Guest Aeuhhh???? by David Middleton

CNN: The Stupid, It Burns…

How rich people could help save the planet from climate change

By Stephanie Bailey, CNN
Updated 5:20 AM ET, Fri July 12, 2019

(CNN) Rich people don’t just have bigger bank balances and more lavish lifestyles than the rest of us — they also have bigger carbon footprints.

The more stuff you own, and the more you travel, the more fossils fuels are burned, and the more greenhouse gases are emitted into the atmosphere.

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But some argue that the wealthy can do the most to help fix the climate crisis. Here’s how they could make a difference.

Spend wisely

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Divestment
As well as choosing what to spend money on, rich people can choose what industries to invest in — or not to invest in.

Oxfam estimates that the number of billionaires on the Forbes list with business interests in the fossil fuel sector rose from 54 in 2010 to 88 in 2015, and the size of their fortunes expanded from over $200 billion to more than $300 billion.

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Wealth means power

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Fund climate research

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Role models
The super-rich might also have an influence on other people’s carbon emissions.

“High status in our societies remains associated with high material wealth,” said Otto. “It’s an aspiration to become like the very wealthy and you imitate the lifestyles of people who you want to be like.”
For example, air travel is no longer only a treat of the super-rich. This year, budget airline Ryanair was the only non-coal plant among Europe’s top 10 emitters.

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Darth Vader: This is CNN

I don’t know whether to laugh or cry… How does someone get to be this fracking stupid?

“Save the planet from climate change“?

Warning: Lots of F-bombs and other profanity… but this is fracking hilarious!

Divestment

As well as choosing what to spend money on, rich people can choose what industries to invest in — or not to invest in.

Oxfam estimates that the number of billionaires on the Forbes list with business interests in the fossil fuel sector rose from 54 in 2010 to 88 in 2015, and the size of their fortunes expanded from over $200 billion to more than $300 billion.

Stephie, 2018 BS in Psychology

Did Stephie or Oxfam wonder why these billionaires were investing in “the fossil fuel sector”?

But there’s a trend of wealthy investors selling their shares in climate-harming industries, known as divestment.

Over 1,100 organizations and 59,000 individuals, with combined assets totaling $8.8 trillion, have pledged to divest from fossil fuels through the online movement DivestInvest.

Stephie, 2018 BS in Psychology

Did it occur to Stephie that those “1,100 organizations and 59,000 individuals” can only “divest from fossil fuels” under the following two conditions?

1. They currently own “fossil fuel sector” investments… (Shorting is not divesting).
2. Other investors are willing to purchase their “fossil fuel sector” investments.

Among them is Hollywood actor Leonardo DiCaprio, who signed the pledge on behalf of himself and his environment foundation — as well as a group of 22 affluent individuals from the Netherlands who pledged to remove their personal wealth from the top 200 oil, gas and coal companies.

Stephie, 2018 BS in Psychology

How are they going to “remove their personal wealth from the top 200 oil, gas and coal companies” unless there is a willing buyer?

“You don’t invest in coal, you don’t invest in oil, in gas, also in some car companies that produce normal cars, or aviation, so you direct the financial flows,” said Otto.

And with divestment, a little can go a long way. “We did some simulations that shows that with the divestment movement you don’t need everyone to divest,” said Otto. “If the minority of investors divest, the other investors will not invest in those fossil fuel assets because they will be afraid of losing money … even if they have no environmental concerns.”

Stephie, 2018 BS in Psychology

Who is this “Otto” person? And how did she manage to out-stupid Stephie?

This bears repeating…

“If the minority of investors divest, the other investors will not invest in those fossil fuel assets because they will be afraid of losing money … even if they have no environmental concerns.”

Dr. habil. Ilona M. Otto, PhD in Resource Economics , never had a real job.

How in the SAM HILL can “the minority of investors divest” if “other investors will not invest in those fossil fuel assets because they will be afraid of losing money.” At worst, they would temporarily drive the stock price down, creating buying opportunities for investors smarter than a bag of hammers. The ups and downs of stock prices don’t affect the operating income of oil & gas or coal companies. Nor does it affect the liquidity. Liquidity is the ability of a company to meet current obligations. This generally consists of cash, cash equivalents, accounts receivable, short term investments and any credit facilities. The borrowing base is generally secured with assets… like proved oil & gas reserves.

Stephie, you’ve earned eleventy gazillion Billy Madisons… and Dr. Otto, you’ve just set a new world record: 42 x 10⁴² Billy Madisons and a lifetime achievement award from Ron White.