<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><span class="" style="font-family: Verdana-Italic;">MarketWatch </span><span class="" style="font-family: Verdana-Italic; color: rgb(85, 85, 85); orphans: 2; widows: 2;">Published:</span><span class="" style="font-family: Verdana-Italic; color: rgb(85, 85, 85); orphans: 2; widows: 2;"> </span><span class="" style="font-family: Verdana-Italic; color: rgb(85, 85, 85); orphans: 2; widows: 2; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;">Aug 18, 2017 10:35 a.m. ET</span><div class="" style="font-family: Verdana-Italic;"><div id="above" class="" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; float: left; width: 860px; font-variant-ligatures: normal; orphans: 2; widows: 2; background-position: 0px 0px;"><div class="article-headline-wrapper" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-position: 0px 0px;"><h1 id="article-headline" itemprop="headline" class="" style="box-sizing: border-box; margin: 0px 0px 5px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; font-variant-ligatures: normal; font-variant-east-asian: normal; font-variant-position: normal; font-stretch: normal; line-height: 52px; letter-spacing: -0.03em; background-position: 0px 0px;"><font size="3" class="">Want to fight climate change? Don’t invest in Tesla</font></h1><div class=""><span class="" style="font-style: italic; font-variant-ligatures: normal; font-weight: 600; text-align: center; background-color: rgb(255, 255, 255);">Building an electric car creates more CO2 than it saves, Morgan Stanley calculates</span></div><div class="" style="color: rgb(51, 51, 51);"><span class="" style="color: rgb(98, 107, 120); font-style: italic; font-variant-ligatures: normal; font-weight: 600; text-align: center; background-color: rgb(255, 255, 255);"><a href="http://www.marketwatch.com/story/want-to-fight-climate-change-dont-invest-in-tesla-2017-08-17" class="">http://www.marketwatch.com/story/want-to-fight-climate-change-dont-invest-in-tesla-2017-08-17</a></span></div><div class="" style="color: rgb(51, 51, 51);"><br class=""></div><div class="" style="color: rgb(51, 51, 51);"><br class=""></div><div class="" style="color: rgb(51, 51, 51);"><b class=""><font size="4" class=""><span class="" style="font-size: 14px; font-weight: normal; background-color: rgb(255, 255, 255);">Excerpt:</span></font></b></div><div class="" style="color: rgb(51, 51, 51);"><b class=""><font size="4" class=""><span class="" style="font-size: 14px; font-weight: normal; background-color: rgb(255, 255, 255);"><br class=""></span></font></b></div><div class="" style="color: rgb(51, 51, 51);"><b class=""><font size="4" class=""><span class="" style="font-size: 14px; font-weight: normal; background-color: rgb(255, 255, 255);">“Whilst the electric vehicles and lithium batteries manufactured by these two companies do indeed help to reduce direct CO2 emissions from vehicles, electricity is needed to power them,” Morgan Stanley wrote. “And with their primary markets still largely weighted towards fossil-fuel power (72% in the U.S. and 75% in China) the CO2 emissions from this electricity generation are still material.”</span></font></b></div><div class="" style="color: rgb(51, 51, 51);"><b class=""><font size="4" class=""><span class="" style="font-size: 14px; font-weight: normal; background-color: rgb(255, 255, 255);"><br class=""></span></font></b></div><div class=""><font color="#333333" class="">"</font><span class="" style="color: rgb(51, 51, 51); background-color: rgb(255, 255, 255);">In other words, 'the carbon emissions generated by the electricity required for electric vehicles are greater than those saved by cutting out direct vehicle emissions.</span><font color="#333333" class="">”</font></div><div class=""><font color="#333333" class=""><br class=""></font></div></div></div></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class=""><br class="webkit-block-placeholder"></div><div class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">***********************************************<br class="">"Income and Outgo of Heat from the Earth, and the Dependence of Its Temperature Thereon."<br class=""><br class="">A presentation by Abbot, Charles G., and F.E. Fowle, Jr. Annals of the Astrophysical Observatory (Smithsonian Institution, Washington DC) 2: 159-176. </div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">1908<br class="">++++++++++++++++++++++++++++++++++++++<br class="">"The most likely way the climate could be influenced by either natural or artificial means seems to be through a trigger mechanism that ultimately changes the radiation balance."<br class=""><br class="">Abraham Oort. "The Energy Cycle of the Earth," Scientific American. </div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">September 1970<br class="">++++++++++++++++++++++++++++++++++++++<br class="">" The molecule of carbon dioxide has strong absorption bonds, particularly in the infrared region of the spectrum at wavelengths of from 12 to 18 microns. This is the spectral region where most of the thermal energy radiating from earth to space is concentrated. By increasing the absorption of this radiation ... carbon dioxide reduces the amount of heat energy lost by earth to outer space."<br class=""><br class="">Fred S. Singer, "Human Energy Production as a process in the biosphere," Scientific American</div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class=""></div><div style="color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;">September 1970.</div></div></div>
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