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Use of Weather Derivatives surges as extreme climate events rock the globe
Weather derivatives let buyers hedge against the risk that the...
Global economic losses from extreme weather could hit $5 trillion -Lloyd’s
“The global economy is becoming more complex and increasingly...
World warned: Change now or endanger food and climate
But in a stark warning to those who may hope that vast reforestation and biofuel schemes alone can offset mankind’s environmental damage, the report cautioned that these mega-projects could endanger food security, underlining that reducing emissions will be central to averting disaster
Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline
Self-insurance by the government for the expansion would cost taxpayers $1.1 billion, the groups said. Pressure is growing for financial companies to pull back from insuring and investing in polluting industries like coal and oil as part of an effort to combat climate change.The coalition sent a letter to 27 companies registered to insure the pipeline, including Munich Re, Talanx and Zurich Insurance Group AG, asking them to drop their coverage before Aug. 31, the deadline for Canada to renew its liability insurance.
July may set global record as hottest in recorded history: United Nations
Scientists have linked the warming planet to man-made climate change, predicting a rise in temperatures of 1.5C (2.7F) between 2030 and 2052 if global warming continues apace.Emissions of carbon dioxide and other greenhouse gases are chiefly responsible for climate change, according to scientific consensus.
UK regulator asks insurers to weigh possible business impact of Climate Change
“What’s most interesting is the way the stress test will change the way the insurers will think about these particular sectors,” said Mark Lewis, global head of sustainability research at BNP Paribas SA’s asset management unit”
Climate hits key tipping points, existential threat real, say scientists
U.S climatologist Michael Mann believes emissions need to fall even more drastically than the IPCC assumes since the panel may be underestimating how far temperatures have already risen since pre-industrial times.
Australia’s Suncorp to phase out exposure to thermal coal by 2025
Insurers globally have been reducing their business around coal. Insurer Chubb and Zurich Insurance Group have both in the past month revised their policies to limit their thermal coal exposure.
AIG appoints first chief sustainability officer
To provide greater transparency into this strategy and align reporting activities with industry standards, the company has issued its first Task Force on Climate-related Financial Disclosures (TCFD) report.
Europe faces heatwave with London and Paris expected to break July records
Europe is facing a second heatwave this summer, just weeks after the hottest June on record, intensifying concern over climate change and the rise in extreme weather events. Swathes of northwest Europe will struggle to remain cool as a blast of hot air from the...
Rhine river shipping faces another historic shutdown as drought hits water levels
Reflecting a trend seen in the Himalayas, the Rockies and other mountainous regions of the world, alpine glaciers have shrunk steadily as global warming makes melting in summer outpace accumulation of snow in winter. That means there’s less water feeding rivers each year. An April study by ETH Zurich predicts that half of the Alps’ glaciers could disappear within three decades.
United States swelteres in dangerously hot weather
Earlier in the day the NWS said “numerous stations” stretching from Massachusetts in the north to North Carolina in the south “were reporting heat index values between 100-110” degrees, with the highest values found in the southeast of the state of Virginia.