Mark Carney, the governor of the Bank of England, has become the latest person to deliver a blunt warning about the risks of climate change to global financial stability. Speaking at Lloyd’s of London, Carney warned that “the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors – imposing a cost on future generations” and that “climate change will threaten financial resilience and longer-term prosperity.”
His speech came as the Bank of England published a report on the impact of climate change on the British insurance industry, to be presented to the UK government, and sees the governor join a host of economic figureheads warning about the risk of continued reliance on dirty fossil fuels.
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Ten years after committing to phase out fossil fuel subsidies, G20 countries still subsidise coal, oil and gas to the tune of around USD 150 billion annually. Peer review of fossil fuel subsidies help push the G20 forward on this issue, but these reviews need to be followed by action. Subsidy reforms could free up resources that could be channeled back into government programmes and on accelerating a clean energy transition.
Adapting to climate change and strengthening resilience are becoming priorities for the international community – however, they require greater ambition in climate policy. 107 governments and numerous international organisations have endorsed a call for action on raising ambition at the United Nations Climate Change Summit on 23rd September 2019. Following the summit, the Global Commission on Adaptation will begin its Year of Action to meet the climate challenges ahead. The Year of Action is here to accelerate climate adaptation around the world, to improve human well-being and to drive more sustainable economic development and security.
A new form of organized crime has recently been emerging in the Amazon: illegal mining. Miners fell trees, use high-grade explosives for blasting soils and dredge riverbeds. But the impacts go beyond environmental damage, bringing with it a slew of other social problems. Peace researcher Adriana Abdenur urges policymakers to improve coordination and argues that diplomacy may help prevent further conflicts, corruption and crime.
Access to water can be a critical resource for cooperation, but also a source of tension. Identifying risks before their onset is crucial for the efficiency and economic feasibility of intervention strategies, but how can these risks be measured? To address this conundrum, adelphi together with several partners convened a side-event at World Water Week, which connected experts developing analytical tools to policy makers in the water sector.