Obviously we need to do something about global warming if we want to prevent heatwaves and other weather extremes from becoming more and more frequent in every region across the globe. The best way to do it is to stop adding CO2 and other greenhouse gases (GHGs) to the air as soon as possible and develop new technologies for removing large amounts of carbon from the atmosphere. I seriously hope that sufficient efforts for reaching carbon neutrality can be coordinated globally before a truly devastating and deadly heatwave occurs. That would be a terrible wake-up call.
Read MoreHow bad is 415 ppm of global atmospheric CO2 concentration?
Another data point that keeps popping up in climate science is the global atmospheric CO2 concentration, which currently is around 415 parts per million (ppm). The IPCC report that was published yesterday didn’t say anything new about the 450 ppm threshold and it remains to be seen if the upcoming deliverables from working groups II and III will have anything to say about it. Whether of not 450 ppm is the correct threshold number is, however, not the main point. The point is that there’s a clear link between global warming and atmospheric CO2 concentration.
Read MoreNo doubt that humans are responsible for global warming
Today an important new United Nations scientific report on climate change was published. It begins by concluding that there’s no doubt that human influence has warmed the atmosphere, ocean and land. Nobody is surprised, but it clears the air (pun intended) to have it stated in black and white by the U.N. The report, specifically the Working Group I contribution to the Sixth Assessment Report (AR6) of the Intergovernmental Panel on Climate Change (IPCC), highlights a number of other interesting, and unfortunately mostly alarming issues, too.
Read MoreScope 3 emissions is what matters for financial institutions
The financial services sector is absolutely critical for enabling us to reach the targets set by the Paris Agreement. The simple truth is that money talks, and when FIs cease to fund or insure polluting businesses, major changes can be achieved. There’s widespread adoption and acceptance of TCFD recommendations among FIs and therefore it’s critical that the recommendations are regularly updated to reflect the dire climate situation we’re facing and the latest science. The upcoming guidance is a great leap forward, both in terms of clarity and ambition level, but fact of the matter is that they could’ve been even more ambitious.
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