Guest essay by Eric Worrall
JP Morgan wants the world to act on climate change – but critics claim they are still “funding fossil fuel”.
JP Morgan economists warn of ‘catastrophic’ climate change
By Tom EspinerBusiness reporter, BBC News
…
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.
…
However, 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.”
Read more: https://www.bbc.com/news/business-51581098
JP Morgan were early carbon trading enthusiasts in 2008, though it all went a bit sideways in the wake of the GFC, when carbon prices in Europe collapsed thanks to all the EU member state governments trying to give their own national champions an unfair advantage, by issuing too many carbon credits.
If the world does act on climate change, banks like JP Morgan stand ready to do their bit, though this time around they seem to be backing a centralised carbon tax.
Discover more from Watts Up With That?
Subscribe to get the latest posts sent to your email.
This secular religion is following the routes of the older religions. Beware the priests.
Beware the Inquisition.
Professional Economists know nothing about climate change. When Professional Engineers get worried about climate change, then everyone should be concerned. At present Professional Engineers are addressing energy conservation, building safety, manufacturing efficiency, product durability…all those things they have been doing since the invention of the catapult and steam engine….as far as climate change, they are worried about the economists.
One bit of evidence for catastrophic weather, please Mr. Banker (who were allowed to steal few $Trillion to fix the 2008 PROBLEM THAT YOU CAUSED).
Pointing at the sky and screaming has gotten old.
When are big time criminals like the faulty financiers (Derivative Bubble and Bad Loan Bubble makers) and Criminal Deep Staters like Comey and Brennen going to see jail time?…or the Gallows?
#RestoreJustice
The Big Bank Bankers are Globalists. They are also partial to Socialism…for the proletariat. They get to continue to buy and wield power.
Too bad the drafters of our Constitution didn’t foresee…and draft language to dilute…the illegitimate power of Oligarchs.
“Rupert Read, an associate professor of philosophy at the University of East Anglia….”
PHILOSOPHY? U. OF EAST ANGLIA? HOW COULD ANY SERIOUS PERSON ARGUE WITH IMPECABLE CREDENTIALS LIKE THAT?
Funny how these big money interests are pushing this garbage, isn’t it?
Whenever a bankers’ briefing comes out, you must always ask what their own financial bets are.
Most briefings are written to drive stock price changes in the right direction for the writers.
Banks are driven not by ecological purity, but by making money.
Forget all the things in the report except one thing: what does it tell you about the desires of JPM in terms of stock price movements?
That would be the JPM people lending the money to renewables companies for a quick and easy guaranteed subsidy return at bill payer’s expense, and the carbon credit trading department.
Its a bank. Follow the money.
There are many disclosure requirements from the SEC. Let’s add some more on climate lobby pressure coming ahead of stock holders in the new crony capitalist branch of the Great Climate Crusades.
So the weakest of the big money banks has been sent in to shore-up the sagging CO2/Climate crisis meme. This done now as it is apparent the UN client proxies are losing the plot, and as more science researchers see that CO2 is an innocent gas, and that solar minimum means something.
Who will be next to offer a catastrophic future ?
International Monetary Fund (IMF), and the World Bank?
The Bilderberg Group?
The Rothschilds?
European Investment Bank?
Lloyds Banking Group?
HSBC Holdings (HSBC)?
Mitsubishi UFJ Financial Group?
Banco Santander?
Toronto-Dominion Bank?
“JP Morgan were early carbon trading enthusiasts in 2008, though it all went a bit sideways in the wake of the GFC, when carbon prices in Europe collapsed thanks to all the EU member state governments trying to give their own national champions an unfair advantage, by issuing too many carbon credits.”
So they didn’t see the GFC coming but now they can see the GHG. May I remains slightly sceptical of their forecasting abilities?
We’re in the money! Pass the kool aid!
You can get the JP Morgan report from the Extinction Rebellion site ! :
https://rebellion.earth/wp/wp-content/uploads/2020/02/JPM_Risky_business__the_climate_and_the_macroeconomy_2020-01-14_3230707.pdf.pdf
Or something similar if that link doesn’t work.
European banks are over exposed on wind and solar loans. Now that Germany has convincingly demonstrated that wind and solar are unworkable the banks are understandably in panic. Renegotiating power purchase agreements and an abrupt end to subsidies will not end well for banks and bond holders. 2008 financial crisis here we go again and soon, very soon (IMHO).
In early January I posted following on another site, Seeking Alpha.:
“I just heard, on NPR, a five-minute (or more) interview of Larry Fink, head of Blackrock, which oversees $7 trillion in investments, about its recent annual letter to shareholders. It said that his firm would now filter investments (i.e., stock holdings) based on their sustainability, favoring and disfavoring them accordingly, and would not prioritize shareholder returns. He said he was doing this in response to concerns shareholders have been expressing for a long time about climate change and the need to do something. He also said there is a trend in the financial world by other big institutions to act similarly. Therefore, a lot of big funds are looking to window-dress their list of holdings to appease certain stockholders and current opinion.
“I now strongly suspect that this is the main force behind the run-up in TSLA. (Confirmation would be if other notably green firms have also seen a rip in their SPs.) ”
The lengthy BlackRock letter for 2020 is online at https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=2ahUKEwjCvOPHh-bnAhV-ITQIHbcBBRkQFjACegQIEhAB&url=https%3A%2F%2Fwww.blackrock.com%2Fcorporate%2Finvestor-relations%2Fblackrock-client-letter&using=AOvVaw1FZgC3ACBVF22f4bRMlYlN
The similar statement from Morgan Stanley, and the actions by other big money sources like Bezos, indicate that this fad has taken root there and elsewhere. It’s called EGS investing—Environmental, Social, (corporate) Governance.
Jp Morgan’s Jamie Dimon rescued Obama presidency:
https://www.google.com/search?q=jp+morgan+Jamie+Dimon+rescues+Obama+presidency&oq=jp+morgan+Jamie+Dimon+rescues+Obama+presidency+&aqs=chrome.