What's Going On Here?
Sometimes good news comes from the most unexpected of places. So it was this week with a report leaked from JP Morgan that acknowledged, in no uncertain terms, the threat posed by climate change: "we cannot rule out catastrophic outcomes where human life as we know it is threatened” JPM’s economists warned their shareholders.
What Does This Mean?
Feel like you’ve heard it all before? Like us, you’re probably a quivering, petrified mess from a seemingly endless stream of such headlines backed up by not-very-much-actual-action. It can feel like watching a disaster movie - one in which you’re waiting for the turning point, except the protagonist is locked in a store cupboard and the disaster goes on unabated. We feel ya.
But is this news different? Dare I say it, more hopeful?
This isn’t from Greta Thunberg or ‘alarmist, communist, crusty-hippie, conspiracist’ Extinction Rebellion; it’s from economists at the heart of the planet’s biggest fossil fuel funder. The bank that wrecked the planet is saying: ‘OK, someone wrecked the planet’. Thanks?
But what's more, the bank that stands to gain - and lose, to be fair - the most from its fossil fuel investments is screaming out a warning, in secret, to its shareholders. No bluff, no greenwashing, no ‘net-zero’ bluster. You could even say it’s telling the truth.