A team of economists recently analyzed 20 years of peer-reviewed research on the social cost of carbon, an estimate of the damage from climate change.
They concluded that the average cost, adjusted for improved methods, is substantially higher than even the U.S. government’s most up-to-date figure.
That means greenhouse gas emissions, over time, will take a larger toll than regulators are accounting for.
In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment.
Banks and asset managers are withdrawing from international climate alliances and chafing at their rules.
Locations:
Banks