September 14, 2010

Climate Change Is Real, Says Deutsche Bank

Implications are 'huge' for investors, white paper claims

Deutsche Bank on Monday released a white paper titled "Climate Change: Addressing the Major Skeptic Arguments," citing "a determined assault" by climate science skeptics "on the climate findings accepted by the overwhelming majority of the scientific community."

The paper was written by the Columbia Climate Center at the Earth Institute, Columbia University, and was divided into three parts, each one addressing one of the major arguments of skeptics. This was to address the "public perception," said the paper, that scientists had been dismissive of the skeptic viewpoint, so the intention in the report was to correct the balance.

Deutsche Bank's Mark Fulton, managing director and global head of climate change investment research, said in the paper's editorial, "For investors in particular, the implications are huge." He went on to add, "While there are many arguments in favor of clean energy, water and sustainable agriculture--for instance, energy security, economic growth, and job opportunities--we at DB Climate Change Advisors (DBCCA) have always said that the science is one essential foundation of the whole climate change investment thesis."

In the end, Fulton says, "Simply put, the science shows us that climate change due to emissions of greenhouse gases is a serious problem. Furthermore, due to the persistence of carbon dioxide in the atmosphere and the lag in response of the climate system, there is a very high probability that we are already heading towards a future where warming will persist for thousands of years. Failing to insure against that high probability does not seem a gamble worth taking."

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