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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In some areas of the world, including Central America, rising sea levels and declining agricultural productivity due to climate change are expected to trigger major migratory flows, especially within countries. The role of policy-makers is it to promote local solutions while engaging in regional cooperation for a preventative approach.
What outcomes do the agreements achieved at COP24 hold for cities and regions? Despite the decisive part the so-called non-state actors play in achieving the international climate goals, their role hasn't been formally recognized by the UNFCCC.
The Kigali Amendment to the Montreal Protocol, concluded in October 2016, has entered into force on January 1st, 2019. Its 65 signatories are now on the fast track to significantly reducing the use of harmful greenhouse gases in the production of cooling devices, representing a major step towards achieving the goals of the Paris Agreement. After a season of unsatisfying climate negotiations, the amendment's implementation marks a time of action and reminds the international community why climate diplomacy ultimately pays off.
In many ongoing armed conflicts, water has been used as a weapon of war, but it can also be a strong instrument of peace.