Code Red for Humanity. Official!

I had an interesting conversation just this morning with a very bright, talented Entrepreneur who is quick to adapt and explore new opportunities, sat with his two very young children enjoying coffee and croissants. The subject of Climate Change came up and the need for both individuals and Governments to make changes. His argument, shared by many, is that even if the UK got down to net zero tomorrow, it wouldn’t even register on the scale of climate damage being created by the emissions from India & China and was therefore a pointless and unnecessarily restrictive exercise for the UK to fully engage in.

He rightly pointed out the problems we have with the lack of supporting infrastructure; his firm recently purchased a number of new diesel trucks because the current limit on distance for electric versions is just 100 miles. All that he said is true but is it reason enough to do little or nothing? If he reads this much awaited document from the UN, perhaps he’ll change his mind. Not just for him, but for his two lovely children and the other young lives who don’t enjoy the opportunity of sharing croissants with their dad in a coffee shop in the Cotswolds. Or may not.

As headlines about the contents of the report emerged this morning, the stock market reacted immediately and saw oil prices tank, driven by investors selling off holdings after the publication of a landmark report on the damaging effects of climate change signals “code red” for humanity.

International benchmarks WTI and Brent Crude plummeted 4.29 per cent and 4.02 per cent respectively. A barrel of either benchmark costs well below $70.

Temperature extremes on land are projected to warm more than GMST (high confidence): extreme hot days in mid-latitudes warm by up to about 3°C at global warming of 1.5°C and about 4°C at 2°C, and extreme cold nights in high latitudes warm by up to about 4.5°C at 1.5°C and about 6°C at 2°C (high confidence). The number of hot days is projected to increase in most land regions, with highest increases in the tropics (high confidence). {3.3.1, 3.3.2, Cross-Chapter Box 8 in Chapter 3}