And so it is ... the future is closer than you think

While all eyes are on AI this week, the Earth appeared to have crossed a threshold into new climatic territory. This past Friday, 17th November, 2023, was the first day that the average air temperature near the surface of the Earth was 2 degrees Celsius warmer than preindustrial levels. Saturday, 18th November, was the second.

Gulp ... that was also the day I turned 50. A milestone (albeit on a different scale).

As we all live through our first 2-degree Celsius day, the Scientific American reported that the world may be just six years away from breaching the Paris Agreement’s temperature target of 1.5 degrees Celsius, setting the stage for much worse calamities to come.

Are we moving fast enough? Here are some numbers for context:

• Nearly 12,000 weather, climate and water-related disasters struck worldwide?over the last five decades, causing trillions dollars in damage and killing more than 2 million people, with most of the deaths occurring in developing countries, which have historically contributed little to the greenhouse gas emissions driving global warming — but suffering the impacts disproportionately.
• The world’s ice sheets and glaciers are losing?1.2 trillion tons of ice each year. Those losses are also speeding up, accelerating by at least 57 percent since the 1990s. With extreme warming,?global sea levels will likely rise as much as 3 feet?by the end of this century.
• Fossil fuel subsidies have surged in recent years. In 2022, total spending on subsidies for oil, natural gas and coal reached a record $7 trillion, which is $2 trillion more than in 2020. Meanwhile,?governments plan to produce?more than twice the amount of fossil fuels in 2030 than would be consistent with the 1.5-degree target.

While we are on the topic of sustainability, Cogo just released a new report that examines the rising cost of living and sustainable lifestyle. Here are some of their findings:

• 49% believe a sustainable lifestyle is expensive.
• But when it comes to taking climate action, people are more motivated by carbon savings than financial savings information.?
• 23% would like to hear more about green financing options from their bank.

_____

Did you know that last week was Fraud Week??

Check out my chat with?Stu Bradley?—?Sr. Vice President - Fraud & Security Intelligence at SAS?— on the role technology plays in combatting the continued surge in fraud, and how financial institutions are meeting the shifting customer demands.

_____

Switching back to our favorite topic du jour ... I wrote about the brand new IBM AI Academy recently. You can read it?here.

_____

Recently, the wonderful?Barb MacLean?,?Efi Pylarinou?,?Stessa Cohen?, and?Jim Perry?hosted a lively discussion of The Metaverse Economy. You can watch the replay?here.?

And if you have read the book, do drop me a note and let me know what you think.?

_____

This week, on One Vision ...

Data gives us superpower. From how much we spend and where we spend it, to the impact of our dollars on the planet, data tells a story. In an era where consumers are becoming more environmentally conscious, the role that financial institutions can and should play in helping us transition to net zero is more crucial than ever.

In this episode of One Vision — FinTech Fuse! I chat with?Emma Kisby, CEO,?Cogo?EMEA, on the power of data and collective impact. Banks can play an important role in educating customers about the environmental impact of their spending, offering insights and incentives to trigger positive behavioral change.

With intention — and action, a fairer and more sustainable world is possible. Planet Earth is our home. We don't have a Plan B.?

_____

As always, thank you for reading. If you enjoy my posts ...?

?? Ring it on my profile so you don't miss the next one.?

? Subscribe to this LinkedIn newsletter?"The FinTech Prose"?and share it with your network.?

?? Hit like and comment to let me know your thoughts.?

? Drop me a review on?Beyond Good?and?The Metaverse Economy?on?Amazon.