Major financial institutions are shifting focus away from sustainable practices towards profit-making in a warming world. Key players like Morgan Stanley and JPMorgan Chase are investing in sectors such as air conditioning, abandoning clean energy initiatives. The recent Scientific American report signifies a consensus among Wall Street that climate goals, such as those outlined in the Paris Agreement, are increasingly unattainable due to significant temperature rises, with analysts now projecting a troubling 3-degree Celsius world ahead, exacerbated by policy shifts and denials from political figures.
Recent reporting by Scientific American has found that finance titans Morgan Stanley, JPMorgan Chase and the Institute of International Finance have all but given up on building a sustainable future.
Morgan Stanley analysts wrote in an analysis of HVAC stock futures, echoing an earlier analysis by JPMorgan Chase, which noted that we're in a 'new climate era' thanks to the certainty of global warming.
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