YNTR: JP Morgan Economists Warn Climate Crisis is Threat to Human Race

You Need to Read The Guardian’s JP Morgan Economists Warn Climate Crisis is Threat to Human Race by Patrick Greenfield and Jonathan Watts

A report by JP Morgan economists David Mackie and Jessica Murray and dated January 14, 2020 takes an unequivocal and damning position on the threat fossil fuel development poses to the world and to the economy, stating that policy must change. JP Morgan is a major financier for such development, and in the report “the investment bank says climate change ‘reflects a global market failure.'”

Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory.

 

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 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.

The piece closes with a recap of Jim Cramer’s extraordinary MSNBC on-air rant that “he’s “done with fossil fuels … it’s actually kind of happening very quickly, you’re seeing divestiture by a lot of different funds. It’s going to be a parade. It’s gonna be a parade that says look, these are tobacco, and we’re not going to own them”

Bring your loved ones together this holiday season to give #GiftsToTheFuture. Each day on the way to welcoming the new year, we'll share a little something you can do to help make it (and many years that follow) better for those you love. enough.co/gifts-to-the-future

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