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divesting I think is is prudent that's a risk reducing way to avoid quite a long list of potential problems from lawsuits to loss of business as the world realizes the seriousness of climate change investing is different it's a new rapidly growing part of the market but it has a terrific potential I'm Jeremy Grantham the co-founder of a financial firm my big passion in life these days is the environment I think it's an existential threat it really does threaten the existence of a really agreeable planet with huge biodiversity and it even threatens the existence of our favorite species Homo sapiens we're flying through space we had exactly the resources we were endowed with there are no space stations to refuel and there's no place we can go to clean up and fix things this is all we have we did some interesting new work on divestment in which we established the divesting from any one of the ten major groups including energy really has not made that much difference so it turns out that what investment committees have been saying for a hundred years or longer I've seen maybe 2,000 of them is an old wives tale or in this case an old husband's tale because they're all men they're a very conservative group and in this case they happen to be absolutely wrong if you decide to get out of energy the best assumption is that it will be a matter of 10 20 25 basis points at most for the next 20 years and it is just as likely to help you says the data as to hurt you and that's because this is the first time where a major chunk of the players have been systematically brainwashed by the fossil fuel industry powerful corporations have never controlled government policy more today 60% of Republicans are persuaded that climate change does not exist a lot of them are in the stock market it's hard to believe that would not have impacted the prices so if you will they are betting against the scientific data I think that gives us a very decent chance that fossil fuels are overpriced in the market capitalism has no way of dealing with the fact that its encouraged to methodology that in a hundred years leaves you with no soul and no soil if anyone behaved in their personal life as if profit maximizing was the only thing that mattered they would be treated quite rightly as sociopaths the one thing we know for sure about renewables is that they will have a top-line revenue growing faster than the rest of the market the fossil fuel companies have actually done a pretty good job of deceiving the public why would we own industries that are liable to be sued we have caught these guys out we know that they have changed the story we know that they have deliberately misled us exactly the same as tobacco they are facing the headwind of decarbonizing they're facing the headwind of carbon taxes which will crop up here and there around the world guaranteed increasingly over the next 20 years what I would say to the older generation who are still investing is for God's sake wake up and divest this is serious pay attention you're never too old to pay attention and use your brains
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