Global economic growth could plummet by 50% between 2070 and 2090 from the catastrophic shocks of climate change unless immediate action by political leaders is taken to decarbonise and restore nature, according to a new report.
The stark warning from risk management experts the Institute and Faculty of Actuaries (IFoA) hugely increases the estimate of risk to global economic wellbeing from climate change impacts such as fires, flooding, droughts, temperature rises and nature breakdown. In a report with scientists at the University of Exeter, published on Thursday, the IFoA, which uses maths and statistics to analyse financial risk for businesses and governments, called for accelerated action by political leaders to tackle the climate crisis.
Their report was published after data from the EU’s Copernicus Climate Change Service (C3S) showed climate breakdown drove the annual global temperature above the internationally agreed 1.5C target for the first time in 2024, supercharging extreme weather.
Consumers: doesn’t matter, have to buy that new gadgets the influencer told me to buy!
Companies: doesn’t matter if the products are being bought, will continue to pollute, baby!
Both: why should I change my ways?
Banks: middle to long term loan? Very high interest rate or just not available.
Government: don’t look at us, budget cuts
Companies: panic
Influencers: extra smiles and bullshit as the noise of societal decay grows louder outside
It pisses me off when people go with the “it’s really about the super rich and nothing I do has any impact” while meat production alone is ~20% of emissions, depending on the model for the impact of methane.
It is about the super rich. It’s not correct that nothing ordinary people do has any impact, but the impact of one day of my life vs one day of Taylor Swift’s life differs by multiple orders of magnitude.
As a die hard meat eater and frequent mocker of vegetarians and vegans over the years (not defending that), I have to say meat free food is getting pretty damn delicious…