The banking giant JP Morgan has warned its clients that climate change will cause “catastrophic outcomes” and threaten the survival of humanity. The American company, which is one of the biggest funders of the fossil fuel industry, said in a leaked report that “something will have to change” if the human race is to continue. The report’s authors, David Mackie and Jessica Murray, said that deaths, immigration and conflicts would only rise as the planet heated and water supplies dwindled, while famines would increase and species would be wiped out. “We cannot rule out catastrophic outcomes where human life as we know it is threatened,” they said. They added that carbon emissions “will continue to affect the climate for centuries to come in a way that is likely to be irreversible”. To stop climate change, net carbon emissions need to be cut to zero by 2050, the authors said, calling for a global tax on carbon. However, they noted that “this is not going to happen anytime soon”.
Times 22nd Feb 2020 read more »
Guardian 21st Feb 2020 read more »
Climate change is creating substantial, unrecognised risk in the financial system as banks are failing to prepare for green regulation and carbon taxes that will have an impact on the companies.
FT 21st Feb 2020 read more »