Biden, Wall Street Focus on Climate Change as World's Ice Melts
This week, we talk about how the world’s ice is melting faster than ever, leading to potentially more extreme weather.
Welcome to our weekly chat about the environmental and social issues that influence the way we work, spend our money and live our lives. We're your hosts, Maitane Sardon and Dieter Holger. Want to get our newsletter every Wednesday? Hit the subscribe button in the upper right corner and please share with your friends!
Hi, Maitane. As the new Biden administration issues executive orders to combat climate change, a dire piece of news came out this week: The world’s ice is melting faster than ever.
Scientists say satellites show that the Earth lost around 28 trillion metric tons of ice between 1994 and 2017. That’s about a sheet of ice 100 meters thick that covers the state of Michigan or the entire U.K.
That’s tough to imagine. Scientists warn that ice plays a crucial role in regulating our planet’s climate. Ice losses could mean more extreme weather like flooding, fires, storm surges and heat waves, they say.
The scientists who did the research (their work was published in the European Geophysical Union’s journal the Cryosphere) say the rate of global melting has sped up 65% since the 1990s. Rising atmospheric and ocean temperatures from greenhouse-gas emissions have driven ice loss to 1.3 trillion tons a year in 2017 from 0.8 trillion tons a year.
While the findings are troubling, we are seeing more urgency from Wall Street and governments on climate change. President Biden rejoined the Paris Agreement and Larry Fink, chief of the $8 trillion money manager BlackRock, urged companies this week to adopt net-zero greenhouse-gas emission plans.
We’ll watch climate action by corporations and governments closely as the world gears up for the United Nations climate summit in November. On a lighter note, let’s talk about the GameStop market craziness we’ve seen this week.
When I was a kid, GameStop was all the rage at the mall. Now it’s all the rage among day traders in online communities like Reddit that helped send the company’s stock to record highs this week. Before the U.S. stock market opened on Wednesday, GameStop was up 685.5% for the year at $147.98 a share.
What am I looking at? The chart above shows how the stock price of GameStop shot up over the last 10 trading days. On Monday, about 175.5 million shares of GameStop changed hands, the second largest one-day total on record.
The meteoric rise of GameStop is a lesson on how online meme culture has the potential to affect stock prices. This has frustrated Wall Street short sellers, who bet against GameStop amid dim prospects for retailers and poor results at the company. (Short sellers profit when a company’s stock price falls.)
Still, our WSJ columnist Mike Bird says financiers shouldn’t worry that an army of day traders will break the market. Even though retail investing has rapidly grown in popularity, there probably aren’t enough of these individual investors to substantially move more than a bundle of stocks.
Share your thoughts below, email us or catch us on Twitter. Your words could appear in our next edition! Have a great week and remember to wash your hands.👋
Meet the team:
Elevate the Conversation is produced by the editorial teams of The Wall Street Journal and Dow Jones Newswires. Here's a little bit more about us, along with our contact information. We'd love to hear from you.
Dieter Holger, Reporter: I have a knack for uncovering values-based investing trends and I’m obsessed with spreadsheets and charts. I really enjoy ‘80s music and skateboarding (but I suck). dieter.holger@wsj.com @dieterholger
Maitane Sardon, Reporter: I have a passion for amplifying the voices of those at the center of stories. I love running on Barcelona’s beaches and binging on chocolate ice-cream to compensate (it’s all about balance). maitane.sardon@wsj.com @sardonmaitane
Catherine Lindsay, Editor: I like breaking down complex ideas and explaining them. On the weekend, you’ll find me wandering the city with my film camera at the ready. catherine.lindsay@wsj.com @CathsLindsay
Tammy Lian, Designer: As a visual producer, I'm always excited by the challenge of creative problem solving. In my spare time, you can usually find me taking care of my ever-growing collection of plants and drinking tea. tammy.lian@wsj.com @violian.tammy