But, see, they say it will totally lift the economy in the future! Well, the stock market. Not necessarily your pocketbook
Going Green May Hurt at First — But Fighting Climate Change Will Boost the S&P 500
Here’s where stocks will benefit most from climate change policies under President Biden, according to Bank of America.
Battling climate change will cost the U.S. as it moves toward a green economy — but the transition is crucial and will pay off for stocks and long-term growth, according to Bank of America Corp.
Climate change policies are mostly positive for the S&P 500 index, particularly in the long-run, Bank of America economists and equity and quantitative strategists said in a research report dated February 11. Corporate profits should rise as U.S. public and private sectors catch up to Europe in the fight against rising global temperatures, they predicted, benefiting the stock market.
Transitioning to a green economy will bring about innovation while addressing financial stability concerns linked to extreme weather events — such as droughts, wildfire, hurricanes, and coastal flooding — caused by a warming planet, according to the report. And while climate policies may weaken near-term growth, Bank of America expects the policies will ultimately lead to “significant positive†developments.
“A sharp tightening of carbon emission policies through taxes and regulations can come with a cost to the economy,†the bank’s economists and strategists said. “But it will also likely come with greater investment in green infrastructure, which is a net positive, all else equal.â€
Well, that is weird, because climate cultists keep telling us that implementing all these climate cult measures won’t hurt the economy at all. In fact, they say it would lift it. They never said it would harm it quite a bit before supposedly lifting it up.
BOA also says warmth will cause lots of issues if we don’t Do Something
They said a one degree increase in the daily average temperature above 15 degrees Celsius (59 degrees Fahrenheit) reduces productivity by 1.7 percent. The current path of rising temperatures may slash global GDP by as much as 25 percent by 2100, according to Bank of America’s research, which cited work done by consultants at the Group of Thirty.
Well, that’s interesting, since prosperity tends to occur during Holocene warm periods, not so much during the cool ones. And, despite the slight rise in temperatures since 1850, the world has seen some serious gross. But, this is about fearmongering. So, give up your money and freedom and choice to government, y’all! It’s for Your Own Good.
Read: Surprise: Bank Of America Says Going Green Could Hurt The Economy »
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