Big Banks Quietly Prepare for Catastrophic Warming
www.scientificamerican.com
Morgan Stanley, JPMorgan and an international banking group have quietly concluded that climate change will likely exceed the Paris Agreement’s 2 degree C goal and are examining how to maintain profits

GOOD NEWS THOUGH EVERYONE!

A 3 degree warming scenario, the analysts determined, could more than double the growth rate of the $235 billion cooling market every year, from 3 percent to 7 percent until 2030.

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“The world is not on track to limit temperature rise below 2°C — and limiting warming [to] 1.5°C is almost certainly unachievable,” the Institute of International Finance writes

The banking industry can support the transition from fossil fuels to clean energy but capital will only move “at scale when the economics make sense,” Mary Kate Binecki, a spokesperson for the Institute of International Finance, said in an email.