14 January 2016, The Guardian, Climate change disaster is biggest threat to global economy in 2016, say experts. Global warming heads top economists’ concerns for first time but large-scale forced migration seen as most likely risk to materialise. A catastrophe caused by climate change is seen as the biggest potential threat to the global economy in 2016, according to a survey of 750 experts conducted by the World Economic Forum. The annual assessment of risks conducted by the WEF before its annual meeting in Davos on 20-23 January showed that global warming had catapulted its way to the top of the list of concerns. A failure of climate change mitigation and adaptation was seen as likely to have a bigger impact than the spread of weapons of mass destruction, water crises, mass involuntary migration and a severe energy price shock – the first time in the 11 years of the Global Risks report that the environment has been in first place. The report, prepared by the WEF in collaboration with risk specialists Marsh & McLennan and Zurich Insurance Group, comes a month after the deal signed in Paris to reduce carbon emissions. The WEF said evidence was mounting that inter-connections between risks were becoming stronger. It cited links between climate change and involuntary migration or international security, noting that these often had “major and unpredictable impacts”. Espen Barth Eide, the WEF’s head of geopolitical affairs, said there was a risk of Europe fragmenting as a result of “people on the move”. Speaking at a press conference in London to launch the report, Eide said: “I am concerned about the continued support in national politics for keeping Europe together.” Read More here
Tag Archives: Economy
28 December 2015, Climate News network, Markets cannot solve the climate crisis. How did we get to where we are now? “Free range” capitalism could be the explanation for climate change, and needs taming, says one writer. It may not be polite to mention Karl Marx in America, but leading thinkers on the left think that capitalism may be the cause of climate change, and that to save the planet the system needs fundamental reform. According to a new book the profit motive, which drives capitalism above all other considerations, forces it to extract everything from the planet that will generate a surplus, at the expense of real benefits to humans and ecosystems. Fossil Capital: the Rise of Steam Power and the Roots of Global Warming, by Andreas Malm, out in hardback from Verso in January 2016, analyses capitalism’s role in global warming by delving into its past. The book builds on the work of Naomi Klein’s 2014 This Changes Everything: Capitalism vs the Climate. Both ask whether catastrophic climate change can be averted without at least a major makeover – or the outright elimination – of capitalism. Malm, a professor of human ecology at Sweden’s Lund University, starts with James Watt’s patenting of the rotating steam engine in 1784. This was also the first year that rising carbon dioxide and methane levels were observed in polar ice. First Malm attacks the accepted theories of David Ricardo and Thomas Malthus. who developed and reinforced the capitalist notion that markets are the cure for all social ills. He shows that mills adopted coal power instead of water only because it enabled mill owners to move to populated areas to find docile and skilled workers, who were in short supply in the countryside. More biddable Coal enabled this move because, once out of the ground, it is highly portable. The machines, of course, eliminated many jobs and made others both simpler and more difficult. Owners started hiring women and children because they were easier to control than adult men. Read more here
7 December 2015, Huffington Post, Will Climate Change Break the Global Food System? Extreme weather events scuttling harvests. Skyrocketing food prices causing famine for millions and driving multitudes into poverty. Governments toppling – again – in Pakistan and Ukraine. Massive floods driving millions of refugees from their homes in Bangladesh and putting pressure on neighboring India. Droughts devastating harvests in traditional bread baskets like the U.S. and Brazil. The E.U., in a panicked move, suspending its environmental rules for agriculture and instituting a tax on meat. The world’s top greenhouse gas emitters ultimately banding together to raise a global carbon tax.The events described above are not the real world, but they could be. They were part of what transpired at Food Chain Reaction a few weeks ago, a high-level crisis simulation in Washington, DC that brought together 65 international leaders to explore how climate change may strain the world’s food system from 2020 to 2030. What the simulation taught us, is that policymakers attending this week’s U.N. climate summit in Paris cannot afford to neglect food security. The world’s population is on a path to 9.5 billion by mid-century. That means we will have to grow up to 70 percent more food. To make matters more complicated, we’ll have to do so in a changing climate that alters the very way we grow our crops. We must figure out how we can make that happen within the limits of the Earth’s natural resources. We’ve talked long enough. It is time to decide on a course of action that will actually improve the situation. Read more here
7 December 2015, Washington Post, Economists: Climate change is going to cost a lot more than previously thought. When it comes to climate change, there’s broad consensus among economists that the potential economic impacts will be serious, widespread and more severe than previous estimates have indicated. At least, this is the conclusion of a new survey, published Monday by the New York University School of Law’s Institute for Policy Integrity — and experts say we should be listening to their warnings. The report, which was authored by the Institute’s Derek Sylvan and Peter Howard, compiled answers from more than 300 experts on the economics of climate change in response to a set of 15 questions regarding climate change risks, policies and potential damages. “We figured if you want to understand how climate change will affect our daily lives, it makes sense to ask the economists who study issues like food production, climate adaptation, energy economics,” said Sylvan, strategy director at the Institute for Policy Integrity. “And so essentially our survey helps clarify the wisdom of the crowd among this group of experts.” Sylvan and Howard compiled their pool of experts by creating a list of all the people who had published a climate change-related article in a leading economics or environmental economics journal since 1994. The survey questioned the economists on how serious a problem they felt climate change will be in the future, what economic sectors are likely to be negatively affected, how soon they expect the effects to begin manifesting and how seriously these impacts will affect global output. Read more here