JPMorgan Chase & Co. economists warned that standard models on the costs of a “business-as-usual” approach toward climate change may be flawed by failing to incorporate the Black Swan-type risk of pushing the planet into conditions unseen for millions of years.
“There are plenty of non-linear tipping points in the climate system that could make the economic consequences of BAU much more severe,” David Mackie and Jessica Murray, economists at the bank in London, wrote in a note to clients Thursday. BAU stands for business-as-usual. “It is hard to know what weather outcomes will occur. Econometric estimates are based on small deviations in the mean of the probability distribution.”
About two dozen private companies around the world are working to harness a transformative energy technology that could rescue the planet from climate catastrophe. One is using space in an old factory that’s home to a mothballed U.S. Department of Energy-funded research machine in Cambridge, Mass. Another is housed in an industrial building behind a Costco outside Vancouver. A third is down the street from a self-storage facility in the foothills of Orange County, Calif.
The companies are working on commercializing fusion.
Environmentally conscious consumers aren’t just fretting about what they eat. Some are starting to shun clothes and other products made from animal hides and are opting instead for synthetic and natural alternatives. Collectively these have become known as vegan leather. Even Elon Musk’s Tesla Inc. will offer a “fully vegan” car. These alternatives to leather are often cheaper. The question for consumers is: Are they better for the planet?
After years of meetings and shareholder resolutions, some funds are starting to simply divest from coal and oil stocks.
Global warming skeptics sometimes say rising temperatures are just another naturally occurring shift in Earth’s climate, like the Medieval Warm Period of the years 800 to 1200 or the Little Ice Age, a period of cooling that spanned from roughly 1300 to 1850.
But a pair of studies published Wednesday provides stark evidence that the rise in global temperatures over the past 150 years has been far more rapid and widespread than any warming period in the past 2,000 years — a finding that undercuts claims that today’s global warming isn’t necessarily the result of human activity.
The U.K. said it’s considering rules that force companies to disclose the risks they have related to climate change as part of a broader push to boost investment for green priorities.
The Treasury also called on the financial services industry to take the lead in stimulating investment for cleaning up energy and infrastructure in support of the government’s measures to rein in climate change.
The extremely rare process is known as iterative evolution — the repeated evolution of a species from the same ancestor at different times in history.
“Climate change is eliminating giant chunks of ice from Greenland at such a speed that the melt has already made a significant contribution to sea level rise, according to a new study. With global warming, the island will lose much more, threatening coastal cities around the world.”
Threadneedle Street would never publicly endorse action that causes disruption but the speech by Sarah Breeden, head of international banks supervision, suggests a degree of sympathy with the points being made by the protesters: that time is running out to prevent catastrophic climate change and previous efforts to combat the problem have been nowhere near vigorous enough.
Climate change is picking up pace in Europe, thrusting farmers and power generators onto the front lines of a battle with nature that threatens to upend the lives of the half billion people who occupy the world’s biggest trading bloc.
Last year was the third hottest on record and underlines “the clear warming trend” experienced in the last four decades, according to the Copernicus Climate Change Service, which operates a network of satellites for the European Union that collects weather, soil, air and water data.