Every cloud has a silver lining. And every hurricane, every melting glacier, every millimeter of sea-level rise. That's the uncomfortable message delivered by McKenzie Funk's Windfall: while global warming may bring catastrophe to billions, it will also make some people very rich. Banks, hedge funds, and smart investors had this epiphany, Funk says, around 2007, after the Intergovernmental Panel on Climate Change reported that 11 of the previous 12 years had been the warmest in human history. In the words of a Deutsche Bank press release at that time, "The debate around climate change is shifting away from cost and risk toward the question of how to capitalize on exciting opportunities."
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