What if we blotted out the sun to fight global warming?

This is Bloomberg Opinion Today, a solar geoengineering project of Bloomberg Opinion’s opinions. Sign up here.Today’s Agenda Can climate cha [Bloomberg]( Follow Us [Get the newsletter](  This is Bloomberg Opinion Today, a solar geoengineering project of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Can climate change be [geoengineered away](? - Boris Johnson [flees to Ukraine](. - Can the Fed slow [inflation and prevent recession](? - Bankers are [getting paid less](. Climate Change We like to think we cover the Big Stories around here, so today’s newsletter is leading with the one question on everyone’s mind: What is Tom Brady going to do in retirement? What can be done to stop or slow climate change? One of the great hopes is [something called solar geoengineering](, notes Clara Ferreira Marques, which is essentially an attempt to figure out a way to cool the planet by deflecting some of the sun’s rays before they reach us humans. The science isn’t yet there, but a group of scientists argue it should be banned now — and they are not wrong that it is a risky and last-resort proposition. Clara argues it’s “terrifying and terrible in the way that chemotherapy is: We don’t want it, but can we deny ourselves the possibility?” Like they say, [read the whole thing](. Despite the near-universal agreement over the need to reduce global emissions, Big Oil is likely to get richer before it gets poorer. Today, notes Liam Denning, Exxon “[announced its best financial results in many years.](” Part of the reason for the surprisingly rosy short-term outlook for fossil fuels, notes David Fickling, is (spoiler alert) China. Yes, it is using more renewables, he says, but it is also using more energy — a lot more. How will it meet demand? “[Fossil fuels, overwhelmingly coal, will fill the gap](,” David says. So maybe we’ll need to keep solar engineering in our back pocket. It's not ideal, but it’s a more hopeful vision of the future than the one Clara opens her column with (admittedly, that one’s from a dystopian novel). The more realistic view may come from … the slide decks of Big Oil. Both Exxon and Chevron, Liam notes, “now feature extended discussions of lower carbon businesses.” Boris Johnson Watch To paraphrase an old “Saturday Night Live” [news update](: Boris Johnson is still prime minister. But that’s mostly because [the report on his unauthorized partying lacks details](, says Therese Raphael. It examined 16 get-togethers between May 2020 and April 2021, when the U.K. was under lockdowns of varying severity, and found evidence of “serious failure to observe not just the high standards expected of those working at the heart of government, but also of [sic] the standards expected of the entire British population at the time.” Eventually, Therese says, more specifics will come out, and then it will be up to Johnson’s fellow Tories to decide his fate. Johnson, for his part, stood for questions before Parliament, where he apologized, then jetted off to Ukraine to meet with President Volodymy Zelenskiy. He may be more popular there than he is at home: Central Bankers and Punch Bowls There is a lot of commentary around here about what central banks can and should do, and it can occasionally get a little overwhelming. When it does, it’s always useful to ask: What is the purpose of a central bank in the first place? It [has never been described more concisely]( than when William McChesney Martin Jr. did it 67 years ago: Its job, he said, is to be the chaperone who “has ordered the punch bowl removed just when the party was warming up.” This is [easier said than done](, notes Bill Dudley. How quickly do you remove the punch bowl? Can you replace it with something smaller, like a pitcher or a few plastic cups? How much do you explain what you’re doing? What happens if the party turns into a free-for-all? Dudley answers all these questions and more — but instead of relying on a hackneyed metaphor, he gives actual details about how Fed policy will affect the U.S. and global economies. Meanwhile in Sydney, as they would say in a central-bank thriller if such a thing existed, Daniel Moss notes the [Reserve Bank of Australia faces similar challenges]( — and it is behind the Fed in responding to them. In Australia as in the U.S., Moss notes, “employment is robust and inflation is climbing.” In other words: The chaperone is on his way. Bonus Fed reading: The Fed’s thinking about digital currency is [too focused on the financial industry](. — Lev Menand and Morgan Ricks Telltale Chart Complaints [about how much people get paid on Wall Street]( almost exceed (in volume if not in value) how much people get paid on Wall Street. The latest concerns, notes Paul J. Davies, come from investors, who fear banks that lock in higher compensation now will regret it when the market inevitably cools. [They needn’t worry, Paul says](. Yes, he notes, 2021 was a very good year, but the longer-term trend is clear: Not only are the banks slowly but surely changing the way they pay their employees — relying less on bonuses and more on salaries — but they are also … paying less, as a percentage of revenue. Bonus Bonus Reading: It’s not the size of the bonus that matters [so much as the surprise]( of it, notes Sarah Green Carmichael. Further Reading Democrats and Republicans [should unite to rewrite]( the 135-year-old Electoral Count Act. — Bloomberg’s editorial board [Republicans should oppose]( President Joe Biden’s Supreme Court nominee in an honest and honorable way. — Ramesh Ponnuru [Democrats should stop grousing]( about Republicans using stimulus money to pay for tax cuts. — Jonathan Bernstein Spotify and Joe Rogan need to learn [the difference between]( misinformation and dissent. — Faye Flam Is “GatiShakti” just a catchy Hindi term meant to [distract from India’s fiscal troubles](?  — Andy Mukherjee �€™t [panic about inflation; plan]( for it. — Erin Lowry ICYMI Talks continue and [tensions rise over Ukraine](. [Ford to Tesla](: game on. Covid vaccines may [soon be available to children under 5](. Manchin [announces the death]( of Biden’s Build Back Better bill. Kickers, 02-02-22 Edition Tomorrow is the second day of the second month of ‘22. [Learn more here](. Donda 2? No, [that’s coming]( on 02-22-22. “Groundhog Day” is [more than just a movie, it’s a religion](. New York’s view of Tom Brady’s retirement: [Twitter: NBC New York on Twitter]( Notes: Please send multiples of 2 to Michael Newman at mnewman43@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](. Like Bloomberg Opinion Today? [Subscribe to Bloomberg All Access and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022