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World’s largest financier of fossil fuels has warned clients
Posted on: February 21, 2020 at 15:12:18 CT
MrBlueSky MU
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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.
https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race?fbclid=IwAR17IA-ea7mIU1bWxIIJ68tDiXRuuvrniCut0rcGVyirHrjI5v4n-uoptes
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.
https://www.theguardian.com/environment/2020/feb/21/jp-morgan-economists-warn-climate-crisis-threat-human-race?fbclid=IwAR17IA-ea7mIU1bWxIIJ68tDiXRuuvrniCut0rcGVyirHrjI5v4n-uoptes
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World’s largest financier of fossil fuels has warned clients - MrBlueSky MU - 2/21 15:12:18
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