PortandTerminal.com, February 22, 2020
“Something will have to change at some point if the human race is going to survive.” Global carbon tax needed JP Morgan advises
NEW YORK CITY – A leaked report sent by JP Morgan, one of the world’s major fossil fuel financiers, to its clients says Earth is on an unsustainable trajectory. “We cannot rule out catastrophic outcomes where human life as we know it is threatened”, was one of its shocking conclusions.
All this will have a devastating impact on economic growth and the stock market, the report’s authors David Mackie and Jessica Murray said.
A copy of the report was obtained by Rupert Read, an Extinction Rebellion spokesperson and philosophy academic at the University of East Anglia. The authenticity of the leaked report, which is titled Risky business: the climate and the macroeconomy has been verified by the Guardian in the UK.
The report goes on to say that the impact of climate change has been massively underestimated and said: “Something will have to change at some point if the human race is going to survive.”
“We cannot rule out catastrophic outcomes where human life as we know it is threatened.”JP Morgan, Risky business: the climate and the macroeconomy
Stating that deaths, immigration and conflicts will soar as the planet heats and water supplies dry up, JP Morgan paints a grim picture fo the future of humanity. Famines will increase and species will be wiped out as well it highlights.
According to JP Morgan’s research, titled Risky business: the climate and the macroeconomy, the impact of climate change will be broad and devastating.
Noting that previous estimates about the environment had been marked by a lack of clear information, the bank warned that it is increasingly clear human activity is driving up carbon dioxide emissions at a faster pace than ever before.
Ironically, or perhaps in a display of staggering cynicism, JP Morgan also provided $75bn in financial services to the companies most aggressively expanding in sectors such as fracking and Arctic oil and gas exploration since the Paris agreement, according to an analysis compiled for the Guardian newspaper in 2019.
No solution is in sight
To contain the change in the climate global net emissions need to reach zero by the second half of this century. To achieve that goal the report states that a global carbon tax would be required.
“Although much is happening at the micro-level, it is hard to envisage enough change taking place at the macro level without a global carbon tax.” the banks economists conclude. “This is not going to happen anytime soon”, the report concludes.
“It is a global problem but no global solution is in sight”
“Developed economies, who are responsible for most of the cumulative emissions, worry about competitiveness and jobs”. Meanwhile, Emerging and Developing economies, who are responsible for much less of the cumulative emissions, still see carbon-intensive activity as a way of raising living standards. It is a global problem but no global solution is in sight.
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