“It just occurred to me why the world's wealthy aren't going for a big fund to promote zero carbon energy Another no brainer--because the wealthiest are most likely the greediest as well and they very likely have a lot of money tied op with fossil fuel investments.”
Fossil fuel stocks represent a mere 5% of the total market capitalisation of the S&P500, and that figure is even smaller for European and Asian Indices.
So you are saying that the world’s wealthy people have a disproportionate amount of their wealth tied up in less than 5% of the available investments?
Given the lognormal distribution of global wealth, that would not be arithmetically possible.
Not just that, but fossil fuel investments have underperformed the overall market significantly over the past decade and the rich - being both greedy and smart - are highly likely to be aware of that (and equally likely to have been on the right side of that trade), thereby rendering them more, not less, receptive to investing in the sort of de-carbonisation infrastructure fund you envisage.
Yet they haven’t.
So we come full circle - why not, I wonder?
“But their karma will eventually catch up with them when Greta arrests and strings them by the nuggets just like Mussolini!”
I’m a bit confused here... so wealthy people are deserving of arrest and of being hanged because they:
1. Defied the laws of arithmetic and somehow managed to magically invest the bulk of their wealth (which represents the majority of total global wealth) into just 5% of the total available investment universe, and
2. Committed the offence of not investing in a certain de-carbonisation fund that doesn’t exist?
You sure this is all about the climate and not about some kind of multi-lateral distribution of wealth from one global societal cohort to another?
Because your last post offers some insightful proxy clues that would more-than-aptly inform such a debate.
I continue to stand by and await your proposal for a concrete solution that will result in a cessation of the exponential rise in total global carbon emissions driven from the developing world.
