phase. “The world has turned on them. It’s actually happening kind of quickly. You’re seeing divestiture by a lot of different funds. It’s going to be a parade that says, ‘Look, these are tobacco. And we’re not going to own them,’” he said. “We’re in a new world.”
https://www.theguardian.com/environment ... human-race

Twenty-somethings will have to get active. I'm old. They're not.

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Re: Big Finance to divest from fossil fuels

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JP Morgan economists warn of 'catastrophic' climate change

Human life "as we know it" could be threatened by climate change, economists at JP Morgan have warned.

In a hard-hitting report to clients, the economists said that without action being taken there could be "catastrophic outcomes".

The bank said the research came from a team that was "wholly independent from the company as a whole".

Climate campaigners have previously criticised JP Morgan for its investments in fossil fuels.

The firm's stark report was sent to clients and seen by BBC News.

While JP Morgan economists have warned about unpredictability in climate change before, the language used in the new report was very forceful.

"We cannot rule out catastrophic outcomes where human life as we know it is threatened," JP Morgan economists David Mackie and Jessica Murray said.

Carbon emissions in the coming decades "will continue to affect the climate for centuries to come in a way that is likely to be irreversible," they said, adding that climate change action should be motivated "by the likelihood of extreme events".

Climate change could affect economic growth, shares, health, and how long people live, they said.

It could put stresses on water, cause famine, and cause people to be displaced or migrate. Climate change could also cause political stress, conflict, and it could hit biodiversity and species survival, the report warned.

To mitigate climate change net carbon emissions need to be cut to zero by 2050. To do this, there needed to be a global tax on carbon, the report authors said.

But they said that "this is not going to happen anytime soon".

Developed countries were worried that cutting emissions would affect competitiveness and jobs, while less developed countries "see carbon intensive activity as a way of raising living standards."

"It is a global problem but no global solution is in sight," the report added.

The bank has warned about climate change before, although not in such strong and sweeping terms as its economists.

In March 2019 Bloomberg reported that an executive had warned that the US needed to significantly cut its carbon footprint, and in May of that year iJP Morgan called climate change a "global challenge" that presents risks for business.

Large organisations such as JP Morgan face a challenge in that inaction on climate change could have a huge hit on revenues - but so could taking action.

JP Morgan itself has been strongly criticised in the past for heavy investment in fossil fuels.

The Rainforest Action Network released a 2019 report claiming that the US banking giant provided the most fossil fuel firm financing of any bank in from 2016 to 2018.

Rupert Read, an associate professor of philosophy at the University of East Anglia, and a spokesperson for campaign group Extinction Rebellion, said that the bank is "taken by some to be the largest fossil fuel funder in the world."

He said if the bank's own researchers were "saying the very future of the human race is at stake" then the bank itself should change its direction.

"It's good they [the researchers] are telling the truth more - it's not good they [the bank] remain a strong funder of fossil fuels," he said.

"Everyone has to have responsibility for change, whether they are asset managers, or institutional investors, or chief executives, or shareholders," he added.

A JP Morgan spokesperson said the research team was "wholly independent from the company as a whole, and not a commentary on it" and declined to comment further.

Mark Cutifani, chief executive of mining giant Anglo American, told the BBC how the firm wants to reduce its carbon footprint, and ''can see a pathway to creating carbon neutral mines''.

Talking about a timeframe he added: "We are a bit concerned about putting a date on it as yet because some of the technologies are still evolving. We will get there, the only question is how quickly we can get there.''
https://www.bbc.com/news/business-51581098

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Re: Big Finance to divest from fossil fuels

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I will enjoy the coming bankruptcies. They had a chance and fluffed it.

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Re: Big Finance to divest from fossil fuels

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CDFingers wrote:
Sat Feb 22, 2020 11:58 am
I will enjoy the coming bankruptcies. They had a chance and fluffed it.

CDFingers
They will vacuum the money into sheltered foreign accounts first and then declare bankruptcy. We saw Purdue Pharma do that. They will, too.
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Re: Big Finance to divest from fossil fuels

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Building new wind and solar plants will soon be cheaper in every major market across the globe than running existing coal-fired power stations, according to a new report that raises fresh doubt about the medium-term viability of Australia’s $26bn thermal coal export industry.

While some countries are moving faster than others, the analysis by the Carbon Tracker Initiative, a climate finance thinktank, found renewable power was a cheaper option than building new coal plants in all large markets including Australia, and was expected to cost less than electricity from existing coal plants by 2030 at the latest.

Solar photovoltaics and wind energy were already cheaper than electricity from about 60% of coal stations, including about 70% of China’s coal fleet and half of Australia’s plants, it said.
Carbon emissions fall as electricity producers move away from coal
Read more

In Japan, where Australia sells nearly half its exported thermal coal, wind power was found to cost less than new coal plants and was expected to be cheaper than existing coal by 2028. Solar power in Japan was forecast to be a better option than new coal by 2023 and existing coal by 2026.
https://www.theguardian.com/environment ... ysis-finds

This is good. Economics is a great catalyst when it comes to change.

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Re: Big Finance to divest from fossil fuels

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Oil prices dropping now, but not nat gas or coal. If oil prices drop, drilling & fracking becomes less profitable.

The economy will change no matter what Kochs want.
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Re: Big Finance to divest from fossil fuels

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K9s wrote:
Thu Mar 12, 2020 1:06 pm
Oil prices dropping now, but not nat gas or coal. If oil prices drop, drilling & fracking becomes less profitable.

The economy will change no matter what Kochs want.
Fracking is already a loser. The oil companies lose money on every fracking well they drill. The excuse to investors is they will make money when prices rise and it is a good tax move for now.
Facts do not cease to exist because they are ignored.-Huxley
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