Note: This article was co-written with Michael S. Falk and first appeared on the CFA Institute Enterprising Investor Blog. Climate change remains a key issue to solve in the coming decade. We say decade because any longer may already be too late. We all will have to pay a price for burning fossil fuels, but unfortunately the bulk of that price will not be paid by those who burn fossil fuels. It is a classic problem of a negative externality: The profits of an activity — in this case, burning fossil fuels to generate energy — are privatized, while the costs, to human health and the environment, are socialized.
Recently I saw a documentary movie about Mars. The scientists talked about the past of the red planet and that the most probably impact of asteroid crash caused the significant changes in Martian magnetic field that led to the gradual loss of its atmosphere. Does the author really think that burning fossil fuels will lead to a catastrophic consequences for the Earth's climate? I do not say we should not take the steps to improve our environment and to decrease water and air pollution to live in cleaner and healthier planet. However, to think that the human impact on the Earth's climate is far more important then for instance cosmic forces, seems to be a far fetched. Furthermore, the strong fossil fuel lobby is certainly diminishing compared to a new green lobby. With big money, hedge funds etc. heavily invested in everything green, no wonder that climate alarmism became a big business (and politics) very few dare to question.
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Recently I saw a documentary movie about Mars. The scientists talked about the past of the red planet and that the most probably impact of asteroid crash caused the significant changes in Martian magnetic field that led to the gradual loss of its atmosphere. Does the author really think that burning fossil fuels will lead to a catastrophic consequences for the Earth's climate? I do not say we should not take the steps to improve our environment and to decrease water and air pollution to live in cleaner and healthier planet. However, to think that the human impact on the Earth's climate is far more important then for instance cosmic forces, seems to be a far fetched. Furthermore, the strong fossil fuel lobby is certainly diminishing compared to a new green lobby. With big money, hedge funds etc. heavily invested in everything green, no wonder that climate alarmism became a big business (and politics) very few dare to question.