Climate of Hope: Wall Street Reckons with Climate Risk (Axios)
Some of the biggest names on Wall Street are partnering with climate science groups to produce the first countrywide, property-level maps attempting to financially navigate the age of extreme weather-driven calamity in the U.S.
The maps are so granular that they can pick out individual commercial buildings and electric power stations and advise investors about the potential impact to their specific assets across the decades through the end of the century.
Since 2017, Michael Bloomberg and Mark Carney, governor of the Bank of England, have pushed the world’s leading banks and blue-chip companies to quantify and disclose their climate risk.
For example: Between 2060 and 2080, up to 26% of metro areas would likely have 100 days a year of 95 degree heat, up from 1% today, according to Rhodium and the Climate Impact Lab. Greater heat reduces the productivity of outdoor labor, increases mortality rates, pushes up spending on air conditioning, and lowers agricultural output. Read more from Axios here.
Carney Gets It: Mark Carney, Francois Villeroy Push for More Action on Climate Change (Bloomberg)
The Bank of England governor joined with the Banque de France governor to say “we cannot ignore the obvious risks” to climate in an oped in The Guardian.
Hot on the Bloomberg:
China’s Strengthening Economy Bolsters Its Hand in U.S. Trade Talks (Bloomberg)
Mary Schapiro: China’s Bond Market Reaches a Tipping Point (Bloomberg Opinion oped)
The inclusion of yuan-denominated securities in the Bloomberg Barclays Global Aggregate Index shows growing confidence by international investors.
Today in Elections: Indonesian President Jokowi Set to Win Second Term, Calls for Unity (Bloomberg)
Another five years in power for Joko Widodo would be welcome news for investors betting on the 57-year-old leader to pass measures that could unlock growth in Southeast Asia’s biggest economy. His opponent, Prabowo Subianto, ran a more nationalist campaign, with promises to tackle economic inequality and review Chinese investments.
Ahead of Columbine Anniversary: Denver Schools Close as “Massive Manhunt” Underway for 18-Year-Old Florida Woman “Infatuated with Columbine” – Now Armed With Shotgun in Colorado (Denver Post)
-Notre-Dame Reconstruction Effort Attracts Nearly $1 Billion (Bloomberg)
-How Notre Dame Became So Neglected (Bloomberg Opinion – Therese Raphael)
-Book Boost: Hunchback of Notre-Dame Rockets to Top of Bestseller List (The Guardian)
Electric Vehicles Today: The World’s Biggest Electric Vehicle Company Looks Nothing Like Tesla (Bloomberg Businessweek)
BYD, which was founded in Shenzen and built the battery in your ’90s cellphone, now produces more EVs than anyone. The company has about a quarter-million employees and sells as many as 30,000 pure EVs or plug-in hybrids in China every month. Its cheapest model, the e1, starts at 60,000 yuan ($8,950) after subsidies.
Toast to a Titan: Mike Bloomberg writes on Disney CEO Bob Iger (Time 100)
Bob’s curiosity about new technology and markets—and his commitment to them—allowed an iconic 20th century company to become one of the most innovative of the 21st century. Walt would approve.
As for constancy, Bob has a legendary work ethic, just like Walt did.
If he has one failing, it’s that he still hasn’t cast me in a movie. I told him: If you need someone to play a ruggedly handsome former mayor, have your people call mine. Walt would approve. Maybe.
The Queens are Back:
-Beyoncé Surprises With a Live Album to Go With Her Netflix Documentary (New York Times – hat tip: Howard Wolfson’s Daily Biscuit)
-Madonna teases new music, ‘Medellín,’ and a new alter ego named Madame X (Los Angeles Times)
Best of late night.
“Bernie Sanders released his taxes yesterday. He released 10 years’ worth of income tax returns, which is great, but now how about the other 200 years?”
— Jimmy Kimmel
On HBO’s Game Of Thrones premiere on Sunday night:
“The premiere of Game of Thrones last night drew 17 million viewers. 17 million viewers! Unfortunately for HBO, they were all using the same password. HBO made $11 last night.”
— Conan O’Brien
“Sunday’s premiere set a record with 17 million people tuning in. While another 17 million people sat next to them saying “who’s that again?””
— Jimmy Fallon
“Some more TV news: I heard that the TV show ‘Peppa Pig’ is so popular, that little kids in the U.S. are starting to speak with British accents. When their parents said ‘Maybe it’s time to watch something else?’, the kids said, ‘Not bloody likely!’”
— Jimmy Fallon