Felix Salmon writes that some in private equity are bullish on Canada, and why shouldn’t they be? With profitable oil reserves, strong institutions, enviable geographic access to the most powerful economy in the world, a well educated population, and a host of other assets, Canada does seem like a smart place to invest.

But there’s another good reason Canada might seem like a smart bet for investors with long time horizons: global warming. As the earth warms, Canada’s cities will become more attractive, the nation’s agricultural potential is likely to increase, and at a time when the American West is sure to face significant water supply difficulties Canada’s enormous freshwater reserves guarantee security to residents and profit to exporters.

For the earth as a whole, warming is going to be catastrophic, but for pockets of the globe–like Canada and Northern Europe–it very well might be lucrative.