ESG & Investing
Milton Friedman’s Alma Mater Exposes Huge Cost of Emissions
- Damage is valued at close to half firms’ operating profit
- Study comes as fossil fuel subsidies hit record $7 trillion
Hutchinson Courtyard and Mitchell Tower at the University of Chicago.
Photographer: Beata Zawrzel/NurPhoto/Getty ImagesThis article is for subscribers only.
A study published by academics at the University of Chicago has found that corporate emissions are undermining prosperity.
The damage caused when publicly traded companies emit greenhouse gases is equivalent — on average — to about 44% of operating profits, according to an analysis by Michael Greenstone and Christian Leuz of the University of Chicago, and Patricia Breuer of the University of Mannheim.