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Politicians must act to cap global warming when they meet at a United Nations summit at the end of the year as the financial and humanitarian consequences of natural catastrophes become ever clearer, reinsurers meeting at an industry conference said.
The $600 billion reinsurance industry helps insurance companies pay damage claims from hurricanes, floods or earthquakes and can help people and companies get back on their feet after a disaster.
The UN’s climate boss warned this week that national promises to cut emissions so far would cap warming at an unacceptably high level, heightening concerns in the insurance industry about politicians’ lack of resolve.
“Definitely we expect political courage to move in a direction that shows responsibility towards future generations and a certain interest in defending the sustainability of this planet,” Swiss Re’s Chief Executive, Michel Lies, told a news conference.
Swiss Re data shows natural disasters caused an average $180 billion in economic damage per year over the last decade, of which 70 percent was uninsured.
Credit rating agency Standard & Poor’s said big natural catastrophes can also lead to cuts in sovereign credit ratings — making it more expensive for governments to borrow money — with Latin America and the Caribbean most at risk.
These conclusions should help concentrate minds at the climate talks starting in Paris on Nov. 30, reinsurers said.
“What we can bring to the table is a credible price tag for the decisions that are taken or not taken, making sure everybody understands that in the short term you may not take a decision but you will definitely pay a price in the long term,” Lies said.
Weather researchers say global warming will result in more frequent and intense heatwaves, precipitation and storms. Warming needs to be limited to 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels to avoid the most devastating consequences in the form of droughts and rising sea levels, scientists say.
“Even if this goal is not fully reached, every step in this direction is better than no result at all,” said Peter Hoeppe, head of Geo Risks Research at reinsurer Munich Re.
In the meantime, there must be increasing focus on preventive measures such as flood defences that can help dampen the rise in insurance premiums in the medium to long term, Hoeppe said.
Insurers and Group of Seven industrialized countries are working to expand the availability of insurance to an additional 400 million people in developing countries considered at high risk.
“Climate change is happening, no question,” said XL Group’s Chief Executive, Mike McGavick.
“Insurers and reinsurers have to be at the forefront of transferring that risk,” McGavick said.
Credit: St. Louis Post Dispatch
The Caribbean Community Climate Change Centre held the second in a series of Climate Change Exchange events last Thursday in Belize City. The first was held in Barbados last October. The event, which was held with support from the European Union – Global Climate Change Alliance (EU -GCCA) Programme and the United Kingdom’s Department for International Development (DFID) under the DFID ARIES project, sought to raise awareness and promote dialogue about COP 21 slated to be held in Paris later this year, the United National (UN) Intergovernmental Panel on Climate Change (IPCC) Fifth Assessment Report (AR5), and the range of work done by the Centre across the Caribbean over the last decade.
The widely supported event attracted over 150 guests drawn from the apex of government, the diplomatic corps, the scientific community, civil society, development partners, universities, local and regional media and the general public. It was also live-streamed and broadcast live on four television stations (Krem, Love, Channel 5 and Channel 7) and two radio stations (Krem and Love) in Belize. The event was also covered by the Barbados-based Caribbean Media Corporation and Jamaica’s CVM TV.
An impressive set of international, regional and national experts addressed the audience, including Professor Christopher Fields and Dr Katherine Mach of Stanford University, Mr Carlos Fuller, a veteran Caribbean negotiator, Dr Leonard Nurse, a member of the IPCC’s research and author teams for four global assessment reports and three key project managers.
Peruse the Speakers' Guide to learn more about our speakers.
Why is COP 21 Important?
This key public education event was held as 2015 is shaping up to be a landmark year for global action on Climate Change. The future of the Caribbean depends on a binding and ambitious global agreement at COP 21. A bold agreement that curbs greenhouse gas emissions to limit the global rise in temperature to below 2°C is needed to safeguard our survival, food, critical industries such as tourism, infrastructure and promote renewable energy.
Peruse our informational card "Why is COP 21 Important?" for more context and the region's 11 point negotiating position leading up to COP 21.
Here’s the Agenda to guide you as you peruse the evening’s key presentations (below).
Keynote Address by Professor Christopher Field and Dr. Katharine Mach of Stanford University
Keynote Address by Carlos Fuller, International and Regional Liaison Officer at the CCCCC –
CCCCC's Programme Development and Management Presentation by Dr. Mark Bynoe, Sr Economist and Head of the Programme Development and Management Unit at the CCCCC
EU -GCCA Presentation by Joseph McGann , EU - GCCA Programme Manager at the CCCCC
KfW Presentation by Kenneth Reid, KfW Programme Manager at the CCCCC *Click all hyperlinks to access relevant files/webpages.