A JP Morgan report recently sent to clients titled ‘Risky business: The climate and the macroeconomy'. In it they said it was ‘possible the future will not be too bad’ but that ‘more likely, the situation will continue to deteriorate’.
‘No government seems willing to sacrifice the incomes of their current citizens either in favour of their children and grandchildren or in favour of citizens in other countries,’ they wrote.
‘Climate change is a global problem which demands a global response. This is not really happening... That opens the earth to a greater likelihood of a catastrophic outcome.’
They also said any delay in action increased the likelihood that the ‘costs of dealing with climate change will go up’, and that ‘changes in the climate will be irreversible’.
You can't argue with that. We've doubled the concentration of carbon in the atmosphere, to levels not seen in millions of years. It doesn't take a smart banker to realise this was not a smart idea.