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Benefits of Accelerating the Climate Transition Outweigh the Costs | Climate Change Indicators Dashboard shows that avoiding physical damage from climate change can have sizable benefits (www.imf.org)

submitted 8 months ago by [email protected] to c/[email protected]

4 comments fedilink hide all child comments

cross-posted from: https://slrpnk.net/post/4665447

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[–] [email protected] 12 points 8 months ago

I think this is obvious to anyone that has viewed the damage that the extreme weather has brought in recent years

The issue was, is and will continue to be whose pocketbook it’s hurting.

Almost exclusively the damages will be suffered by poor and middle class, and paid out by public coffers while the profits made by NOT making these changes will be private and for the rich.

We’re not going to see any change until this starts hurting the rich.

[–] [email protected] 11 points 8 months ago (1 children)

But the costs include direct costs to the bottom line of the energy industry, which pretty much all banks invest in, so basically all energy companies and banks will fight the transition because it directly negatively impacts their business model’s profitability, and thus dividend payouts. And god forbid they make marginally less money in a way that has far more long-term sustainability and profitability in pretty much every single meaningful metric

[–] [email protected] 4 points 8 months ago (1 children)

Nothing engenders in me more violent feelings than hearing about the preferences of banking executives.

[–] [email protected] 1 points 8 months ago

I heartily agree.