LEAKED REPORT: JP Morgan economists warn climate crisis is threat to human race

[kpete]

The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.

The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.

The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas.

JP Morgan has provided $75bn (£61bn) 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 analysis compiled for the Guardian last year.

Its report was obtained by Rupert Read, an Extinction Rebellion spokesperson and philosophy academic at the University of East Anglia, and has been seen by the Guardian.

The research by JP Morgan economists David Mackie and Jessica Murray says the climate crisis will impact the world economy, human health, water stress, migration and the survival of other species on Earth.

“We cannot rule out catastrophic outcomes where human life as we know it is threatened,” notes the paper, which is dated 14 January.

MORE:
https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race

[Kurt V.]

1. K&R

[WhiteTara]

2. Can you believe this has to be leaked?

This should be front page news everywhere.

[kpete]

3. YEP!!! NOT A HOAX!

“Although precise predictions are not possible, it is clear that the Earth is on an unsustainable trajectory. Something will have to change at some point if the human race is going to survive.”

[Leghorn21]

4. So JP Morgan is circuitously committing suicide...well, no, they're knowingly and willfully killing

themselves as well as all their family and friends.

Is this called a “business model” in economics because it’s more like a murder/suicide pact - OH except when they die they’ll be rich PRAISE THE LORD

[bronxiteforever]

5. Kick and recommend. The phrase that strikes me

the most is “reputational risk”. To me it means that as disasters and extinctions continue to pile up, bankers don’t want to be the ones holding the burning bag of poop.

This also has political implications in that every elected official in the GOP across this country, denies climate change science. They are on record everywhere with their positions. The harsh blame will be targeted squarely upon them.

The bad news is that life on this planet will be hell.