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Posts Tagged ‘environment

“Heap high the farmer’s wintry hoard! Heap high the golden corn! No richer gift has Autumn poured From out her lavish horn!”*…

A scenic view of expansive cornfields under a clear blue sky, with a distant farmstead visible among the rolling landscape.

… but exercise care. In an excerpt from his new book, We Are Eating the Earth- The Race to Fix Our Food System and Save Our Climate, Michael Grunwald with the story of Tim Searchinger, the cascading impact of ethanol production on climate change, and the importance of fighting for lost causes…

Something felt off.

Tim Searchinger lacked the proper credentials to say exactly what was off that day in the spring of 2003. He was a lawyer, not a scientist or economist. He was reading a complex technical paper on an unfamiliar topic, produced by well-respected researchers at the world-renowned Argonne National Laboratory. Sitting at his cluttered desk in the Environmental Defense Fund’s sixth-floor offices in Washington, D.C., overlooking the famous back entrance to the Hilton where President Ronald Reagan was shot, he just had a sense the paper didn’t add up.

Searchinger tended to distrust new information until he could study it to a pulp. He never assumed consensus views were correct, conventional wisdom was wise, or sophisticated-looking scientific analyses reflected reality. He questioned everything, so his unease that day didn’t feel particularly unusual. He had no inkling it would eventually lead him to a new profession—and the world to a new way of thinking about food, farming, land use, and climate change.

The Argonne study analyzed whether fueling cars with corn ethanol rather than gasoline reduced greenhouse gas emissions, which did not seem like a particularly urgent question in 2003. And Searchinger was a wetlands guy fighting to save the streams and swamps that provide kitchens and nurseries for fish and wildlife, not an energy-and-climate guy trying to keep carbon out of the atmosphere. So it was a bit odd that he would slog through such an obscure report.

But not too odd.

He was also an agriculture guy, because farms were the main threat to the wetlands he wanted to protect. And he was above all a details guy, a data sponge willing to soak up minutiae far too technical for less obsessive laymen. The revelatory stuff usually seemed to be hidden in arcane modeling assumptions and other fine print. He was a compulsive reader of boring papers, all the way through the footnotes, and he had learned from his uphill legal and political battles that knowledge could be a powerful weapon against money. He always did the reading, and his burden in life was that others didn’t.

Ethanol was just his latest uphill battle.

It was the most common form of alcohol, the fermented magic in beer, wine, and liquor. It was also a functional automotive fuel; it had powered the first internal combustion engine, and Henry Ford once called it the future of transportation. Gasoline turned out to be more efficient and better for engines, so ethanol mostly ended up in solvents and booze. But in the 1970s, ethanol distilled from corn—the “field corn,” or maize, grown by grain farmers, not the “sweet corn” you eat off the cob—had carved out a small role as an additive in US fuel markets.

That was the start of a twisted political love story. Farm interests, whose outsized political influence dated back to America’s origins as an agrarian nation, seized on ethanol as a new government gravy train. The U.S. Department of Agriculture, founded under President Abraham Lincoln for the express purpose of supporting farmers, backed ethanol as enthusiastically as it backed farm subsidies, farm loans, and other federal farm aid. And presidential candidates sucked up to farm interests so reliably that a West Wing episode lampooned the quadrennial tradition of ethanol pandering before the Iowa caucus, as the fictional future president Matt Santos considered denouncing subsidies he considered stupid and wasteful.

“You come out against ethanol, you’re dead meat,” an aide warned Santos. “Bambi would have a better shot at getting elected president of the NRA than you’ll have of getting a single vote in this caucus.”

The Midwestern grain interests behind ethanol did have serious political swat. The top ethanol producer was agribusiness giant Archer Daniels Midland, whose former CEO helped finance the Watergate burglary, and whose reputation as an all-powerful force of corporate darkness would soon be satirized in The Informant! The U.S. industry owed its existence to a lavish tax break for domestic ethanol and a punitive tariff on foreign ethanol, both of which owed their existence to Big Ag lobbyists. The corn the industry distilled into fuel was also subsidized through “loan deficiency payments,” “counter-cyclical payments,” and a slew of other bureaucratically differentiated programs that all diverted taxpayer dollars into farmer wallets. The farm lobby usually got what it wanted out of Washington—not only subsidies and tax breaks, but exemptions from wetlands protections, pollution limits, and other regulations. Even the federal rule limiting the hours truckers could drive had a carve-out for agricultural deliveries.

Still, barely 1 percent of America’s fuel was ethanol, and barely 1 percent of America’s corn became ethanol. The issue wasn’t on Searchinger’s radar until Big Ag began pushing an ethanol mandate, and he began worrying it could become the corn industry’s new growth engine.

His concern had nothing to do with climate change, because that wasn’t on his radar, either. It wasn’t yet a front-burner issue in Washington, and he knew no more about it than the average newspaper reader. He was focused on preserving what was left of nature in farm country, and preventing polluted farm runoff from fouling rivers and streams. More ethanol would mean more cornfields, more pollution, and more drainage of the Midwest’s few remaining wetlands.

Most Americans seemed to think the middle of the country was somehow ordained to be amber waves of grain—he used to think so, too—but he always kept in mind that it had once been a vibrant landscape of tallgrass prairies and forested swamps, a temperate-zone Serengeti with spectacularly diverse plant communities and birds that darkened the sky. Washington had accelerated the near-total obliteration of that ecosystem, with incentives as well as rhetoric encouraging farmers to grow crops from “fence row to fence row,” and ethanol seemed like the latest excuse to complete Middle America’s metamorphosis into an uninterrupted cornfield. Searchinger was on the prowl for science he could use to prevent that, so when he heard about the Argonne paper, in those days before studies were routinely posted online, he called the lead author, a Chinese-born environmental scientist named Michael Wang, and asked him to FedEx it.

Unfortunately, Wang’s team had calculated that ethanol generated 20 percent fewer greenhouse gases than gasoline, a modest but measurable improvement. Wang had helped pioneer the “life-cycle analyses” that were becoming standard in the field, and the emissions model known as GREET that he developed at Argonne was considered state-of-the-art, while Searchinger had never even read a climate study. So he didn’t really have standing to object.

But he did know models could mislead, because one of his professional obsessions was exposing how the U.S. Army Corps of Engineers cooked the books of cost-benefit analyses to justify its own ridiculously destructive water projects. He had learned from Army Corps documents how economic and scientific models could be structured and twisted to reach convenient conclusions, how garbage in plus garbage assumptions could produce garbage out. And when he started thumbing through the ethanol study, he had familiar bad vibes.

Wang had found that drilling oil and refining it into gasoline emitted much fewer greenhouse gases than planting, fertilizing, and harvesting corn and refining it into ethanol. Initially, Searchinger was confused: If the agro-industrial complex was twice as carbon-intensive as the petro-industrial complex, why would ethanol have a smaller carbon footprint?

The study’s answer was that cornfields, unlike oil wells, were carbon sinks. The Argonne team assumed that growing corn on a farm offset the tailpipe emissions from burning corn in an engine, because cornstalks sucked carbon out of the atmosphere through photosynthesis. The climate case for farm-grown fuels was that ethanol merely recycled carbon, while gasoline liberated carbon that had been buried for eons. It made sense that ethanol, a renewable fuel, would be climate-friendlier than gasoline, a fossil fuel. “Renewable” sounded clean and green, while “fossil” evoked zombies coming back from the dead to destroy the earth.

Searchinger’s spidey-sense kept tingling, though. His father, another question-everything guy, liked to quote H. L. Mencken: “For every complex human problem, there’s a solution that’s clear, simple and wrong.” That’s what ethanol felt like. And the more he thought about the study, the less he understood its conclusions.

Yes, corn soaked up carbon as it grew. But it soaked up just as much carbon whether it was grown for fuel or food! Why would growing corn for ethanol and burning it in an engine be any climate-friendlier than growing that same corn for food and burning an equivalent amount of gasoline in an engine? The carbon absorbed in the field wouldn’t change; neither would the carbon emitted from the car. If the only difference was that producing ethanol emitted much more carbon than producing gasoline, where were ethanol’s benefits?

That led back to his original concern: If more corn was diverted from food to fuel, how would the lost food be replaced? Presumably, Midwest farmers would plant more corn, converting more wetlands into farmland that would get blasted with more chemicals. Again, he wasn’t focused on the climate impact, just the environmental impact of losing habitat and increasing pollution. But he had a hunch the Argonne researchers and their spiffy analytical tools were also understating the climate costs of using grain to fuel our cars instead of ourselves.

Searchinger loved figuring things out, and he was on the verge of figuring something out that would transform climate analysis.

Uncharacteristically, though, he lost interest.

For one thing, it became clear that climate would be irrelevant to the debate over the proposed “Renewable Fuels Standard.” With America at war in Iraq, ethanol’s boosters were touting the mandate as a win-win that would reduce reliance on Middle Eastern oil while propping up demand for Midwestern corn. They weren’t touting it as a climate solution, because Washington wasn’t looking for climate solutions. The Senate had unanimously rejected the Kyoto Protocol a few years earlier, and Congress had ignored the issue ever since.

It also became clear the biofuels debate would be another charade controlled by farm interests and farm-friendly politicians. President George W. Bush had genuflected to ethanol in Iowa, as future presidents always do. (Even The West Wing’s Santos caved.) Senate Democratic Leader Tom Daschle of South Dakota, whose top aide later became an ethanol lobbyist, and Republican House Speaker Dennis Hastert of Illinois—who also became an ethanol lobbyist, before going to jail in a child molestation scandal—were both farm-state biofuels boosters.

Searchinger did try to lobby some non-Midwestern politicians to oppose the mandate, arguing it would punish their constituents at the pump to subsidize out-of-state agribusinesses. But even an aide to Democratic Senator Jon Corzine, a former Wall Street titan from corn-free New Jersey, sheepishly admitted his boss couldn’t buck the ethanol lobby, because he might need Iowans someday.

Come on, Searchinger pleaded, the guy who ran Goldman Sachs thinks he’s running for president?

“Tim, they’re all running for president,” the aide replied.

Searchinger sometimes joked that he was the patron saint of almost-lost causes, because he spent his days failing to save wetlands, failing to stop farms from degrading the environment, and failing to reform the Army Corps. He didn’t go looking for uphill battles—he’s a generally friendly guy with no particular lust for conflict—but he didn’t shy away from them, and as an enviro in ag world, he ended up in a lot of them. Even his victories felt temporary, because defenders of nature have to win again and again to keep wild places wild, while despoilers of nature only have to win once. And unlike campaigns to save the whales or the Grand Canyon, causes that inspired public outrage and sympathetic press, his fine-print fights to limit the damage from American agriculture went mostly unnoticed.

Usually, he was fine with that. He was a relatively happy warrior who believed knowledge could at least sometimes be power. But sometimes, power was power, and the anti-ethanol cause felt unusually lost. ADM, which owned half of America’s ethanol plants, seemed to own half of Congress, too. The proposed mandate wasn’t big enough to transform the Midwest, anyway, so he moved on to issues where victory was at least conceivable.

In retrospect, he’s embarrassed by how much he failed to grasp in 2003. At the time, he was totally unaware of the climate benefits of the wetlands he was fighting to save. He also knew almost nothing about international agriculture and its intrusions into tropical rainforests, so he overlooked how mandating farm-grown fuel in America could trigger deforestation and food shortages abroad. It certainly hadn’t dawned on him that biofuels represented a larger land-use problem that threatened humanity’s future on a planet with limited land to use.

Then again, it hadn’t dawned on anyone else, either.

Searchinger would later return to ethanol and climate, making scientific and economic connections the field’s scientists and economists had missed. He would then figure out how agriculture was eating the earth, and create the first serious plan for preventing that. It was an odd plot twist for an urban lawyer whose closest encounter with farm life growing up had been the petting zoo in Central Park.

But not too odd.

Taking on biofuels, and then the broader food and climate problem, required a wonk-crusader smart and stubborn enough to master the intricacies of esoteric models in unfamiliar disciplines, intellectually arrogant enough to believe he could parachute into the new fields and prove the experts wrong, and foolishly romantic enough to believe his impertinent crusades could help save the world. That’s always been who he is…

How Big Agriculture Mislead the Public About the Benefits of Biofuels,” from @mikegrunwald.bsky.social‬ via @literaryhub.bsky.social‬.

For more, see this World Resources Institute reports authored by Searchinger: “Why Dedicating Land to Bioenergy Won’t Curb Climate Change.”

* John Greenleaf Whittier

###

As we tackle tradeoffs, we might spare a thought for James Lovelock; he died on this date in 2022 (which was also his 103rd birthday). An independent scientist, environmentalist, and futurist, he  invented (in 1957) the Electron Capture Detector, a portable analytical instrument able to detect infinitesimal traces of halogenated organic compounds. The device revealed once untraceable amounts in the biosphere, of man-made chemicals such as CFCs or pesticide pollutants. French philosopher Bruno Latour compared that technological advance to the leap when Galileo’s telescope invention could peer deeper into space, revealing so much previously unseen.

He is better known for his Gaia Hypothesis, which he developed in the 1960s while designing scientific instruments for NASA and working with Royal Dutch Shell. Lovelock suggested that the Earth functions as a planet-sized superorganism—subterranean bacteria to the ice crystals of the stratosphere, working in a gigantic living network.

For more on the remarkable man, his accomplishments, and the Gaia Hypothesis, see Jon WattsThe Many Lives of James Lovelock: Science, Secrets and Gaia Theory.

A smiling older man with white hair and glasses, wearing a light-colored sweater, poses for the camera against a backdrop of foliage.

source

“But man is a part of nature, and his war against nature is inevitably a war against himself.”*…

Illustration of a green cap with the words 'MAKE AMERICA HEALTHY AGAIN' crossed out and replaced by 'THE PLANET' against a colorful background with trees, wind turbines, and solar panels.

Nathan Gardels argues that health is not personal, but environmental…

If it weren’t for his dogmatic anti-science views on vaccines and pandemics, U.S. Health and Human Services Secretary Robert Kennedy Jr.’s Make America Healthy Again movement would mark a transformative shift in our understanding of health care. At its core, MAHA grasps that placing the onus for being healthy solely on the individual in a sickening environment and a food supply chain contaminated by industrial chemicals is a misplaced responsibility.

How can we be healthy in a sick environment? That is the right question. But answering it entails not a rejection of scientific authority in the name of libertarian politics, but an embrace of science as the path to deeper discovery of how to heal the environment and mend a planet in distress, which are the affective conditions of human health.

This is a perspective laid out in Noema by Nils Gilman, Paul Kortba, Alex Marashian and others. “What if the most salient factors shaping health today lie not within the atomized individual or even their immediate social milieu, but in the fractured, volatile relationship between our species and the Earth system itself?” they ask.

For the authors, the science of salutogenesis, which focuses on the origins of health instead of the origins of disease (pathogenesis), should in our day and age be expanded to the planetary scale.

“Adding the idea of the planetary to salutogenesis isn’t just an effort to insert an ‘environmental’ layer into existing health models,” they write. “It requires a radical revision of how we understand what constitutes collective human health.

“Today’s dominant medical paradigm treats individual personal health as the primary object of concern and relegates the environment to the status of an external variable to be managed or mitigated. Planetary salutogenesis proposes a reversal: that planetary health is the fundamental condition, the enabling context, out of which durable human health, both individual and collective, emerges.”

In this, they follow the thinking of the philosopher Ivan Illich. In his book, “Medical Nemesis,” Illich spoke of “iatrogenic illness” — illness that results from mistreatment by a bureaucracy of physicians who abandoned the ancient idea of health as “balance” within the environment in which a person lived.

As he colorfully related to me in one conversation some years ago at his rustic compound in central Mexico, such a healthy balance could not be achieved by treating the person as a “detached immune system,” apart from their environment and the wholeness of their being, to be managed “from sperm to worm” by the “Brave New Biocracy” of modern medicine.

“An approach to health that is confined to the individual while ignoring this broader context,” the authors write in Noema, “is like carefully tending a wilting flower while ignoring the poisoned soil, acid rain and encroaching desert around it.”

Planetary salutogenesis explicitly acknowledges “the planetary scale of our interconnectedness and predicament. It reframes our approach to health and well-being by contrasting it with the assumptions of individual pathogenesis.”

“Human health,” the authors point out, “is inseparable from the planetary systems we inhabit and constitute. We are not self-contained biological units interacting with a passive external ‘environment.’ Rather, as biologist Scott Gilbert has described, we are holobionts in a vast, interconnected, living web that encompasses microbial, atmospheric, oceanic and terrestrial ecosystems.

“Concepts like the ‘eco-holobiont’ capture this reality of the human organism itself as a complex ecosystem, intrinsically linked to and shaped by its surrounding ecological matrix. Our internal environments mirror our external ones. Soil influences the human gut; fresh air and sunshine impact our physiological functioning; biodiversity affects our immune system and mental health.”

What planetary salutogenesis means in practice is an emphasis on proactively supporting well-being instead of focusing entirely on eliminating disease. As such, it shifts our approach from treatment to prevention, emphasizing the need to confront upstream drivers of ill health — industrial agriculture, fossil fuel dependence, inequitable economic models and anthropocentric worldviews. It also understands that health is relational and emergent, arising from mutualistic, regenerative relationships between humans and the more-than-human world. In short, this perspective is eco-centric, recognizing we are embedded inhabitants in a biodiverse world.

Planetary salutogenesis shifts the focus from genome to exposome,highlighting the critical importance of the totality of environmental exposures (chemical, biological, social, physical) from conception onward — in shaping health trajectories. And finally, in practice this would mean abandoning an economic paradigm obsessed with perpetual growth in favor of an ecological economics that emphasizes the need for balance and recognizes biophysical limits.

These new understandings put personal lifestyle changes as the path to health in perspective. While they may retain ethical and symbolic importance, the authors note that “a planetary lens reveals that true leverage lies in transforming the macro-systems that drive the crisis: energy gridsindustrial agriculturetransportation networks, financial markets and consumption patterns. It illuminates the actual scale at which resources — financial, technological, political, social, ecological — must be mobilized and demands met.”

The Make America Healthy Again movement has opened a path toward salutogenesis as a new direction for health care. But just as health care is more environmental than personal, so too is the health of nations a function of the health of the planetary system. Making the Planet Healthy Again is an objective that serves all living beings…

The future of health will be planetary or there will be no future health: “Make The Planet Healthy Again,” from @noemamag.com‬.

See also the article to which Gardels refers: “The Future Of Health On A Damaged Planet.”

And as a reminder (as if one was needed), what Gardels, Gilman, et al. are advocating is something very differerent from the program of RFK, Jr… whose fantastic (in the most literal of senses) enthusiasms are, as they are being pressed into policy, already having an impact

* Rachel Carson, Silent Spring

###

As we reframe for resiliance, we might recall that on this date in 1935 the Dust Bowl heat wave reached its peak, sending temperatures to 109 °F in Chicago and 104 °F in Milwaukee. While the period is mostly remembered for its dramatic dust storms and for the displacement of about 3.5 million people from the Plains states from 1930-40, it also had severe health consequences: increased hospitalization for respiratory disorders, increased infant and overall mortality, and increased incidence of measles. (Recent scientific studies have demonstrated that dust transmits measles virus, influenza virus, and coccidioides immitis, and that mortality in the United States increases following dust storms with 2-3-day lag periods.) There were also severe mental health consequences.

A sepia-toned historical photograph depicting a man and two children walking through a dust storm near a dilapidated wooden structure, with dust swirling around them, reflecting the harsh conditions of the Dust Bowl era.
Arthur Rothstein‘s Farmer and Sons Walking in the Face of a Dust Storm, a Resettlement Administration photograph taken in Cimarron County, Oklahoma, in April 1936 (source)

Written by (Roughly) Daily

July 24, 2025 at 1:00 am

“Sooner or later everyone sits down to a banquet of consequences”*…

A person cleaning debris and damaged items inside a store after a severe weather event, with overturned refrigeration units and scattered materials on the floor.
A man cleans debris inside a gas station in Lakewood Park, Florida, in the aftermath of Hurricane Milton

A report issued by International Chamber of Commerce late last year found that extreme weather cost $2tn globally over last decade; the U.S. suffered the greatest losses. As Damian Carrington reports, a leading insurance executive is warning that urgent action is needed to save the conditions under which markets – and civilization itself – can operate…

The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate.

The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world’s biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.

Global carbon emissions are still rising and current policies will result in a rise in global temperature between 2.2C and 3.4C above pre-industrial levels. The damage at 3C will be so great that governments will be unable to provide financial bailouts and it will be impossible to adapt to many climate impacts, said Thallinger, who is also the chair of the German company’s investment board and was previously CEO of Allianz Investment Management.

The core business of the insurance industry is risk management and it has long taken the dangers of global heating very seriously. In recent reports, Aviva said extreme weather damages for the decade to 2023 hit $2tn, while GallagherRE said the figure was $400bn in 2024. Zurich said it was “essential” to hit net zero by 2050.

Thallinger said: “The good news is we already have the technologies to switch from fossil combustion to zero-emission energy. The only thing missing is speed and scale. This is about saving the conditions under which markets, finance, and civilisation itself can continue to operate.”

Nick Robins, the chair of the Just Transition Finance Lab at the London School of Economics, said: “This devastating analysis from a global insurance leader sets out not just the financial but also the civilisational threat posed by climate change. It needs to be the basis for renewed action, particularly in the countries of the global south.”

“The insurance sector is a canary in the coalmine when it comes to climate impacts,” said Janos Pasztor, former UN assistant secretary-general for climate change.

The argument set out by Thallinger in a LinkedIn post begins with the increasingly severe damage being caused by the climate crisis: “Heat and water destroy capital. Flooded homes lose value. Overheated cities become uninhabitable. Entire asset classes are degrading in real time.”

“We are fast approaching temperature levels – 1.5C, 2C, 3C – where insurers will no longer be able to offer coverage for many of these risks,” he said. “The math breaks down: the premiums required exceed what people or companies can pay. This is already happening. Entire regions are becoming uninsurable.” He cited companies ending home insurance in California due to wildfires.

Thallinger said it was a systemic risk “threatening the very foundation of the financial sector”, because a lack of insurance means other financial services become unavailable: “This is a climate-induced credit crunch.”

“This applies not only to housing, but to infrastructure, transportation, agriculture, and industry,” he said. “The economic value of entire regions – coastal, arid, wildfire-prone – will begin to vanish from financial ledgers. Markets will reprice, rapidly and brutally. This is what a climate-driven market failure looks like.”

No governments will realistically be able to cover the damage when multiple high-cost events happen in rapid succession, as climate models predict, Thallinger said. Australia’s disaster recovery spending has already increased sevenfold between 2017 and 2023, he noted.

The idea that billions of people can just adapt to worsening climate impacts is a “false comfort”, he said: “There is no way to ‘adapt’ to temperatures beyond human tolerance … Whole cities built on flood plains cannot simply pick up and move uphill.”

At 3C of global heating, climate damage cannot be insured against, covered by governments, or adapted to, Thallinger said: “That means no more mortgages, no new real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.”

The only solution was to cut fossil fuel burning, or capture the emissions, he said, with everything else being a delay or distraction. He said capitalism must solve the crisis, starting with putting its sustainability goals on the same level as financial goals.

Many financial institutions have moved away from climate action after the election of the US president, Donald Trump, who has called such action a “green scam”. Thallinger said in February: “The cost of inaction is higher than the cost of transformation and adaptation. If we succeed in our transition, we will enjoy a more efficient, competitive economy [and] a higher quality of life.”…

It’s time, if not past time, to act: “Climate crisis on track to destroy capitalism, warns top insurer,” from @dpcarrington.bsky.social‬ in @theguardian.com‬.

Further to the point: “Get ready for several years of killer heat, top weather forecasters warn.”

See also: “Q&A: Kiley Bense on Climate Journalism in a New Information Environment.”

(Image above: source)

* Robert Louis Stevenson

###

As we contemplate craziness, we might recall that it was on this date in 2011 that the Wallow Fire started. A wildfire that started in the White Mountains near Alpine, Arizona, it was named for the Bear Wallow Wilderness area where the fire originated.

The fire eventually spread across the stateline into western New Mexico.  By the time the fire was contained on July 8, it had consumed 538,049 acres of land, 522,642 acres in Arizona and 15,407 acres in New Mexico.  It was the largest wildfire in Arizona history and did an estimated estimated cost was $109 million in damages. Smoke from the Wallow Fires and others in Arizona and New Mexico extended through Texas and Oklahoma up into the Great Lakes region, affecting air quality for large areas east of the Rocky Mountains.

Satellite image showing the Wallow Fire's smoke plume and burn area spanning Arizona and New Mexico, with outlined fire zones.
NASA satellite image, June 8 (the last day of the fire) source

“When these systems work well, they hide in plain sight”*…

A close-up of Paul Krugman speaking, with a graphic on the right showing a stock market chart and text related to his interview with Nathan Tankus.

Plumbing, like most bits of the infrastucture on which we depend, is ideally out of sight and out of mind. It’s usually only when it fails that we pay attention… and then, too late to preempt the damage done and the problem that we then have to fix.

Nobel laureate economist Paul Krugman turns to Nathan Tankus to discuss a wonky, but crucially-important, piece of financial infrastructure now being beset by the Trump administration…

Nathan Tankus has become an essential resource during these strange and scary times. My last chat with Nathan was about DOGE’s depredations at government agencies. This time I spoke with him about disruptions in financial markets.

I continue to be astonished at how important the “plumbing” of these markets — the stuff that makes them function, which we normally don’t even notice — becomes when everything falls apart. And economists in general don’t know that much about the plumbing, so we need help from people like Nathan who do.

One thing that struck me during the conversation was Nathan’s explanation of the partial easing of financial stress after the crazy tariffs announced April 2 were replaced by the equally crazy tariffs of April 9. He points out that while a serious analysis of the April 9 tariffs showed that they were as bad in their own way as the original tariffs, the narrative was that policy had eased. And markets, he insists (and I agree) are less information processors than conventional wisdom processors.

Much more in the interview…

Watch, listen, and/or read: “Liquidity, Volatility and Market Craziness: Paul Krugman Interviews Nathan Tankus Again.”

Deb Chachra [and here], How Infrastructure Works

###

As we batten down the hatches, we might recall that this date in 1970 inaugurated a celebration of the mother of all infrastructures: it was the first Earth Day.  Initially suggested by John McConnell for March 21 (the Equinox in the Northern Hemisphere, a day of natural equipoise), Secretary General U Thant signed a UN Proclamation to that effect.  But Earth Day as we know it was founded by U.S. Senator Gaylord Nelson (who was later awarded the Presidential Medal of Freedom Award for his work) as an environmental teach-in to be held on on this date.  The first Earth Day had participants and celebrants in two thousand colleges and universities, roughly ten thousand primary and secondary schools, and hundreds of communities across the United States.  Later that year, President Nixon signed the Environmental Protection Agency into being.  Earth Day is now observed in 192 countries, coordinated by the nonprofit Earth Day Network, chaired by the first Earth Day 1970 organizer Denis Hayes– according to whom Earth Day is now “the largest secular holiday in the world, celebrated by more than a billion people every year.”

Earth Day Flag created by John McConnell (source)

Written by (Roughly) Daily

April 22, 2025 at 1:00 am

“You cannot escape the responsibility of tomorrow by evading it today”*…

… But you might be able to make a buck on it.

We humans are prone to illusions– ideological enthusiasms, avoidance, et al.– that don’t just allow, but encourage us to avoid hard truths. If there’s one sector in which that’s less true, it’s likely finance– where the altogether unemotional logic of profit-making prevails. But as Corbin Hiar illustrates, that can accrue as finding ways to profit from, rather than avoid, the problems that are brewing…

Top Wall Street institutions are preparing for a severe future of global warming that blows past the temperature limits agreed to by more than 190 nations a decade ago, industry documents show.

The big banks’ acknowledgment that the world is likely to fail at preventing warming of more than 2 degrees Celsius above preindustrial levels is spelled out in obscure reports for clients, investors and trade association members. Most were published after the reelection of President Donald Trump, who is seeking to repeal federal policies that support clean energy while turbocharging the production of oil, gas and coal — the main sources of global warming.

The recent reports — from Morgan Stanley, JPMorgan Chase and the Institute of International Finance — show that Wall Street has determined the temperature goal is effectively dead and describe how top financial institutions plan to continue operating profitably as temperatures and damages soar.

“We now expect a 3°C world,” Morgan Stanley analysts wrote earlier this month, citing “recent setbacks to global decarbonization efforts.”

The stunning conclusion indicates that the bank believes the planet is hurtling toward a future in which severe droughts and harvest failures become widespread, sea-level rise is measured in feet rather than inches and tropical regions experience episodes of extreme heat and humidity for weeks at a time that would bring deadly risks to people who work outdoors.

The global Paris Agreement, from which the U.S. is withdrawing under Trump, aims to limit average temperature increases to well below 2 degrees Celsius. Scientists have warned that permanently exceeding 1.5 degrees — a threshold the world breached for the first time last year — could lead to increasingly severe climate impacts, such as the demise of coral reef ecosystems that hundreds of millions of people rely on for food and storm surge protection.

Morgan Stanley’s climate forecast was tucked into a mundane research report on the future of air conditioning stocks, which it provided to clients on March 17. A 3 degree warming scenario, the analysts determined, could more than double the growth rate of the $235 billion cooling market every year, from 3 percent to 7 percent until 2030.

“The political environment has changed, so some of them are conforming to that,” Gautam Jain, a former investment banker who is now a senior research scholar at Columbia University, said of Wall Street’s increasingly dire climate projections. “But mostly it is a rational business decision.”

The new warming estimates come as heat-trapping gases continue to rise globally and as international commitments to limit the burning of oil, gas and coal that’s responsible for the bulk of emissions have stalled. Meanwhile, megabanks like Wells Fargo are backsliding on their previous climate pledges and exiting from the Net-Zero Banking Alliance, a United Nations-backed group that encouraged members to slash their emissions in line with the Paris Agreement.

Morgan Stanley, which in October watered down its climate-related lending targets, declined to comment.

Betting on potentially catastrophic global warming is both an acknowledgment of the current emissions trajectory and a politically savvy move in the second Trump era, according to Jain.

“Nobody wants to be seen as going against” the administration’s pro-fossil-fuel energy policy, he said. “These banks are businesses, so they have to look at the risk that they have in their portfolio and the opportunities that they see in the most likely environment.”…

Making hay in the havoc: “Big Banks Quietly Prepare for Catastrophic Warming,” from @corbinhiar.bsky.social and @eenews.bsky.social via @sciam.bsky.social.

Related: “Reinsurers: placing an economic price on climate change.”

* Abraham Lincoln

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As we sweat it out, we might spare a thought for Hugh Robert Mill; he died on this date in 1950. A geographer (President of the Geographical Association) and meteorologist (President of the Royal Meteorological Society), he was influential in the maturation of geography and cartography– and relevantly to this post, in the development of meteorology as a science.

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Written by (Roughly) Daily

April 5, 2025 at 1:00 am