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Risk probability severity climate costs1/22/2024 Cost-benefit analyses must integrate the real projected costs of future disaster impacts. Governments need to upgrade climate and disaster risk analytics to better account for systemic risks, knock-on impacts, and the medium to long term effects of various climate scenarios. Government policies, plans, and programmes must be designed to operate under a range of risk scenarios.Preventing and reducing disaster risk needs to be central to these efforts. Stepped up action by the G20 to reduce greenhouse gas emissions to meet the 1.5-degree target must be a global priority. Ensuring the world is safe in the climate future is the greatest public good governments can deliver.Galvanize political leadership and momentum More about our Zero Climate Disasters campaignġ. Climate change and disasters are reinforcing inequalitiesĬlimate change, vulnerability, and inequality interact in a vicious cycle: disadvantaged groups suffer disproportionately from the adverse effects of climate change, which diminishes their ability to reduce their exposure, avert potential effects, cope and recover from climate and disaster impacts, resulting in even greater inequalities. Undervaluing climate risk is a particular concern for longer-term investors and sectors including insurance, pension funds, infrastructure, and agriculture.ĥ. Investment and financial systems are not fit for purposeįinancial systems need to better quantify the extent to which their assets will retain their value in this era of climate change. The continuing increase in the number of extreme weather events and the likely impact on population displacement, loss of livelihoods, access to health and other basic services will be overwhelming.Ĥ. This failure to account for risk has hindered planning and consequently under-estimated the cost benefits of rapid climate action. Action to manage long-term impacts and residual risks is inadequateĬlimate crisis impacts such as sea-level rise or ocean acidification are growing global challenges that have not been adequately addressed in current development planning. Current risk analytics are inadequate to enable effective preventive and anticipatory action to reduce the humanitarian impacts of climate related disasters.ģ. A radical scale-up in adaptation measures and a comprehensive approach to risk analysis and management covering a full range of hazards is required. Risk-blind planning can and in some cases already has created new risks and resulted in maladaptation. Investment in risk-informed adaptation is lagging A continued increase in carbon emissions will result in irreversible changes including the probability of breaching thresholds for “tipping point’ impacts, such as ecosystem collapse.Ģ. Current mitigation efforts are insufficient. On current trends, the world is potentially on track for a temperature increase of 3 degrees or higher. Current mitigation trajectories are leading to unmanageable disaster riskĬlimate change increases the frequency and intensity of hazards, the exposure and vulnerability of communities and individuals, and the stress on water and food security. However, prudent risk management requires preparation for a range of negative outcomes associated with varying degrees of warming and to effectively manage unexpected concurrent threats, such as the current COVID-19 crisis.ġ. Transitioning to a sustainable net-zero carbon world requires rapid systems-level changes, including in key sectors such as energy, food, and health.Ĭollective action, political leadership, and financing are needed to keep the global average temperature within the 1.5 degrees safer limit outlined in the Paris Agreement. It is rewriting the global resource map for assets such as water, arable land and energy while driving migration, displacement, and instability. Climate change is undermining the ability to achieve the 2030 Agenda for Sustainable Development, including the Sendai Framework for Disaster Risk Reduction. This has exacerbated inequalities within and between countries, with those contributing least to global emissions often experiencing the worst impacts of the climate emergency. Climate-related disasters have almost doubled compared to the previous twenty years. The climate emergency is the biggest economic, social, and environmental threat facing the planet and humanity.
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