ESG Insider: Europe warmed 2.3 degrees C above preindustrial levels in 2022 – report
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Europe has been warming twice as much as the global average since the 1980s, and in 2022 warmed about 2.3 degrees C above preindustrial levels, according to the?State of the Climate in Europe 2022 ?report, published on June 19 by the World Meteorological Organization and the EU’s Copernicus Climate Change Service.
Climate change is “taking a major human, economic and environmental toll in Europe,” the report?said . The region suffered from extreme heat, drought and wildfires in 2022, while sea surface temperatures reached new highs, according to the report. The publication comes as scientists are?increasingly making ?the connection between extreme weather and climate change. Climate-related hazards resulted in 16,305 excess deaths, largely due to heatwaves, and $2 billion in damages because of storms and flooding, the report said.
The 2015 Paris Agreement on Climate Change aims to limit warming at the end of this century to well below 2 degrees C measured against preindustrial levels, with signatories agreeing to strive for a 1.5-degree C goal.
This week's newsletter explores why wind power contract disputes are on the rise in the US. We also look at how concerns over funding for developing nations cast a shadow over a UN climate conference in Bonn, Germany ahead of the key UN Climate Change Conference, or COP28, to be held in early December. We examine how some miners in Australia see commercial opportunities from a new emissions law. And we delve into a new report from an EU advisory panel, which recommends that the EU reduce emissions by 90% to 95% by 2040 if it wants to reach its net-zero target by 2050.
This week’s episode of the ESG Insider podcast looks at the challenge of the energy trilemma: how to balance energy security, energy sustainability and energy affordability.
Chart of the Week
Offshore wind contract disputes proliferate as high costs jeopardize US buildout
Higher financing and equipment costs are compelling more developers of US offshore wind power to renegotiate or terminate power purchase agreements as they seek to keep their renewable projects viable.
Finance-related frustrations 'cast a shadow' over Bonn climate conference
The modest accomplishments at the UN-led climate negotiations in Bonn, Germany, mean that nations must now play catch-up for the upcoming 2023 United Nations Climate Change Conference in Dubai, United Arab Emirates, in early December.
Australian miners brace for higher costs as new emissions law takes effect
Australia's new emissions reductions law for large industrial facilities will change the way miners operate and conduct due diligence for acquisitions when it comes into force on July 1, but some miners see potential commercial opportunities.
EU advisory panel calls for 90-95% emissions cut by 2040?
The EU will need to reduce emissions by 90% to 95% by 2040 if it wants to reach its net-zero target by 2050, according to a panel of scientific advisers guiding the bloc on its climate policy. The recommendation comes as the European Commission is formulating a legally binding emissions target for 2040.
ESG Insider Podcast
In this episode of the ESG Insider podcast, we discuss the energy trilemma in interviews from the sidelines of the Reuters Global Energy Transition Conference in New York City. The energy trilemma is the idea that the world needs to balance energy security, energy sustainability and energy affordability. We learn how shifting the charging schedules of electric vehicles could help address the energy security component. We also hear about the challenges for adopting low-carbon hydrogen and carbon capture technologies.
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The results are alarming. It is worrying to know that Europe has been warming twice as fast as the global average since 1980 ??? These figures highlight the urgent need for action to address climate change. It is crucial that we prioritize sustainable practices and implement effective measures to mitigate the effects of global warming.? This is a wake-up call and should motivate us to collectively work towards a more sustainable and resilient future.?