| This is Bloomberg Opinion Today, a HVAC system of Bloomberg Opinion's opinions. Sign up here. Today's AgendaMaybe We Can Have Nice Things After AllIt's always seemed inescapable that the cost of today's economic growth is a befouled environment for future generations, who unwisely opted not to be born earlier. But increasingly there's hope that material wealth and environmental stewardship can coexist. We may be able to have our cake and eat it, too, in other cliched words, while also not drowning or being on fire. China has long been a poster child for this trade-off, fueling its breakneck economic growth by burning up the planet's inheritance. That made it all the more shocking, and a little suspect, when Xi Jinping recently vowed to take the country carbon-neutral by 2060. The same goes for an expected pledge by Japan — which grows much less quickly than China but also has a huge, carbon-spewing economy — to reach zero emissions by 2050. But such declarations have real impact, writes David Fickling. We're already seeing evidence of how mere words and early actions have quickly shifted global expectations and investment decisions to trigger a self-sustaining loop of ever-more-efficient growth. It's a major reason coal is dying in America despite President Donald Trump's efforts to save it. On a micro level, it also helps explain the recent wild success of Trane Technologies, which you may know as a boring old heating and air-conditioning company. Brooke Sutherland tells the story of CEO Michael Lamach, who has been in the job for a decade, quietly transforming Trane into different kind of example: a company that makes gobs of money helping other companies transition to a greener future, while also treating its own employees well. It doesn't hurt that, during a pandemic, Trane's equipment helps companies keep their own employees safe. But that's a (hopefully) temporary boon. The key is that Lamach skipped short-term fixes, planned for the future and built Trane for sustainable growth. It's possible! Trump's Incompetence Trumps His DemagogueryAmerica is just eight days, or seven eternities, away from Election Day. As Frank Wilkinson writes, events this past weekend revealed just how stark the choice is, basically between authoritarianism on the one hand and democracy on the other. But a few weird and unexpected things are happening. Joe Biden's wide polling lead over Trump keeps being wide. People are voting in massive numbers, despite a terrifying new wave of the coronavirus. And though Trump has been practically begging for foreign interference in this election, with willing helpers in Russia and elsewhere, the rest of his government is actually working hard to prevent it, writes Bloomberg's editorial board. It pains this newsletter to be so relentlessly upbeat, but there is reason to hope the election may not be stolen. Trump's disobedient government will have all the other demagogues laughing at him down at the Autocrats Clubhouse. Trump is the most famous of a modern cohort of would-be dictators, but he may also be the weakest, writes Pankaj Mishra. Partly this is because America has built-in demagogue immunity in strong institutions, which Narendra Modi's India and Recep Tayyip Erdogan's Turkey don't share. But the other, maybe bigger, part of it is that Trump lacks political skills those other leaders have. They at least know how to expand their coalitions, while all Trump seems able to do is feed red meat to a shrinking base. Further Election Reading: America Cuts Off Vaccine Nose to Spite China's FaceOne reason Trump is losing is that his central message about the pandemic at this point is "Blame China." This slogan is much easier to remember than an actual plan to fight the virus, which the White House admitted this week isn't coming. It is consistent with Trump's four years of demonizing China. But it also means the U.S. won't enjoy the spoils of what appears to be a robust Chinese vaccine research effort, writes Tyler Cowen. In a parallel universe, some other U.S. president is sharing expertise, raw materials and logistics with China to help develop and distribute vaccines around the world. Not this universe. Further Pandemic Reading: It's still possible to celebrate the holidays, but carefully. — Faye Flam Telltale ChartsThe bond market sees a Democratic election sweep as justifying a steeper yield curve, but it's not willing to commit fully just yet, writes Brian Chappatta.  Further ReadingRecent settlements show banks and watchdogs are more serious about holding individuals accountable for misdeeds. — Bloomberg's editorial board Scottish independence would be terrible for the U.K. and Scotland, but Brexit and Boris Johnson have made it popular. — Martin Ivens Trump made real progress on peace in the Middle East, and Biden should embrace that. — Zev Chafets Iraq's PM has a plan for economic reform, but he'll need buy-in from protesters and financial help from abroad. — Bobby Ghosh The salad days will be over soon for companies that have thrived in the pandemic. — Conor Sen It's better to spend money on your descendants now, rather than leaving it to them (and the tax collector) when you die. — Andy Mukherjee ICYMIBiden's path to 270 electoral votes could follow Barack Obama's 2008 map. Jared Kushner said Black people must "want to be successful" for Trump's policies to help them. Elderly patients responded well to AstraZeneca's Covid vaccine candidate. KickersThese tiny-winged dinosaurs were probably terrible at flying. (h/t Ellen Kominers) The first U.S. murder-hornet nest has been destroyed. (h/t Alistair Lowe) Optogenetics can control brain cells without surgery. There's water on the Moon. Note: Please send Moon water and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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