Guardian: World governments vow to end fossil fuel era at UN climate signing ceremony: Representatives of more than 170 countries endorse Paris agreement to cut carbon emissions, with France’s president saying: ‘There is no turning back’.
Just as well because the threat of environmental damage to the marine environment is immediate and evidence amassing at an alarming rate:
Climate change sets new records: World Meteorological Organisation (WMO).
Guardian: Losses could soar to $24tn and wreck the global economy in worst case scenario, first economic modelling estimate suggests. Mark Campanale of the think tank Carbon Tracker Initiative said the actual financial losses from unchecked global warming could be higher than estimated by the financial model behind the new study. “It could be a lot worse. The loss of financial capital can be a lot higher and faster than the GDP losses [used to model the costs of climate change in the study]. Just look at value of coal giant Peabody Energy. It was worth billions just a few years ago and now it is worth nothing.”
The Bank of England and World Bank have warned of the risks to the global economy of climate change and the G20 has asked the international Financial Stability Board to investigate the issue. In January, the World Economic Forum said a catastrophe caused by climate change was the biggest potential threat to the global economy in 2016.
“Physical climate change impacts are a systemic risk on a massive scale,” said Ben Caldecott, the director of the sustainable finance programme at the University of Oxford. “Investors can do much more to differentiate between companies more or less exposed and they can help reduce the risk to the global economy by supporting ambitious action on climate change.”
While reported losses of climate-related hazards are at historically high levels, climate change is likely to enhance the risk posed by extreme weather events. Several regions are likely to be exposed to multiple climate hazards, yet their modelling in a joint scheme is still at the early stages. A multi-hazard framework to map exposure to multiple climate extremes in Europe along the twenty-first century is hereby presented. Using an ensemble of climate projections, changes in the frequency of heat and cold waves, river and coastal flooding, streamflow droughts, wildfires and windstorms are evaluated.