I am now, have been and will be wrong

Fortune Magazine's article on how Global Warming can affect your public stock portfolio.

Some folks use the fact that companies take climate change risk into account as a proxy for good corporate governance.

But as companies try to improve, and differentiate themselves from the competition, being green is seen by some as only marketing. Other businesses will actually believe in the principle and incorporate it into their strategy.

More companies will begin to incorporate the full cost of their business, much like tobacco companies are now forced to incorporate the "hidden" costs of their industry into the financial calculations. This changes the metrics of risk and rewards.

The challenge will be if/when these costs are brought to bear. If it's a long time from now, then preparing today doesn't make much economic sense. If the costs become due soon, then only the companies that are prepared now will survive.

I don't know what will happen or when. But you can see which companies and industries are preparing for what they think is inevitable. And which companies have decided that waiting is the more profitable path.