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South China Morning Post

Climate Change is time running out?

January 12, 2022 | Environment
The 2015 Paris Agreement committed nations to limit global warming to well below 2 degrees Celsius - 1.5 degrees preferably - through sweeping emissions cuts. But since that landmark deal, greenhouse gas emissions have continued to rise, along with the frequency and intensity of climate-fuelled disasters. Much hinges on the outcome of the 12-day United Nations climate summit, COP26, in Glasgow from October 31, 2021. It has been billed as the last, best chance for humanity.

Economic impact of climate change: 
Climate change could cripple economies, both rich and poor. A report by the World Meteorological Organization (WMO) in September said the number of climate-driven disasters, like floods and heatwaves, had increased fivefold over the past 50 years, costing US$3.64 trillion in total losses. Climate change could wipe up to 18 per cent off global gross domestic product (GDP) by 2050 if global temperatures rise by 3.2 degrees this century from pre-industrial levels, according to the world’s largest reinsurer, Swiss Re Institute.