Assessment: “You remind me of when I was a kid and my friend’s angry mom would just randomly yell at everyone for no reason” Elon Musk
“Greenhouse Gas Emitted by the Financial-Services Industry is Outrageous, If it were a country it would rank as the fifth-largest emitter in the world. Regulators need to crack down on the financial sector’s role in the #ClimateCrisis. says Warren…
“A fool takes no pleasure in understanding, but only in expressing his opinion.” Proverbs 18:2
Warren’s nonsensical Tweet parrots the nonsensical Bloomberg article Wall Street Is Close to Triggering a Climate Financial Crisis
A study authored by the Sierra Club and the Center for American Progress shows that eight of the biggest U.S. banks and 10 of its largest asset managers combined to finance an estimated 2 billion tons of carbon dioxide emissions, based on year-end disclosures from 2020, or about 1% less than what Russia produced.
If the financial-services industry was a country, it would rank as the world’s fifth-largest emitter of greenhouse gases.
The report’s authors are urging the Biden administration to take immediate steps to slash the financial sector’s role in global warming, lest it trigger a financial crisis that dwarfs that of 2008.
- Require all financial institutions disclose all emissions embedded in their portfolios and attributable to businesses for whom they provide services.
- Ensure that investment fiduciaries keep their commitments to clients and the public, including those related to how they invest and vote their shares.
- Incorporate climate risk into the supervisory ratings they assign to banks.
- Administer climate-related stress tests to identify the banks’ potential losses from climate change (Moody’s Investors Service estimates that banks globally have $22 trillion of exposure to carbon-intensive industries).
- Require that banks fund riskier investments with more equity capital and less debt.
- Implement climate-risk surcharges on “global systemically important banks.”
- Adjust deposit insurance premiums to reflect climate-related risks.
- Proactively address racial and economic justice issues that intersect with such climate-risk related reforms.
The study is pure lunacy by any reasonable measure except one: These climate fear mongers need to distort every imaginable statistic so that every conclusion meets the goals they wish to force on the world.
Read More @ Zero Hedge HERE