Two hundred nations at Katowice COP24 Poland just wrapped up two-weeks of climate meetings. If history is a guide, CO2 emissions will continue to accelerate until COP25 next year in Chile. Still, the delegates did adopt a rule book to put Paris ’15 into action, Ahem!
But, hark! There’s a ray of sunshine peering out from behind the Katowice coal-clouded skyline because big money interests may be altering the landscape for combating global warming.
According to reports out of Katowice global investors managing $32T issued a “stark warning” that the world faces financial Armageddon worse than 2008 if carbon emissions are not cut, including a phase-out of coal. Wow!
That sets the stage for proving/disproving the old maxim “money talks.” If it does, there’s a glimmer of hope for Miami’s survival.
Accordingly, some of the world’s deepest pocket investors including pension funds, insurers, and asset fund managers exhibited their most impressive intervention ever by insisting that (1) fossil fuel subsidies must end and (2) substantial taxes must be slapped on carbon.
According to the IMF, current subsidies for fossil fuels amount to $5T per year, which makes fossil fuel subsidies alone equivalent to some of the largest economies in the world. Ipso facto, if $5 trillion/year pivots from fossil fuel subsidies to renewable investments, just imagine the impact. By way of comparison, in 2017 total investment in renewables reached $280B.
Of course, the big…