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Big Banks accept a Catastrophic 5.4º F. Temperature Rise, Hope to sell People more Air Conditioners
Juan Cole 04/01/2025
Ann Arbor (Informed Comment) – Corbin Hiar reports at the Scientific American that the big banks are now banking on a 5.4º F. (3º Celsius) rise in global temperatures above the pre-industrial average.
Morgan Stanley let the conclusion slip in a report on air conditioner sales, which it expects to double, what with the extra heat. Hiar says that especially after the election of Trump, the banks accept that that is just the way it is going to be.
The stupidity hurts my brain.
Freakin’ air conditioners?
I’d like to direct readers (and any bankers among them) to a free book on what science tells us about a 3º Celsius world. It is Klaus Wiegandt, ed., 3 Degrees More: The Impending Hot Season and How Nature Can Help Us Prevent It (Springer Nature, 2024). It is a pretty horrifying prospect.
Air conditioners run on electricity, and reliable electricity may be a problem if the average temperature of the earth’s surface skyrockets 5.4º F.
Remember, that is an average increase. In some places it may be 10º or 15º F. That’s not going to be a pretty picture in Phoenix, Az., Miami, Fl. or for that matter Orlando, Fresno, Ca. and a bunch of other cities that are already sweltering in the summer
I’ve lived a lot of my life in hot places. I was in Cairo once in the summer and there was an article in the Arabic newspaper al-Ahram [The Pyramids] about the heat in Aswan in Upper Egypt, where it was about 115º F. The article said that there was a big electricity outage because the insulation of the electrical wires melted.
There are lots of ways ambient heat can interfere with the transmission wires. It can melt the insulation, or it can overheat components, it can cause oxidation. And here’s the thing. Hot wire shows more electrical resistance, which reduces its efficiency.
Moreover, overheated wires or components can cause fires. California is a big tinderbox at certain times of year, with dry forests, which overheated electrical wires can set off. The smart thing to do will be to bury all the electrical wires, but that is an expense the power companies do not want to bear. Another possibility is that people will put up solar panels and use home batteries, and disconnect from the grid.
Hot river water causes nuclear plants to go offline because they can’t cool the rods. Heat and droughts reduce hydro-electric production. Just generating electricity for the air conditioners can be a challenge. Your best bet will be solar panels, an industry Trump is trying to crush, and the banks are happy to help because of their fossil fuel investments and their willingness to kowtow to Trump’s diktats.
Then there is the air conditioner itself. It isn’t magic. AC’s don’t function well at over 100º F. They may break down. They may not be able to displace the heat outside. Cooling down things by more than 26º F. is a challenge. So if it is 120º F. out, don’t count an getting lower than the 90s inside.
In fact, it has recently been discovered that a combination of 122º F. and 80 percent humidity will just kill you dead right there.
All this is not to mention the massive hurricanes that will repeatedly knock down the electricity poles. Already, Duke Energy filed with the state of Florida for $1.1 billion in compensation for all the grid repair work it had to do after the 2024 hurricane season. What if the costs rise so much that the state can’t bear them, and Duke Energy goes bankrupt? I mean, these are little dinky storms compared to the ones we’ll be having if temperatures rise another couple degrees Fahrenheit. Some scientists argue that the Saffir-Simpson Hurricane Wind Scale, which only goes up to 5, is increasingly inadequate, and that we are already seeing sixes. Can force 7 hurricanes be far off?
Duke’s press release says, “Given the severity of these three storms, the filing covers a range of costs, such as deploying hundreds of Duke Energy crews from the entire span of the company’s service territories and acquiring significant mutual assistance from across the country and even Canada; standing up staging sites, basecamps and temporary lodging, while also providing meals for thousands of lineworkers and field personnel; and repairing, rebuilding and replacing critical infrastructure, including poles, wires and transformers, that were damaged and/or destroyed by catastrophic storm surge and wind.”
I don’t think they’re going to be getting that help from Canada anymore. And this is just the beginning.
Hurricanes are caused by warm ocean water. The oceans off Florida are already getting up to 100º F. in the summer. That kind of temperature whips up a lot of wind. It is now clear in the data that the intensity of hurricanes is increasing because we are burning so much coal, fossil gas and petroleum.
Not only will the hurricanes be fiercer, damaging homes and businesses and knocking down those made of wood, but they will dump more and more water, causing massive flooding.
Stefan Rahmstorf writes, “our planet’s current coastlines are home to more than 130 cities larger than a million inhabitants, plus other infrastructure such as ports, airports, and some 200 nuclear power plants with seawater cooling (such as Sizewell B on the British North Sea coast). Even 1 m [3 feet] of sea rise would be a disaster.”
Those banks that see a 5.4º F. temperature increase as an opportunity to sell more consumer goods such as air conditioners are not reckoning with the likelihood of climate chaos and climate breakdown at that level, of a sort that will make maintaining current levels of civilization challenging. We’ll survive it. We’re unlikely to survive it in style.
And the billionaires who think that they can sell us gasoline and coal and gas for another century and just protect their families with big mansions in the mountains or on islands are fooling themselves. The mansions will slide down the side of the mountain in a massive downpour, and the seas will swallow up the ones on islands with storm surges.
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