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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Although water is an essential input for agriculture and industrial production, it is also scarce in many regions. When it crosses international borders via shared rivers, lakes and aquifers, it can become a source of conflict and contention. Yet while water can be a source of instability, especially in the face of climate change, it can also be a source or catalyst for cooperation and even peace.
The Gulf Cooperation Council’s grid operator is studying the feasibility of a cable to Ethiopia, which would run through currently war-torn Yemen.
Small Island States will be facing dramatically higher adaptation costs to build resilience against the kind of impacts the IPCC projects in its most recent Special Report. Thoriq Imbrahim, former Environment and Energy Minister of the Maldives, urges the international community to attend to the political demands of countries particularly exposed to the impacts of climate change and also confront loss and damage with renewed urgency.
Three years after the talks that delivered the Paris Agreement, the world is gathering in Poland to take stock of the progress that has been made and to raise its ambitions. But as new nationalist leaders take power, has the world lost its appetite for climate action?