In 2018, heat records were set in almost all regions, from Asia to North America, Africa and Northern Europe. Wildfires, droughts, intense rainfalls, typhoons and mudslides brought with them human tragedies and disruptions to economic activity.
In a world already impacted by climate change, the global community still falls short of meeting the Paris Agreement’s goal on curbing climate change under the “well-below 2°C” target.
At this stage, it requires rapid, far-reaching and unprecedented changes in all aspects of society, according to the the Intergovernmental Panel on Climate Change (IPCC) Special Report on Global Warming of 1.5ºC (SR15).
This means the global community gathered at the COP24 will have to agree a roadmap on how to shift trillions of euros to transform the global economy and decouple global economic growth from greenhouse gas emissions. And turn the economy from brown to green.
There is still no clear picture in Katowice on how to provide a readily available funding mechanism for developing countries affected by extreme weather events.
Climate change affects developing countries more heavily, with broad impacts on the environment and the economy, insurers say, highlighting the need to act before damage is done.
The global economy has to prepare for a profound transformation in the coming decades as the impact of climate change becomes more tangible, Zurich insurance experts told EURACTIV.com.
The climate targets of the EU and UN have moved sustainable financing to the top of the agenda of the finance industry. This means banks and investors are called upon to provide green incentives and become more involved in saving the planet, writes Karl Ludwig Brockmann.
According to the Intergovernmental Panel on Climate Change (IPCC) Special Report on Global Warming of 1.5ºC (SR15), an additional 1.5% in global investment is needed to limit the global average temperature rise to 1.5°C above pre-industrial levels.
Yet, if already under …