Essay by Eric Worrall
Apparently it is President Trump’s fault global CO2 emissions are out of control.
US banks predict climate goals will fail – but air conditioning firms will thrive
Reports predict global heating will bring catastrophes and that air conditioning market could grow by 41%
Oliver Milman
Thu 3 Apr 2025 04.39 AEDTThe world is on track for disastrous global heating – but this will create profits for some air conditioning companies, according to forecasts by leading Wall Street financial institutions.
…
“We now expect a 3C world,” states a March analysis by Morgan Stanley. This level of global heating above preindustrial times is well beyond the 2C limit agreed to by governments and would lead to catastrophic heatwaves, floods, economic strife and other upheavals.
…“We are clearly seeing a broad retreat on climate from the finance sector,” said Paddy McCully, senior analyst at Reclaim Finance, a group that pushes financial firms to act on the climate crisis.
“It is to a very large extent being influenced by Trump and his agenda of accelerating climate change, although also due to banks using Trumpism as an excuse to roll back commitments that they had never actually intended to keep.”
Morgan Stanley’s investor research on air conditioning is “mind numbingly cynical”, McCully said. “Especially as it comes just months after they first weakened their decarbonization targets and then quit the Net Zero Banking Alliance.”
…
Read more: https://www.theguardian.com/environment/2025/apr/02/us-banks-climate-goals-fail-air-conditioning
Before you rush to put all your money into air conditioners, this report was produced by the same Morgan Stanley which upgraded their outlook on Chinese real estate to “attractive” in 2021, a few months after news of the Evergrande scandal broke.
China’s Harbin lends hand to property firms; Morgan Stanley upgrades sector view
By Reuters
October 11, 20216:05 PM GMT+10BEIJING, Oct 11 (Reuters) – Harbin has become one of the first cities in China to announce measures to support property developers and their projects, which have been shaken by the deepening debt crisis at property giant China Evergrande Group (3333.HK)
…
In a further positive sign for developers, Morgan Stanley lifted its view on China’s real estate industry to “attractive” from “in line”, saying regulators may relax their grip on the sector to help stabilise it and support the economy.
…
Read more: https://www.reuters.com/world/china/harbin-among-first-chinese-cities-announce-steps-help-property-developers-2021-10-11/
If anyone has a link to the Morgan Stanley global warming report please share it in comments.
One positive, this alarmist banker vision of a 3C warmer world implies there will still be a functioning economy. At least some people are expected to have enough money to buy air conditioners.
In fairness Morgan Stanley is not all orange man bad. In a recent article Morgan Stanley praised President Trump’s banking transparency measures.
It would be an article in the Grauniad.
So we can expect a total of 3C warming over 250 years (1850-2100). That’s 0.12C /decade. Oddly, that’s about the rate we’ve seen in the UAH data over the last few decades. So about 0.9C to go by 2100. Sorry, not scared.
“Sorry, not scared.”
Well, you should be !!!
Grifters have spent millions (of other people’s money) & decades trying to make you scared & compliant, even young girls were giving up school to save you from your self.
I’ve had a dozen newscasters spend the last hour trying to convince anyone who’ll listen that a 5% drop is “freefall” and “plummet”.
(stock market)
It will come back. The markets came back under both Obama and Biden, despite their lousy policies and economic performance.
One point to remember–the market is not the economy.
A second point–Millions pump millions into the market each month because 401Ks, IRAs and other retirement investment accounts provide few choices for investing, mutual funds or REITa.
And, let’s face it, even after the industrial revolution, the quietly forgotten 50’s panic over a supposed new impending ice age, the forgetfulness over the mediaeval warm period the (wrong) suggestions of ever more hurricanes and the mistaken impending loss of corals we in the UK are STILL not seeing the temperatures seen in Roman times. Odd too how we no longer hear about climate from the Royal Society of Scotland or indeed from the Royal Society itself isn’t it?
This is likely because the world is waking from “Woke” and realizing that Low Density, Short Lived, Intermittent and Expensive energy sources are no match for High Density, Long Lived, Reliable On Demand sources.
Climate drama kings and queens. They’re like a hectoring wife. After a while you just stop listening!
Drama Greens
Good essay, Eric. But, because of the International audience WATTS has, maybe you should explain to the UK what an “air conditioner” is. Just saying.
Is it that thing that keeps our cars, offices and shops cool?
That’s the old definition.
Today the approved definition is a contraption that removes CO2 from the air. 😎
“maybe you should explain to the UK what an “air conditioner” is.”
I thought it was something you rub in your scalp to prevent baldness (:-))
That’s just in Yorkshire. The letter “h” does not exist in the Yorkshire alphabet, which is particularly interesting if one was born and raised in the environs of Huddersfield.
appen tha’s reight petal, same with Alyfax.
gannin for me scran na, Sithee !
Uddersfield?
Tha’s right, tha is !
Ah, the story about the Yorkshire lass who loved ‘er ‘Uddersfield!
It’s almost all of England and maybe Wales (unsure of that) not to mention Oz.
Huh? Everyone called them “air conditioners” when I lived in England 🙂
Simple. The UK is an airconditioned country that occasionally goes wrong and cannot be serviced.
Is it the same as the Egg Nisherner to be found in every Australian Gloria Soame?
Global carbon dioxide emissions cannot get out of control. Carbon dioxide is a good gas and essential to life. Man made carbon dioxide’s effect on the climate is negligible. 90% of greenhouse gases consist of cloud and water vapour. If politicians want to change the climate they will have to concentrate on that. Hmmm.
When do we get our reparations payments from team Obama, the news publishers paid to promote it, the UN. and France?
“… global heating above preindustrial times is well beyond the 2C limit …”
Where did that “fact” come from?
interesting noun also… “limit”?
Trump has an agenda of accelerating climate change?
Not from what I read. Spin doctor alert.
https://www.morganstanley.com/im/publication/resources/msim_climate_report_en.pdf
Thanks for looking, but that seems to be a 2023 report. The new report might be a private note they circulated to clients.
Following the bread-crumbs:
Analysis from Morgan Stanley, JPMorgan Chase and the Institute of International Finance all “make clear the finance sector considers the Paris climate agreement limiting global temperatures, signed a decade ago by nearly 200 nations, is effectively dead and investors should plan accordingly”,
was posted at ‘Carbon Brief’, which phrasing leads to this:
https://www.scientificamerican.com/article/big-banks-quietly-prepare-for-catastrophic-climate-change/. [posted date 31-March]
which includes this little gem:
Morgan Stanley’s climate forecast was tucked into a mundane research report on the future of air conditioning stocks, which it provided to clients on March 17. 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.
— sourced as Stories by Corbin Hiar , E&E News
If it were 3C warmer outside my door right now… that would be nice.
Thanks, Eric. This is hilarious.
First, they said that 1.5°C of warming would be global catastrophe, with all the usual threats—heatwaves, floods, economic strife and other upheavals.
Now that we’ve passed 1.5°C without a climate meltdown, the warnings are all about the evils of a 2*C warming—heatwaves, floods, economic strife, and other upheavals.
Having been bitten once by the lack of any climate catastrophes due to the warming, they’re now so shy of failure that they’ve moved the threshold again. This time it’s 3°C, and fortunately, there’s little likelihood of that occurring during the lifetime of the prognosticator, so they will never have to acknowledge their error.
And of course, once again, they are warning of heatwaves, floods, economic strife, and other upheavals … these serial failed doomcasters never quit.
Best to all,
w.
I remember hearing 2C before 1.5C
(though I agree that neither target was backed by any specific danger, just scary adjectives)
No credibility on their side, Willis. And those data centers don’t run on wind or sun. Building huge combined cycle gas turbine plants. One in PA is going to be about 5 GW, the plant I worked on was 2.4 GW across 4 CE pulverized coal units.
Thanks Willis – “This time we mean it” in action 🙂
Re “This time it’s 3°C, and fortunately,…”
This here [below] is cited as the source* of the +3°C totem:
“What’s the worst that could happen:
Three degrees of global warming is quite plausible and truly disastrous; Rapid emission cuts can reduce the risks but not eliminate them”—————
*Source: https://www.economist.com/briefing/2021/07/24/three-degrees-of-global-warming-is-quite-plausible-and-truly-disastrous
That’s the once-sane Economist of London [briefing] 24th of July 2021 A.D.
(suspect a post-pandemic sleight of hand)
‘That’s the once-sane Economist of London…’
They haven’t been economically sane in decades. If they had any integrity, they’d change their name to “The Keynesian”.
Re call it “The Keynesian” :
Except that can’t agree on how to pronounce this:
Kay – Nee – Zhun vs. Cains-Ian
Now known as the EcoNonsense of London
Cover illustration for the 3°C panic issue:
They sound like a broken record.
For you youngsters out there, a “record” was a flat, vinyl disk with grooves in it. When put on this thing called a “turntable”, the arm of the turntable was lowered a a needle at the end of the arm would ride in the grooves. The rest of the setup would then reproduce whatever sounds were recorded on the disk and made the grooves.
If the disk got scratched, the needle might skip and play the same thing over and over again. The record was “broken”.
In this case what is repeated over and over again is, “warning of heatwaves, floods, economic strife, and other upheavals”. 😎
Very nice Eric. We are going to see more of this, even ten years ago we were facing catastrophe if the average global climate increased by 1.5 C. Now that we are at 1.5 or approaching it they moved the goal posts to 2.0 C. That barely lasted a couple years now they are moving it to 3.0 C. These people are disgraceful. What has to happen now is we need to bring these people from Morgan Stanley before congress and have them show us their work. Since I have so little faith in congress we must insist that we have some of our people there to separate the wheat from the chaff.
“This level of global heating above preindustrial times is well beyond the 2C limit agreed to by governments and would lead to catastrophic heatwaves, floods, economic strife and other upheavals.”
Not to mention dogs sleeping with cats…
sorry about the Bold…
No need, I have heard on good authority that fortune follows the Bold. 😉
“Not to mention dogs sleeping with cats…”
Too late... About 40 years ago, I had a German Shepherd, and 3 cats.
Two of the cats regularly used sleep on top of the German Shepherd. !
https://www.youtube.com/watch?v=-sED4fzIV0k
….. and you will have saved the lives of millions of registered voters.
Not to mention their children and their children’s children, who will grow up to be saved registered voters.
But we’ve already brought our reliance on fossil fuels down from 84% of primary energy to 82%. We can’t just quit now when we’re so close to meeting our goal!
Paris Accord Dead? one word? GOOD
Wait a minute! Hasn’t the planet experienced numerous extended heating and cooling periods in the past? How did the glaciers that covered much of Northern Hemisphere form in the first place? Weren’t they the result of an extended period of below-normal global temperatures? And how did they come to melt and recede 10-11,000 years ago? And how much of these cycles occurred due to human over-consumption of fossil fuels? So maybe the big financial institution should do more homework before attributing whatever climate change that’s supposedly taking place to human activity.
‘So maybe the big financial institution should do more homework before attributing whatever climate change that’s supposedly taking place to human activity.’
Big financial institutions are subservient to central banks, which in turn are subservient to governments. They’ve done their ‘homework’, which until now means attributing climate change to fossil fuel use.
But what about the previous ice ages and warming periods? What sort of human activity and fossil fuel use caused them? So what makes anyone believe whatever current warming that’s supposedly occurring isn’t being caused by the same factors as the earlier ones? Or is the so-called excuse of human activity just an opportunity for more government control and alarmists to turn a fast buck?
‘Or is the so-called excuse of human activity just an opportunity for more government control and alarmists to turn a fast buck?’
Yes and yes. As you noted, major warmings (and coolings) have occurred numerous times during the course of pre-industrial human history, and in fact much larger climate shifts have occurred throughout geological time with no evidence that any of them were caused by CO2.
Details, details…If you put 4 economists in a room and ask what to expect, you’ll get 4 different answers. Maybe that’s why it’s called the dismal science?
The main takeaway I kept from my economics studies was that old saying that –
economists are only there to make weather forecasters look good
Does this mean they’ll have to come up with a new scare to impose their global Fabian socialism on us, the plebes?
Yep.
They’re working on it
And the next one
And the one after that…
My guess is the melting ice will release some new pathogen and threaten a new world wide pandemic.
(Possibly it’s already been discovered and is currently on ice in Wuhan?)
If 3 degrees warmer causes a problem, moving 200 miles north would put me in the same climate I live in today. If I stayed, the climate here would become similar to that Orlando, FL, today. Think I’ll stay and enjoy the warmer weather if it happens.
“Reports predict global heating will bring catastrophes…”
Wow, now I’m scared! /s 🙂
An air conditioner is a heat pump without one extra valve. An air conditioner dumps heat into the outside air, while a heat pump takes heat from the outside air – until it freezes into an ice-cube (photo).