JP Morgan economists warn climate crisis is threat to human race | Environment | The Gu... - 0 views
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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.
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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.
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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.
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“We cannot rule out catastrophic outcomes where human life as we know it is threatened,” notes the paper, which is dated 14 January.
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Drawing on extensive academic literature and forecasts by the International Monetary Fund and the UN Intergovernmental Panel on Climate Change (IPCC), the paper notes that global heating is on course to hit 3.5C above pre-industrial levels by the end of the century. It says most estimates of the likely economic and health costs are far too small because they fail to account for the loss of wealth, the discount rate and the possibility of increased natural disasters.
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Environmental groups remain wary because huge sums are invested in petrochemical firms, but some veteran financial analysts say the tide is changing.