: Climate change happening faster than globe can adapt, latest U.N. report warns

For much of the world, climate-change stress is right here, right now — and the latest highly-anticipated United Nations’ report confirms this emergency.

The U.N.’s Intergovernmental Panel on Climate Change (IPCC) on Monday isused the second of three multiyear reports, following a release last November ahead of the COP26 climate summit in Glasgow. Rather than focus on how countries and cities can cut emissions in the future, this round drllled down on short-term crises around the world in places under immediate threat and with no funding to act. And it called out the oil and gas industries in particular.

The authors warn there remain large gaps between ongoing efforts to adapt, such as longer-run net-zero emissions goals, and the action required to address the growing risks.

For environmental groups, private-sector champions of green technology and many policy-makers, it’s reinforcement that the globe’s oil habitBRN00, the financial system’s propensity to finance that habit, and government reluctance to cut fossil-fuel subsidies all have to end.

The energy industry itself has maintained that it has the scale to help with the push to renewables and the inclusion of carbon-emissions capture and storage and other technologies that could “clean up” the sector. Plus, groups including this U.S.-based natural gas utility trade group, say a mix of energy sources will be needed to keep economic growth afloat and help the U.S. maintain energy independence.

The U.N. release hits with all eyes on the Russian-Ukraine crisis and what, for the rest of Europe in particular, is a sobering reckoning with reliance on Russian natural gas NG00, +1.49% even as a push toward renewable solar, wind, nuclear, hydrogen and other sources continues.

See: ‘Want to stop making Putin rich… renewables is the answer’: Does the Russia-Ukraine crisis speed up or slow Europe’s green energy push?

Read: U.S. stock futures slump as investors weigh impact of latest Russia sanctions

“As current events make all too clear, our continued reliance on fossil fuels makes the global economy and energy security vulnerable to geopolitical shocks and crises,” U.N. Secretary-General António Guterres said on Monday.

To avoid mounting loss of life, biodiversity and infrastructure, ambitious, accelerated action is required to adapt to climate change, at the same time as making rapid, deep cuts in greenhouse gas emissions, the IPCC panel urges.

So far, progress on adaptation is uneven and there are increasing gaps between action taken and what is needed to deal with the increasing risks, the new report finds. These gaps are largest among lower-income populations. 

The series of reports — which can help set everything from global emissions targets to disaster insurance reviews to the next trend in Environmental, Social and Governance (ESG) investing ESGU, +2.14% — brings together hundreds of the world’s leading scientists and are issued every five to seven years.

“This IPCC report proves the cause of the problem: fossil fuels did this. But there is also good news, we know precisely how to reclaim our futures from the fossil fuel industry XOM, +2.69% CVX, +4.10% : by pushing financial institutions to cut off funding and closing the doors for Big Oil,” said May Boeve, executive director of 350.org, an activist group and climate justice advocacy.

The latest report “will help investors move from the ‘what’ to the ‘how’, opening the door for deeper conversations on impact investing, direction for policymakers, and the fact that incremental change is not enough,” said Aniket Shah, global head of ESG and sustainable finance, at Jefferies. “The IPCC’s [latest] report is the most comprehensive synthesis on the physical science of climate change ever written, approved by 195 governments and based on more than14,000 studies.”

‘This  IPCC  report proves the cause of the problem: fossil fuels did this.’

— May Boeve

Read: Here’s how painful the economic loss will be for the U.S. from unchecked climate change: Deloitte

This installment, the second of three, follows last year’s “code red” warning from the IPCC. Participating scientists confirmed in that August release that human-led warming is already accelerating sea level rise, melting crucial ice caps and creating more (and more frequent) droughts, floods and storms. Sure, extreme and deadly heat waves, for example, remain rare. But that rarity has narrowed from roughly once every 50 years to once every decade or so.

The latest update integrates more strongly natural, social and economic sciences, highlighting the role of social justice and diverse knowledge such as indigenous and local feedback, the IPCC said.

Report co-chair Hans-Otto Poertner said at a recent press briefing earlier this year that there are temperature limits to what key ecosystems, animal and plant species and, in particular, humans can withstand. In some places, warming is near those limits and in a few cases, such as much of the world’s coral reefs, the limits have been passed.

Read: Investors shy away from purely ‘green’ stocks in favor of energy-transition play: poll

“We are losing living spaces for species and for ourselves as well,” Poertner said then. “Because with climate change, some parts of the planet would become uninhabitable.”

The IPCC last August set five scenarios for the future, based on how much carbon emissions are cut. But each version, given current policy and practices, surpasses the more stringent of two temperature thresholds set in the 2015 Paris climate agreement. World leaders agreed then to try to limit warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since the late 19th century, and no more than 2 degrees Celsius.

The limit is only a few tenths of a degree hotter than current temperatures at the time of the report because the world has already warmed nearly 1.1 degrees Celsius (2 degrees Fahrenheit) in the past century and a half.

‘We are losing living spaces for species and for ourselves as well. Because with climate change, some parts of the planet would become uninhabitable.’

— Hans-Otto Poertner

The latest U.N. report also adds in linkages between biodiversity and climate change. Questions around lost biodiversity and its connection to the spread of COVID-19 from animal to human also color the latest thinking.

The report says 80% of the planet’s shrinking biodiversity is on indigenous land, and changes to ecosystems are having immediate impacts on indigenous peoples and local communities. 

Read: New studies again target Wuhan market, not lab, for COVID-19 origin

Don’t miss: Every whale is worth $2 million? Why it’s time to add the value of nature to GDP

Friends of the Earth said the report-writing process also included “attempts by the U.S. and developed countries to remove key climate finance terminology.

“In what should have been a scientific, not political, process, rich countries battled to erase references to key concepts like loss and damage and to water down references to the scale of finance needed for adaptation,” the group said.

Read: Citi targets Big Oil in biggest step among major banks on climate change

According to the latest report, climate impacts are occurring faster, and will worsen even sooner than previously predicted, necessitating an urgent increase in finance to help address climate change in developing countries, they added.

Read: ‘Tectonic shift’ to green stocks: BlackRock chart looks beyond oil and gas earnings, momentum

Don’t missClimate change fueled 3rd costliest losses ever in 2021 — less than half of that property was insured

The IPCC report also warns of some of the dangers of implementing technofixes like solar radiation modification, and large scale bioenergy, with or without carbon capture and storage. The risk, they say, is that these methods will be seen as a substitute for curbing reliance on fossil fuels.

“This report sounds the alarm about the risks of some of the technologies that rich countries and transnational corporations are betting on, to avoid an urgent and necessary phase out of fossil fuels,” said Sara Shaw, climate justice and energy international program coordinator at Friends of the Earth International.

And: Influential fund manager Green Century tells insurers to drop Big Oil


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