FROM EIR DAILY ALERT
Global Financiers Say Decarbonize Now, or Face ‘Climate-Induced’ Financial Crash Worse than 2008
Dec. 10, 2018 (EIRNS)—Some of the world’s largest financial speculators and financiers attending the COP24 UN climate summit in Katowice, Poland, have signed a Global Investment Statement, warning that unless the financial sector accepts climate change as a fact, as elaborated in the Oct. 7, 2018 Intergovernmental Panel on Climate Change (IPCC) report, and advocates for total “decarbonization” and related measures, it will witness a catastrophic “climate-induced” financial crash far worse than 2008. (Note that the U.S., Russia, Kuwait, and Saudi Arabia refused to endorse the fraudulent IPCC report at the COP24.)
Failing to acknowledge their own role in contributing to that 2008 crisis, these predators now propose to kill as many people as possible rather than recognize their system is dead.
Speaking from Katowice, asset managers and others of their ilk outlined to Britain’s Guardian today all manner of dire predictions of extraordinary losses that will result without elimination of all fossil fuel subsidies and imposition of major taxes on carbon. Taxes on carbon are currently $10 per ton, but these hyenas say they should be raised to $100 over the next decade or two, arguing that these can be done intelligently, not like French President Emmanuel Macron’s “botched” effort.
A representative of the Schroders investment firm bleated that there could be $23 trillion of global economic losses yearly without rapid action. Chris Newton, of IFM Investors, one of the 415 financial groups that signed the Global Investment Statement, lamented that there has been a “zombie-like response” from many financial groups to the “long-term nature of the challenge.” One of the Global Investment Statement’s key demands is to phase out coal-fired power stations around the world.
Reflecting the deluded state of mind—if not pure evil—of this crowd, is Lord Nicholas Stern of the London School of Economics, who predicted that
“the low-carbon economy is the growth story of the 21st century and it is inclusive growth. Without that story, we would not have got the 2015 Paris agreement, but the story has grown stronger and stronger and is really compelling now.”
Stern told the Guardian that President Donald Trump’s assertion that action on climate change was a jobs killer, is “dead wrong.... You don’t create jobs for the 21st century by trying to whistle up jobs from the 19th century.”
The low-carbon economy “presents numerous opportunities, and investors who ignore the changing world do so at their own peril,” warned Thomas DiNapoli of the $207 billion New York State Common Retirement Fund.
