According to the annual report of the Danish bank, the global economy will transition into a “war economy” where national economic interests and independence will triumph over globalization.
As stated by Nature Food study, meat accounts for 57% of food production emissions, and since countries throughout the world have committed to zero emissions, Saxo believes at least one country might remove meat production totally.
“I wouldn’t be surprised to see schools in Denmark and Sweden banning meat altogether, it’s definitely going that way,” Saxo’s Jakobsen told CNBC. “It sounds crazy for us old people,” he added.
The United Kingdom, European Union countries, Japan and Canada are among the countries that have made legally binding commitments to zero emissions.
All projections, however, should be handled with caution. According to Saxo’s Jakobsen, there is a 5-10% probability that every prognosis would come true.
Over the last decade, the bank has issued a number of “outrageous predictions,” some of which have come true – or come close to it.
In 2015, Saxo predicted that Britain would vote to leave the European Union after the United Kingdom Independence Party’s convincing defeat, it predicted that Germany would go into recession in 2019, something the country narrowly avoided, and it bet that bitcoin would experience rapid growth in 2017.