Thursday, September 16, 2010

Deutsche Bank debunks skeptics

Reuters: International financial services heavyweight Deutsche Bank has taken aim at climate change skepticism in a just-released report that catalogs and counters the arguments denying man-made global warming. The report, titled Climate Change: Addressing the Major Skeptic Arguments, was commissioned by the bank and written by scientists at Columbia University’s Earth Institute.

It lists 12 common claims used to argue against global warming and refutes each of them, pointing readers to corroborating sources. Its point is definitive. “The paper’s clear conclusion is that the primary claims of the skeptics do not undermine the assertion that human-made climate change is already happening and is a serious long-term threat,” wrote Mark Fulton, the bank’s head of climate change research.
Deutsche Bank is one of the most deeply invested financial institutions in the world in climate change, with more than $5 billion being managed in climate-related funds.

…“What is the state of the science? We asked Columbia, as trusted advisors, to give us a balanced answer in some detail,” Fulton said. “We are looking for financial investment opportunities around the climate change trend. The paper reassured us of our investment thesis and it should reassure our investors.”

Dr. Mary-Elena Carr, the associate director of Columbia’s Climate Center and the study’s co-author, said she did not think the rebuttals in the paper would win over those who say man-made climate change is either not happening or does not require action. She hoped it would find a broader audience in those interested in sorting through the ocean of information on global warming.

…“What you need is a risk-analysis approach,” said Fulton, who has been involved in economic modeling since the 1970s. “The data behind the climate change thesis is solid. When the evidence says it will take place, it isn’t a gamble worth taking.”…

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