Michael Shellenberger: A major new staff report from the New York Federal Reserve Bank throws cold water on the over-heated rhetoric coming from activist investors, bankers, and politicians. “How Bad Are Weather Disasters for Banks?” asks the title of the report by three economists. “Not very,” they answer in the first sentence of the abstract.
The reason is because “weather disasters over the last quarter century had insignificant or small effects on U.S. banks’ performance.” The study looked at FEMA-level disasters between 1995 and 2018, at county-level property damage estimates, and the impact on banking revenue.
UK Independent: "Your home, sometime in the next decade. You click the heating on and receive an app notification telling you how much of your carbon allowance you’ve used today. Outside in the drive, your car’s fuel is linked to the same account. In the fridge, the New Zealand lamb you’ve bought has cost not just pounds and pence but a chunk of this monthly emissions budget too. Welcome to the world of personal carbon allowances – a concept that is increasingly gaining traction among experts as a possible response to the climate crisis. Each month, it would see every person or household in the country given a limited emissions quota to spend on heating, energy, travel, food and possibly consumer goods. Those who wish to expend more could buy top-ups. Those who require less would be able to sell their left-overs back to the ‘grid’." ... Now, in the wake of Cop26, many feel the concept – radical, perhaps, but demonstrably do-able – has never been riper for consideration. So, could this be our future? ... “By establishing an equal monthly budget for everyone, you create a sense of a shared effort to address a shared problem,” says Fawcett.