In His Latest Letter Jeremy Grantham Ramps Up The Carbon Bubble/Stranded Assets Argumentum

We've been following the proponents of the Carbon Bubble argument since the term was first floated by the Carbon Tracker Initiative in March 2012.

Al Gore tried to frame it as analogous to the sub-prime bubble but no one is really listening to him. Mr. Grantham via his Grantham Research Institute is going with the unburnable carbon/stranded assets approach and is probably the most prestigious voice making the argument followed in rapidly descending order by Nick Lord Stern who Chairs the GRI; billionaire political activist Tom Steyer who is making full use of Citizens United and who recently hooked up with Michael Bloomberg (just named the U.N's climate change/cities envoy) and former Goldman honcho (and less powerfully, U.S. Treasury Secretary) Hank Paulson in their Risky Business initiative.

A related movement is divestment from fossil fuel producers by some public employee pension funds and demonstrations for same from college endowments. In the most famous instance Harvard said no.

The thesis hangs on the 2°C target that the EU adopted as their goal for maximum global warming.
I should probably do a post on that one of these days.

I hope I've left enough breadcrumbs for our journalist friends to, should they wish to, write the book (or at least this chapter) on the global warming story.

From Grantham, Mayo, Van Otterloo:

Year-End Odds and Ends

(Possible Peak Oil Demand, Fracking Frictions,

and the Great Fertilizer Wars of 2037)

Jeremy Grantham

Fossil Fuels: Is Tesla a Tease or a Triumph?

...MUCH MORE (15 page PDF)