Wall Street's top banks are now accepting that global efforts to limit temperature rise to 2 degrees Celsius are failing, preparing for a future of severe consequences. Recent reports by Morgan Stanley and JPMorgan Chase reveal a grim outlook where average temperatures may exceed 3 degrees Celsius due to setbacks in decarbonization. These reports discuss the implications for extreme weather, agricultural challenges, and threats to outdoor workers, highlighting the significant challenges ahead for financial institutions and the global economy in adapting to climate change.
We now expect a 3C world," Morgan Stanley analysts wrote earlier this month, citing "recent setbacks to global decarbonization efforts." The stunning conclusion indicates that the bank believes the planet is hurtling toward a future in which severe droughts and harvest failures become widespread, sea-level rise is measured in feet rather than inches and tropical regions experience episodes of extreme heat and humidity for weeks at a time that would bring deadly risks to people who work outdoors.
Top Wall Street institutions are preparing for a severe future of global warming that blows past the temperature limits agreed to by more than 190 nations a decade ago.
The big banks' acknowledgment that the world is likely to fail at preventing warming of more than 2 degrees Celsius above preindustrial levels is spelled out in obscure reports for clients
Collection
[
|
...
]