How has Wall Street already captured the climate change movement? Daniela Gabor, a professor at University of the West of England, Bristol, who is an expert on shadow banking and capital controls, weighs in:
It really hasn’t been a great year for the environment. Not only have been there forest fires and flooding blamed on climate change, the surge in demand and lag in supplies as the global economy has reopened from COVID-19 lockdowns have made not just oil but coal also thrive this year. And the just completed United Nations climate change conference ended on a whimper when China and India pushed for a last-minute change to phase down, rather than phase out, coal.
Gabor broke down the $130 trillion of assets said to be allocated to achieving net zero emissions, from the Glasgow Financial Alliance for Net Zero. That number, she pointed out, was just the combined assets of the firms signing up, many issued to finance dirty activity. Furthermore, the investment managers including BlackRock BLK, -0.10% running $57 trillion committed to decarbonizing 20% of emissions by 2030, not the 50% scientists say is needed to stay within 1.5 degrees Celsius warming.
The buzz The House is set to approve $2 trillion in spending on education, health and climate on Friday morning, as the legislation then faces an uncertain path in the Senate. Applied Materials AMAT, -1.84% fell in premarket trade, as the microchip-equipment maker recorded worse-than-forecast earnings and revenue, and also forecast current-quarter revenue below estimates.
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