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JPMorgan, Citi support carbon price as CFTC panel says financial sector unprepared for climate impacts
I'm reminded of a poem from the great American Poet Robert Frost, a fellow New Englander, when I read articles like this and consider the decision before us; "What are the most effective solutions to mitigate the effects of climate change". In Frosts' poem "The Road Not Taken" he describes a traveler facing a fork in the road, trying to decide which path to take, which seems an appropriate paradigm for where we stand today on how to mitigate the effects of climate change. Some believe the path labeled "Carbon Pricing" is the best solution to mitigate climate change. A second path, labeled "Direct investment in Clean Energy Solutions" seems to have less vocal support from the Financial and Investment Communities, but has significant support from State's pursuing climate change mitigations with defined net-zero energy goals.
The real question, IMO, is which of these two paths will result in the fastest and most effective solution to mitigate the effects of climate change. Now, suppose Frost's traveler, pondering which way to go, had a grizzly bear chasing him,we'll call the bear "Climate Change" - I'm guessing the traveler would be looking for the path with the best prospects of escaping the bear's grasp. Shouldn't we be doing the same to mitigate the effects of "Climate Change".
Check out this report from the AESO for a real world outcome of carbon pricing policies
JPMorgan, Citi support carbon price as CFTC panel says financial sector unprepared for climate impacts
Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a Commodity Futures Trading Commission subcommittee wrote in a report.
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