Updated: Jan 23
"One of the reasons people are worried climate change will be almost impossible to stop is that pumping carbon into the atmosphere is simply way too profitable.
Even as new reports yesterday from NASA and the British weather service showed climate change had created the hottest decade in history, according to the traditional rules of capitalism, if companies make fortunes from digging coal and building pipelines, then nothing is going to stop them.
With so much money at stake, not only do shareholders and employees get onside, but governments may often be persuaded to actively back increased carbon output, even when they have evidence it will ultimately damage the local and global economy.
That's why this week's announcement by BlackRock — often described as the world's richest money manager, with about $10 trillion to invest (no, the T is not a mistake) — is both surprising and encouraging."