Also: Alarming link between wildfire smoke and mental health revealed
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Hello and welcome back to our weekly climate newsletter. Researchers have warned that the climate crisis could trigger a global financial crash, because the economic models guiding governments and investors are failing to capture how climate damage really unfolds. Instead of gradual losses spread evenly over time, as current models assume, a new study argues that warming is far more likely to hit economies through extreme weather, cascading disruptions and sudden tipping points. Conducted by more than 60 climate scientists in 12 countries, the study shows that beyond 2C of warming, climate damage is likely to become structural and compounding, disrupting multiple sectors of the world economy at once and threatening the conditions needed for growth. "Beyond 2C, we're not dealing with manageable economic adjustments," said Jesse Abrams, the report's lead author, warning that current models "systematically underestimate climate damages" because they cannot capture "the cascading failures, threshold effects, and compounding shocks that define climate risk in a warmer world". The report also argues that headline indicators such as GDP can hide the true cost of disasters — because reconstruction spending can push GDP up even as deaths, ill health, inequality and ecosystem loss rise. Click here to read more |
Difference in annual global temperatures above the 1850-1900 average |
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Weak climate targets mean UK banks risk missing out on 'enormous opportunity' of Africa's renewable energy boom |
Weak climate targets from UK banks means that they are at risk of missing out on the "enormous opportunity" of Africa's renewable energy revolution, financial experts have told The Independent.'s Nick Ferris. Rapidly falling costs for solar, wind and battery technologies — propelled by large-scale, low-cost manufacturing in China — have accelerated the decarbonisation of electricity systems worldwide. This shift is now extending to Africa, a region that has historically struggled to attract investment because of perceived risks. Given the UK's large financial services sector, which already has a large footprint in many different countries across the world, there is a big opportunity for British banks to invest in clean energy systems in emerging economies around the world, experts agree. Read more |
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LA mayor ordered fire department to downplay failures in fighting historic wildfires, report says |
Los Angeles Mayor Karen Bass allegedly told officials to water down the findings of an after-action report into the deadly 2025 Palisades fire, despite denying she had meddled in the probe, according to an explosive Los Angeles Times investigation. Bass allegedly received an early draft of the report and told the city's then-interim fire chief its findings could expose Los Angeles to legal liability regarding failures to stop the blaze, which killed 12 people. Read more |
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That's how much electricity wind power generated for Britain in January, more than any other month on record. Read more |
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