At the Morningstar conference last week, Jeremy Grantham shook his audience with a narrative that went like this: The increase in surface temperatures is accelerating. Air carries more water vapor, so downpours are more likely. But so are extreme weather events like floods, droughts, wildfires. And though renewable-energy costs are falling, fossil fuels will make up half of all energy consumption by 2050. That means climate change will continue.
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