
Wall St Bets on Hotter Future: US Banks Doubt Climate Goals, See Boon for AC Firms
Leading US financial giants now predict that global climate goals will fail but they’re eyeing big profits as the planet heats up. In a wave of new forecasts, Wall Street banks including Morgan Stanley and JPMorgan Chase admit that the Paris Agreement’s aim to limit global heating is effectively out of reach.
Instead, investors are being advised to prepare for a 3°C warmer world, well beyond the internationally agreed threshold of 2°C. The consequences? More deadly heatwaves, extreme weather, economic chaos and a massive surge in demand for air conditioning.
Morgan Stanley’s March analysis predicts that the global AC market could jump 41% by 2030, reaching $331 billion, driven by the intensifying need for cooling in a hotter world. The report identifies dozens of air conditioning fir...