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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The surge in the frequency and intensity of climate change impacts has raised the alarm about how this could hamper coastal activities. Several critical ports in the Indo-Pacific region are hubs of international trade and commerce and at the same time vulnerable to typhoons, taller waves and erosion. India’s climate diplomacy at the regional level could activate climate-resilient pathways for port development and management.
After an 18-month stretch without a White House science adviser – the longest any modern president has gone without a science adviser – Trump appoints extreme weather expert Kelvin Droegemeier to the post. Kelvin Droegemeier is vice president for research at the University of Oklahoma and a climate change scientist. His selection was widely welcomed.
Climate change threatens conflict and poverty in the Arab region, according to the UN Development Programme (UNDP). In a report published last week, the agency suggested climate risks could derail development gains, such as the decrease in infant mortality and the achievement of near universal primary education.
The links between climate change and security have started entering regional resolutions through the UN Security Council. Germany, elected for a seat on the Council in 2019-20, will again prioritize climate-related security risks as one of its main agendas. What prospects does a renewed engagement on climate security risks offer and is there scope for preventive participation?