Asset value will shape the existential politics of climate change
New research suggests that how climate change impacts global assets will shape how nations and companies respond to a changing world
The world was stunned last week by the release of a report from the United Nations’ Intergovernmental Panel on Climate Change (IPCC), a group of scientists whose findings are endorsed by the world’s governments. Among the report’s conclusions are that:
The global surface temperature was 1.09°C higher in the decade between 2011-2020 than between 1850-1900
The past five years have been the hottest on record since 1850
The recent rate of sea-level rise has nearly tripled compared with 1901-1971
Human influence is “very likely” (90%) the main driver of the global retreat of glaciers since the 1990s and the decrease in Arctic sea-ice
It is “virtually certain” that hot extremes including heatwaves have become more frequent and more intense since the 1950s, while cold events have become less frequent and less severe
Professor Carolina Vera, vice-chair of the working group that produced the document, said: “The report clearly shows that we are already living the consequences of climate change everywhere. But we will experience further and concurrent changes that increase with every additional beat of warming.”
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