Guest Aeuhhh???? by David Middleton
CNN: The Stupid, It Burns…
How rich people could help save the planet from climate change
By Stephanie Bailey, CNN
Updated 5:20 AM ET, Fri July 12, 2019(CNN) Rich people don’t just have bigger bank balances and more lavish lifestyles than the rest of us — they also have bigger carbon footprints.
The more stuff you own, and the more you travel, the more fossils fuels are burned, and the more greenhouse gases are emitted into the atmosphere.
[…]
But some argue that the wealthy can do the most to help fix the climate crisis. Here’s how they could make a difference.
Spend wisely
[…]
Divestment
As well as choosing what to spend money on, rich people can choose what industries to invest in — or not to invest in.Oxfam estimates that the number of billionaires on the Forbes list with business interests in the fossil fuel sector rose from 54 in 2010 to 88 in 2015, and the size of their fortunes expanded from over $200 billion to more than $300 billion.
[…]
Wealth means power
[…]
Fund climate research
[…]
Role models
The super-rich might also have an influence on other people’s carbon emissions.“High status in our societies remains associated with high material wealth,” said Otto. “It’s an aspiration to become like the very wealthy and you imitate the lifestyles of people who you want to be like.”
For example, air travel is no longer only a treat of the super-rich. This year, budget airline Ryanair was the only non-coal plant among Europe’s top 10 emitters.[…]
Darth Vader: This is CNN
I don’t know whether to laugh or cry… How does someone get to be this fracking stupid?
“Save the planet from climate change“?
Warning: Lots of F-bombs and other profanity… but this is fracking hilarious!
Divestment
As well as choosing what to spend money on, rich people can choose what industries to invest in — or not to invest in.Oxfam estimates that the number of billionaires on the Forbes list with business interests in the fossil fuel sector rose from 54 in 2010 to 88 in 2015, and the size of their fortunes expanded from over $200 billion to more than $300 billion.
Stephie, 2018 BS in Psychology
Did Stephie or Oxfam wonder why these billionaires were investing in “the fossil fuel sector”?
But there’s a trend of wealthy investors selling their shares in climate-harming industries, known as divestment.
Over 1,100 organizations and 59,000 individuals, with combined assets totaling $8.8 trillion, have pledged to divest from fossil fuels through the online movement DivestInvest.
Stephie, 2018 BS in Psychology
Did it occur to Stephie that those “1,100 organizations and 59,000 individuals” can only “divest from fossil fuels” under the following two conditions?
- They currently own “fossil fuel sector” investments… (Shorting is not divesting).
- Other investors are willing to purchase their “fossil fuel sector” investments.
Among them is Hollywood actor Leonardo DiCaprio, who signed the pledge on behalf of himself and his environment foundation — as well as a group of 22 affluent individuals from the Netherlands who pledged to remove their personal wealth from the top 200 oil, gas and coal companies.
Stephie, 2018 BS in Psychology
How are they going to “remove their personal wealth from the top 200 oil, gas and coal companies” unless there is a willing buyer?
“You don’t invest in coal, you don’t invest in oil, in gas, also in some car companies that produce normal cars, or aviation, so you direct the financial flows,” said Otto.
And with divestment, a little can go a long way. “We did some simulations that shows that with the divestment movement you don’t need everyone to divest,” said Otto. “If the minority of investors divest, the other investors will not invest in those fossil fuel assets because they will be afraid of losing money … even if they have no environmental concerns.”
Stephie, 2018 BS in Psychology
Who is this “Otto” person? And how did she manage to out-stupid Stephie?
This bears repeating…
“If the minority of investors divest, the other investors will not invest in those fossil fuel assets because they will be afraid of losing money … even if they have no environmental concerns.”
Dr. habil. Ilona M. Otto, PhD in Resource Economics , never had a real job.
How in the SAM HILL can “the minority of investors divest” if “other investors will not invest in those fossil fuel assets because they will be afraid of losing money.” At worst, they would temporarily drive the stock price down, creating buying opportunities for investors smarter than a bag of hammers. The ups and downs of stock prices don’t affect the operating income of oil & gas or coal companies. Nor does it affect the liquidity. Liquidity is the ability of a company to meet current obligations. This generally consists of cash, cash equivalents, accounts receivable, short term investments and any credit facilities. The borrowing base is generally secured with assets… like proved oil & gas reserves.
Stephie, you’ve earned eleventy gazillion Billy Madisons… and Dr. Otto, you’ve just set a new world record: 42 x 1042 Billy Madisons and a lifetime achievement award from Ron White.
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It’s just more virtue signalling and prevents awkward people from asking them why they are effectively living on immoral earnings. The questions these people should be asked when they announce that they have sold off their fossil fuel holdings are:
‘How much profit did you make?’
And
‘How much are you now going to invest in renewable energy?’
Willie “the actor” Sutton robbed banks because “that’s where the money is”. Willie Horton was a murderer. Just like to keep this site factual.
If you were worried about the Noah’s Ark II like Ellen apparently is with her stance on climate change then naturally you’d divest the beach shack to some awful skeptic/denier type in order to teach them a lesson presumably-
https://www.msn.com/en-au/money/homeandproperty/ellen-degeneres-sells-dollar23-million-beach-house-to-cosmetics-mogul/ar-AAEVmT0
This Green divestment thing is a tough gig and I trust Ellen made sure the buyers were evil skeptic/denier types before dumping it on them. Off to the mountains with the true believers now Ellen?
My old university and many of its colleges are under pressure from students and some of their staff to divest from fossil fuels.
Most of the students have not lived through enough time to experience the normal range of weather, and seem to think that every unusual weather occurrence is unprecedented.
As said above, any divestment seems to be a buying opportunity for those who are prepared to wait until the penny drops that renewables are not reliable and fossil fuels will still have a place in the overall energy mix, like it or not.
Certainly the first thing is for the wealthy people to stop flying to their exotic holiday destinations, which will impact on the economies of said locations.
They can then send the money saved to these locations as a for of social security payment.
Is there an echo in here?