Corporate/Investors' Greed Might End Up Saving the Earth from Eco-Armageddon
Vinnie and Luigi will be right over to collect.
The world's wealthiest investors — motivated solely by their own financial interests — might be the wild card as the climate change battle heats up. No, they didn't suddenly get all warm and fuzzy about a bunch of smelly animals.
According to a report from The Economist, environmental destruction caused by climate change “may wreak a whopping $4.2 TRILLION in havoc upon rich investors’ portfolios if they don’t act NOW.”
Also from the linked article:
“...even if today’s Masters of the Universe are wealthy enough to not starve, drown, or get Mad-Maxed like the rest of us...they may experience something even worse, God forbid: The inability to 'fulfill their fiduciary duties.'”
And:
“Investors currently face a stark choice. Either they will experience impairments to their holdings in fossil fuel companies should robust regulatory action on climate change take place, or they will face substantial losses across the entire portfolio of manageable assets should little mitigation be forthcoming.”
Or as Gordon Gekko used to say: [sometimes] “greed is good.”
Labels: climate change, investors' portfolios, The Economist
posted by Tom Harper @ 3:03 PM
4 Comments:
This is certainly true, the greedy oligarchs have to save the earth to save their riches, their power and their system of domination.
It is a shame when someone cares more about their money that. People.
Amusing way to wake them up by hitting them in the pocketbook. Refer to last positing, don't people know they'll make those charges tax deductible? I mean we've had an Oil depletion allowance for decades.
Erik
Teeluck: I'm glad we can finally count on the oligarchs for something, even if their only motive is greed.
Jerry: Yup, shameful but true.
Erik: Since their pocketbook is the only thing they value, that's the place to hit 'em.
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