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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Tensions in the South China Sea increased last April when a Chinese coast guard ship sank a Vietnamese fishing boat near the Paracel Islands—a fiercely disputed territory in the South China Sea. Disputes over island territories in the region have endured for decades, with China, Vietnam, the Philippines, Taiwan, Indonesia, Malaysia, and Brunei all making overlapping territorial claims. The region is rich in natural resources and biodiversity, holding vast fish stocks and an estimated 11 billion barrels of oil and 190 cubic feet of natural gas.
Without a coordinated strategy to tackle flooding disasters beyond the traditional infrastructural measures and river water sharing agreements, South Asia’s woes will continue in the future.
As political and public narratives on COVID-19 shift towards the need to ‘build back better’, the pandemic continues to take a heavy toll for many. A new report by the Climate Security Expert Network (CSEN) shows how COVID-19 can exacerbate climate-related security risks.
With Argentina's ‘yes’, the Escazú Agreement is one step away from coming into force. What’s its status in each country?