Investing Where Climate and Health Meet | Morgan Stanley

Written by Amanda


1 2023: A historic year of U.S. billion-dollar weather and climate disasters | NOAA Climate.gov | (https://www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters)

2 The Costs of Inaction: The Economic Burden of Fossil Fuels and Climate Change on Health in the United States | The Medical Society Consortium on Climate & Health, et al (https://www.nrdc.org/sites/default/files/costs-inaction-burden-health-report.pdf)

3 Worldwide health risks related to climate change are on the rise | World Health Organization (https://www.who.int/news/item/11-11-2017-worldwide-health-risks-related-to-climate-change-are-on-the-rise)

4 Global Landscape of Climate Finance 2023 | Climate Policy Initiative (https://www.climatepolicyinitiative.org/publication/global-landscape-of-climate-finance-2023/)  

5 Fifth National Climate Assessment | U.S. Global Change Research Program (https://nca2023.globalchange.gov/)

6 Wildfires reveal the large toll of air pollution on labor market outcomes | Stanford Institute for Economic Policy Research (SIEPR) (https://siepr.stanford.edu/publications/policy-brief/wildfires-reveal-large-toll-air-pollution-labor-market-outcomes)

7 Fifth National Climate Assessment | U.S. Global Change Research Program (https://nca2023.globalchange.gov/)

8 Extreme Heat: The economic and social consequences for the United States | Adrienne Arsht Rockefeller Foundation Resilience Center (https://onebillionresilient.org/extreme-heat-the-economic-and-social-consequences-for-the-united-states/)

9 The Mounting Costs of Extreme Heat | U.S. Senate, Joint Economic Committee – Democrats (https://www.jec.senate.gov/public/index.cfm/democrats/2023/8/the-mounting-costs-of-extreme-heat)

10 Extreme Heat: The economic and social consequences for the United States | Adrienne Arsht Rockefeller Foundation Resilience Center (https://onebillionresilient.org/extreme-heat-the-economic-and-social-consequences-for-the-united-states/)

11 Climate Change Raises Risk of Infectious Disease; Sizing the Impact on Biopharma | Morgan Stanley Research

12 The Costs of Inaction: The Economic Burden of Fossil Fuels and Climate Change on Health in the United States | The Medical Society Consortium on Climate & Health, et al (https://www.nrdc.org/sites/default/files/costs-inaction-burden-health-report.pdf)

13 What You Need to Know About Climate Change and Drought | The World Bank (https://www.worldbank.org/en/news/feature/2023/09/11/what-you-need-to-know-about-climate-change-and-drought#:~:text=rainfall%20are%20in%20decline.,could%20more%20than%20double%20globally)

14 Intergovernmental Panel on Climate Change (IPCC) | Climate Change 2022: Impacts, Adaptation and Vulnerability (https://report.ipcc.ch/ar6/wg2/IPCC_AR6_WGII_FullReport.pdf)

15 Going Hungry In The USA: The Innumerable Costs Of Food Insecurity | RTI: Heath Advance  (https://healthcare.rti.org/insights/food-insecurity-in-america)

16 UN International Organization for Migration (IOM) | Climate Change Impacts on Health Affecting Development and Human Mobility (https://www.iom.int/sites/g/files/tmzbdl486/files/documents/2023-10/iom-health_climate-change_position-paper_13.10.2023.pdf)

17 Estimate of Burden and Direct Healthcare Cost of Infectious Waterborne Disease in the United States | DeFlorio-Barker S, Shrestha A, Dorevitch S., Emerg Infect Dis. 2021 Aug (https://doi.org/10.3201/eid2708.210242)

18 Cooling cities through urban green infrastructure: a health assessment of European cities | The Lancet (https://doi.org/10.1016/S0140-6736(22)02585-5)

19 USA: calculating wildfire mitigation benefits | PreventionWeb (https://www.preventionweb.net/news/us-wildfire-calculating-value-mitigation-benefits-forest-treatment-strategies)

20 Investment in air-conditioning needed to address future heat waves | PreventionWeb (https://www.preventionweb.net/news/major-investment-air-conditioning-needed-address-future-heat-waves#:~:text=By%20the%202050s%2C%20large%20swaths,cooling%20capacity%20to%20protect%20residents.)

21 Climate -Resilient Health Care Promotes Public Health, Equity, and Climate Justice | American Progress (https://www.americanprogress.org/article/climate-resilient-health-care-promotes-public-health-equity-and-climate-justice/)

22 New Program to Protect Millions from Rising Climate-Related Deaths and Illness | The World Bank (https://www.worldbank.org/en/news/press-release/2023/12/03/health-program-protect-millions-from-climate-related-deaths-illness#:~:text=Through%20this%20program%2C%20the%20World,change%20on%20people’s%20health%20and))


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Diversification does not guarantee a profit or protect against loss in a declining financial market. 

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Historical data shown represents past performance and does not guarantee comparable future results. 

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An investment in an exchange-traded fund involves risks similar to those of investing in a broadly based portfolio of equity securities traded on exchange in the relevant securities market, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The investment return and principal value of ETF investments will fluctuate, so that an investor’s ETF shares, if or when sold, may be worth more or less than the original cost. 

Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. 

Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends can reduce or stop pay-outs at any time. 

Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. 

Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer.  Debt instruments issued by U.S. corporate and municipal issuers that provide a return in the form of fixed periodic payments and eventual return of principal at maturity. Fixed income investments are advantageous in a time of low inflation, but do not protect investors in a time of rising inflation. Interest income on government securities is subject to federal income taxes, but exempt from taxes at the state and local level. 

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