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Bank of England Governor speaks out on financial risks caused by climate change
Mark Carney, Governor of the Bank of England, spoke on the topic "Breaking the tragedy of the horizon - climate change and financial stability" at Lloyd's of London on 29 September 2015. He said that there was a growing international consensus that climate change is unequivocal. While there is always room for scientific disagreement about climate change (as there is with any scientific issue), he said that he had found that insurers were amongst the most determined advocates for tackling it sooner rather than later.
Key points he made included:
We don't need an army of actuaries to tell us that the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors - imposing a cost on future generations that the current generation has no direct incentive to fix.
The horizon for monetary policy extends out to 2-3 years. For financial stability it is a bit longer, but typically only to the outer boundaries of the credit cycle - about a decade.
In other words, once climate change becomes a defining issue for financial stability, it may already be too late.
He concluded is speech by saying:
Our societies face a series of profound environmental and social challenges.
The combination of the weight of scientific evidence and the dynamics of the financial system suggest that, in the fullness of time, climate change will threaten financial resilience and longer-term prosperity.
While there is still time to act, the window of opportunity is finite and shrinking.
Others will need to learn from Lloyd's example in combining data, technology and expert judgment to measure and manage risks.
The December meetings in Paris will work towards plans to curb carbon emissions and encourage the funding of new technologies.
We will need the market to work alongside in order to maximise their impact.
With better information as a foundation, we can build a virtuous circle of better understanding of tomorrow's risks, better pricing for investors, better decisions by policymakers, and a smoother transition to a lower-carbon economy.
By managing what gets measured, we can break the Tragedy of the Horizon.
The full text of Mark Carney's speech can be found on the Bank of England website from this external link.
Closure of Climate SouthWest
Due to financial cuts a decision has been taken by supporting partners that from 1 October 2015 Climate SouthWest will cease its activities. For all adaptation related advice and guidance please visit the Climate UK website: climateuk.net.
Open for business, even in severe weather?
Two-thirds of small businesses have been hit by the negative impacts of severe weather in the past three years, says a new report from the Federation of Small Business (FSB) published in July. 'Severe weather - a more resilient small business community' also shows that many small businesses need further support if they are to be resilient to severe weather. Recommendations from the FSB include encouraging small businesses to develop their own resilience plans, and calling on the government to take steps to ensure affordable flood insurance.
According to the report:
The FSB report can be downloaded from this link: http://www.fsb.org.uk/frontpage/assets/fsb-severe-weather-report-final.pdf (300kb pdf from external site, opens in new window).
A cleaner, solar powered future?
The sunlight that hits the earth in an hour contains enough energy to run the global economy for a year
According to the International Energy Agency (IEA) the role of renewable sources of energy (solar, wind, geothermal, hydropower, bioenergy and ocean power) in the global power mix continues to increase rapidly as renewables maintain the lead as the fastest-growing power source. As global renewable electricity generation expands in absolute terms, it is expected to surpass that from natural gas and double that from nuclear power by next year (2016), becoming the second most important global electricity source, after coal.
Globally, renewable generation is estimated to rise to 25% of gross power generation in 2018, up from 20% in 2011. The IEA expects solar to become the biggest single source of energy by 2050 and the dramatic falls in cost of solar PV means that the sector in 2014 was around five years ahead of where the IEA had previously thought it would be.
The IEA's 2014 report "Technology Roadmap - Solar Photovoltaic Energy" envisioned that up to 16% of global electricity will be from solar PV by 2050. For bulk power on the grid, PV electricity can already be price competitive at times of peak demand, especially in areas where peak electricity is provided by burning oil products.
A more rapid move towards solar energy has many benefits, especially as improved energy storage technologies are developed. As the IEA points out, solar energy is widely available throughout the world and can contribute to reduced dependence on energy imports. As it entails no fuel price risk or constraints, it also improves security of supply. Solar power enhances energy diversity and hedges against price volatility of fossil fuels (oil and gas), thus stabilising the cost of electricity generation in the longer term.
Once PV panels have been manufactured, solar PV entails no greenhouse gas (GHG) emissions during operation and does not emit other pollutants (such as oxides of sulphur and nitrogen); additionally, it consumes no or little water. As local air pollution and extensive use of fresh water for cooling of thermal power plants are becoming serious concerns in hot or dry regions, these benefits of solar PV become increasingly important.
Industrial nations agree to phase out fossil fuels
Climate change is not an environmental issue, but much more to do with security and economics
The G7 leading industrial nations (Canada, France, Germany, Italy, Japan, United Kingdom, and the United States) have agreed to cut greenhouse gases by phasing out the use of fossil fuels by the end of the century at their summit in June. Summit host German Chancellor Angela Merkel said they had committed themselves to the need to "decarbonise the global economy in the course of this century". They also agreed on a global target for limiting the rise in average global temperatures to a maximum of 2C compared to pre-industrial levels.
Whilst G7 leaders did not support Angela Merkel's proposal to agree to immediate binding emission targets, they agreed to back the recommendations of the UN Intergovernmental Panel on Climate Change (IPCC), to reduce global greenhouse gas emissions at the upper end of a range of 40% to 70% by 2050, using 2010 as the baseline.
The United Nations Climate Change Conference, COP21, will be held in Paris from 30 November to 11 December 2015. The objective will be to achieve a legally binding and universal agreement on climate, from all the nations of the world. The G7 commitment on phasing out fossil fuels is a hopeful sign that real progress will be made in Paris.
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1. Management of oursouthwest. From 1999 - 2010 this website was originally managed by Phil Harding whilst a Senior Policy Adviser (climate change, resource efficiency and sustainable development) at the Government Office for the South West (GOSW) in Bristol (UK). GOSW closed in 2011 but this site continues to be managed by Phil Harding on a freelance not-for-profit basis.
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