Banks should recognise the risks of climate change

Credit: FT.com- Published on December 18, 2018
BoE governor Mark Carney is right to suggest adding global warming to stress tests
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Credit: TomoNews US
Published on December 16, 2018 -  01:42
US and Russia join Saudi Arabiato weaken key climate report
POLAND — The four oil thirsty countries stand together...against climate change. In October, a climate change report by the U.N's Intergovernmental Panel on Climate Change warned governments around the world of the imminent consequences of climate change asking them to take urgent action. According to a report by the Intergovernmental Panel on Climate Change, Earth's temperature risks crossing the 1.5 Celsius threshold by 2030, which would bring about droughts, floods, and extreme heat. The report states that pollution caused by greenhouse gases needs to be cut by 45 percent by 2030 and 100 percent by 2050 in order to prevent a rise in temperature. This report is being discussed as part of the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change held in Katowice, Poland. According to Reuters, the main goal is for world leaders to develop a rulebook detailing regulations to decelerate climate change in order to meet the Paris agreement goals. However, during discussions held at the conference, the US, Russia, Saudi Arabia, and Kuwait rejected the IPCC climate change report. US authorities claimed data from the report should be 'noted' not 'welcome.' The Kingdom of Saudi Arabia said they hoped the IPCC would address the 'gaps and challenges' in the report. According to Reuters, parties were unable to reach an agreement due to lack of consensus. According to The Guardian, climate campaigners believe the oil allies were being driven by fuel interests and were attempting to 'sideline the study.'

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