“GREEN BOND SALES STRUGGLE” (June 25, 2015)
Thus The Wall Street Journal today. “A flattening in ‘green bond’ sales this year is highlighting the uncertainty facing the market for the debt, which finances projects that would mitigate climate change,” explains the newspaper. And this is the year of the pope’s encyclical on climate change, as well as the Paris climate talks! But there is hardly any surprise here. Few people care about climate change at this juncture, and this is reflected by the green bond market. All the warnings by concerned scientists are for the birds. Solid evidence is all that investors will consider with due seriousness. But this human propensity goes well beyond the bond market. No-one will move a finger in the absence of floods, storms, and fires galore. As well as marching armies. And when the shit finally hits the fan, everyone will be crying to high heaven on account of the divine injustice. Homo sapiens sapiens is but a silly scientific misnomer for the very tip of the primate order, to be sure.