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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As the world's biggest polluter, what China decides to do with its energy policy matters to the whole planet. And while progress on the domestic front has rightly won Beijing praise from climate scientists, China is the world's largest funder of coal plants overseas. Is the country employing double standards?
To shift humanity onto a sustainable path and secure peace, transformative change is required – globally. The UN’s 17 SDGs serve as critical guardrails. But what is the role of foreign policy in the implementation of these goals and what are the side-effects that diplomacy must be aware of? At the UN High-level Political Forum, experts analysed the geopolitical implications of the SDGs and discussed why foreign policy need to engage with them.
“Climate change is inextricably linked to some of the most pressing security challenges of our time,” said Deputy Secretary-General Amina Mohammed, echoing many permanent and temporary members of the United Nations Security Council. This debate, brought forward under the Swedish Presidency of the Council, aimed at bringing forth the nexus between climate change and security, not only in a context-specific manner like previously acknowledged but for the globe as a whole.
Understanding climate risks is crucial to ensuring effective and sustainable conflict prevention. On 11 July, Sweden will hold the first meeting in the UN Security Council since 2011 on climate-related security risks, to better understand how climate change impacts security, and enhance UN responses across the conflict cycle.