Jeremy Grantham is your died in the wool capitalist with a few words to the wise regarding the environmental realities and its impact on us and everything else that lives.
There is a lot more in the interview that is in Barrons. Not just carbon, but the petrochemical world.
“For more than 15 years, Jeremy Grantham, co-founder of the Boston-based asset-management firm GMO—and credited with predicting the 2000 and 2008 downturns—has spoken out about the perils of the changing climate and what it means for life on Earth.
Now the world is paying attention. The World Economic Forum has determined that the top five risks are climate-change related, with extreme weather as the No. 1 global risk. And the Task Force on Climate-Related Financial Disclosures (TCFD) announced Wednesday that its program has been endorsed by more than 1,000 organizations, comprising central banks, credit-rating firms, companies, and investors.”
“People listen but don’t really take it in. If that continues, climate change is going to trample through your portfolio and kick its ass. And you have to care about it, because it’s not just an issue for your miserable portfolio. It’s an issue for your grandchildren. Capitalism has a way of taking perfectly reasonable human beings who play at the weekend with their grandchildren, who are occasionally altruistic, and turning them during the workweek into Milton Friedman zombies working to maximize short-term profit. If you said, “My only objective as a human being is to maximize my own advantages,” that’s a workable definition of sociopath. And yet that is what the corporations do. And we treat them as damned human beings. It’s remarkable. So wake up.”