…Ominous Climate Change Costs…
Barron’s, a well known financial publication, published a five-page spread, Calculating the Costs of Climate Change, stating unequivocally, “More frequent strong storms, like the hurricanes in 2017 and 2018, are among the signs of global warming or climate change,” scientists say.
The PG&E bankruptcy has brought this question to the forefront of investor concern.
The Barron’s article mentioned organizations that are already predicting which companies are most susceptible to climate change.
Barron’s doesn’t question whether climate change, i.e., anthropogenic global warming (AGW), is caused by CO2 since this is the consensus touted in the media. Facts, however, contradict the assertion that severe storms are more frequent today.
Hurricanes, for example, are no more frequent today than they were over 100 years ago. See, Hurricane History Phony Myth Tornadoes are also no more frequent than in the past.
The media regurgitates the false claim of stronger storms despite the facts establishing that storms are no more frequent today than in the past.
The Barron’s article listed fifteen companies with the greatest exposure to climate change. They quoted the CEO of Four Twenty Seven, a consulting firm, as saying:
“In the new normal, billion-dollar disasters are regular occurrences.”
These disasters may be occurring, but are they due to CO2 induced climate change?
One of the companies cited by Barron’s as being in jeopardy from climate change is T. Rowe Price Group (TROW), whose headquarters sit by Baltimore’s Inner Harbor that’s exposed to damage from hurricanes. Quoting Barron’s, “Two-thirds of the big money manager’s facilities are exposed to sea-level rise, and more than half are exposed to flooding.”
Barron’s also listed Consolidated Edison (ED) as being threatened by climate change and said: “Consolidated Edison has a quarter of its facilities exposed to sea-level rise, particularly around New York City.”
But sea level rise, beyond the average eight-inches per century that have been happening for a thousand or more years, is not happening due to climate change.
It’s more likely that areas along the eastern seaboard are sinking, or subsiding: In some cases because of withdrawals from acquirers, and in other cases, such as New York City, because of glacial isostatic adjustment.
If climate change is found to be responsible for these weather-induced disasters, ordinary investors could see their life’s savings washed away as companies are held responsible for weather events and forced into bankruptcy, such as is happening to PG&E.
If severe weather is attributable to climate change, every utility and many other companies will be liable for direct and indirect damages caused by natural events.
Those are the facts we all must face as the AGW extremists pursue litigation of the California wildfires and threaten all Americans with financial losses attributed to disasters supposedly caused by climate change.
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