Category:

Climate, Environment, Renewable Energy

Climate change bigger economic risk than Pandemic, ECB’s Schnabel says

With climate change posing an even bigger risk, the ECB must keep this issue high on its agenda as it reviews its policy framework, Schnabel told Reuters in an interview.

“Climate change is probably the biggest challenge we are facing, much bigger than the pandemic,” Schnabel said.

“Even though this health shock was entirely unrelated to monetary policy, it nevertheless has huge implications for monetary policy,” she said. “The same is true for climate change and this is why central banks cannot ignore it.”

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Climate change to drive large future Cat losses

It’s a mess at least partially of our own making, said Susan Cutter, director of the Hazards and Vulnerability Institute at the University of South Carolina.

“We are seeing an increase of intensity of these phenomena because we as a society are fundamentally changing the Earth and at the same time we are moving to locations that are more hazardous,” Cutter said Wednesday.

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Tougher EU climate target technically, economically feasible, researchers say

EU countries, which must approve the new climate target, are divided. Western and Nordic countries back the more ambitious level and eastern nations refuse to consider bigger cuts before seeing an assessment of the costs.

The researchers said there is “no credible pathway” towards a 55% target for 2030 without a bigger contribution from states such as Poland and Czech Republic that say the economic fallout from the COVID-19 pandemic will make climate goals more challenging.

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Coronavirus pandemic could be over within 2 years, says hopeful WHO Chief

Tedros also said that the pandemic has given new impetus to the need to accelerate efforts to respond to climate change, Xinhua news agency.

“Throughout history, outbreaks and pandemics have changed economies and societies, this one will be no different.”

Noting that the global health criris “has given us a glimpse of our world as it could be: cleaner skies and rivers… Building back better means building back greener”.

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