Page 19 - Climate Change

2024 likely to be hottest yr on record again, says European climate agency

For the second year in a row, Earth will almost certainly be the hottest it's ever been. And for the first time, the globe this year reached more than 1.5 degrees Celsius of warming compared to the pre-industrial average, the European climate agency Copernicus said Thursday. It's this relentless nature of the warming that I think is worrying, said Carlo Buontempo, director of Copernicus. Buontempo said the data clearly shows the planet would not see such a long sequence of record-breaking temperatures without the constant increase of greenhouse gases in the atmosphere driving global warming. He cited other factors that contribute to exceptionally warm years like last year and this one. They include El Nino the temporary warming of parts of the Pacific that changes weather worldwide as well as volcanic eruptions that spew water vapour into the air and variations in energy from the sun. But he and other scientists say the long-term increase in temperatures beyond fluctuations like E

Northern Arc secures $65 mn commitment from global firms for climate fund

NBFC firm Northern Arc on Thursday said it has secured USD 65 million from global development banks for maiden climate fund through its fund management arm, Northern Arc Investments IFSC Trust. The climate fund gets commitment of USD 50 million from the United States International Development Finance Corporation (DFC) and USD 15 million from OeEB, the official Development Bank of the Republic of Austria, Northern Arc said in a statement. Located in Gujarat International Finance Tec-City (GIFT City), the climate fund will extend debt financing to growth-stage companies operating in sectors such as commercial, industrial, and residential solar energy, energy efficiency, green buildings and materials, e-mobility, and sustainable agriculture, it said. Additionally, it will focus on businesses innovating in the circular economy, water segment and adaptation technologies that seek to reduce environmental impact and promote long-term resilience, it said. The fund aligns with India's broad

Japan's Mount Fuji still without its iconic snowcap for 1st time in 130 yrs

Japan's iconic Mount Fuji, known for its snowcap forming around this time of the year, is still snowless in November for the first time in 130 years, presumably because of the unusually warm temperatures in the past few weeks. The lack of snow on Mt. Fuji, a UNESCO World Heritage site, as of Tuesday breaks the previous record set on October 26, 2016, meteorological officials said. Usually, the 3,776-metre-high mountain has sprinkles of snow falling on its summit starting October 2, about a month after the summertime hiking season there ends. Last year, snow fell on the mountain on October 5, according to the Japan Meteorological Agency, or JMA. The snowless Mt. Fuji has captured attention on social media. People posted photos showing the bare mountain, some expressing surprise and others concerned over climate change. The JMA's Kofu Local Meteorological Office, which keeps weather data in central Japan and was the agency that announced the first snowfall on Mt. Fuji in 1894, has ci

Increasing costs: The impact of climate change on output will be large

Over 90 per cent of solar projects in the country achieved investment-grade ratings by 2020, a significant improvement from 2012, when all solar projects were rated "non-investment grade"

Understanding the deadly floods that have taken over 200 lives in Spain

In a matter of minutes, flash floods caused by heavy downpours in eastern Spain swept away everything in their path. With no time to react, people were trapped in vehicles, homes and businesses. Many died and thousands saw livelihoods shattered. Four days later, authorities have recovered 205 bodies 202 of them in the eastern Valencia region, two in Castilla La Mancha and one in Andalusia. They continued to search for an unknown number of missing people on Friday. Thousands of volunteers were helping to clear away the thick layers of mud and debris that still covered houses, streets and roads, all while facing power and water cuts and shortages of some basic goods. Inside some of the vehicles that the water washed into piles or crashed into buildings, there were still bodies waiting to be identified. Here are a few things to know about Spain's deadliest storm in living memory: What happened? The storms concentrated over the Magro and Turia river basins and, in the Poyo riverbed,

India commits to 30% protected areas in updated biodiversity plan

India has launched its updated biodiversity action plan with a goal to protect at least 30 percent of its terrestrial, inland water, and coastal and marine areas by 2030, in line with global biodiversity targets. The updated National Biodiversity Strategy and Action Plan (NBSAP), unveiled at the 16th UN Biodiversity Conference in Cali, Colombia, outlines 23 national targets aligned with the 23 global goals set under the Kunming-Montreal Global Biodiversity Framework (KM-GBF), which was adopted at the 15th UN Biodiversity Conference in Canada in 2022. A key goal of the KM-GBF is to protect at least 30 percent of the world's land and ocean areas by 2030. It also aims to restore degraded ecosystems, such as forests, wetlands, and rivers, to ensure they continue providing essential resources like clean water and air. India, recognised as one of the 17 megadiverse countries, became a party to the UN Convention on Biological Diversity (CBD) in 1994. It harbours 7-8 percent of the world's

Global climate finance reached $1.5 trn in 2022, must rise fivefold: Report

Global investment in combating and adapting to climate change reached nearly USD 1.5 trillion, doubling between 2018 and 2022, but it must increase at least fivefold by 2030 to limit warming to 1.5 degrees Celsius, according to a new study. The "Global Landscape of Climate Finance 2024: Insights for COP29" report, published by global think tank Climate Policy Initiative (CPI), said climate finance currently represents only 1 per cent of global GDP, far short of the required level. Emerging markets and developing economies (EMDEs) may need around 6.5 per cent of their GDP by 2030 to meet climate goals. "While global climate finance has made some strides, a much more ambitious, cohesive, and effective approach is essential to address the vast funding gap," said Barbara Buchner, CPI''s Global Managing Director. "The data from CPI's Global Landscape report leaves no doubt that investment needs to scale across all fronts -- domestically, internationally, and across sectors -- to reach o

Climate change to put APAC GDP on thin ice with 41% melt by 2100

India alone could face 24.7% loss in GDP by 2070

Climate may keep changing long after humanity hits net-zero emissions

Global greenhouse gas emissions hit record highs in 2023. At the same time, Earth experienced its hottest year

Asia needs to spend more to adapt to climate change, limit damage: Study

Countries in Asia will suffer worse damage from the climate crisis than other regions and are falling far behind in spending on improvements to limit the damage and adapt to changing weather patterns and natural disasters, the Asian Development Bank said in a report released Thursday. The report said financing needs in developing Asian countries to cope with climate change range from USD 102 billion to USD 431 billion a year. That far exceeds the USD 34 billion committed to those purposes in 2021-2022, the Manila, Philippines-based regional development bank said. Developing Asia accounted for nearly half of all global emissions in 2021, the latest year for comprehensive data, with China accounting for two-thirds of that and South Asia nearly 20 per cent, the report said. That's because even though emissions per person remain far lower than in Europe, Japan and North America, it is the world's most populous region, home to about 70 per cent of all human kind. Most countries in the ..

Japan's Mount Fuji snowless in late October, breaking 130-year record

Typically, Mount Fuji sees its first snowfall by early October, with the last record set for October 26 in 1955 and 2016

Climate change drives sleep loss as temperatures increase at night

Eighth annual Lancet Countdown on health and climate change report, authored by 122 global experts, found that high temperatures, drought and heavy rainfall are increasingly impacting people's health

Infants, adults in India exposed to more heatwave days in last decade: Rpt

In India, over the last decade, infants and adults aged 65 or above were exposed to about eight heatwave days each year on average, increases of 47 per cent for infants and 58 per cent for older adults, compared to 1990-1999, according to a new report of The Lancet Countdown on Health and Climate Change. In 2023 alone, people in India were found to be exposed to a moderate or higher risk of heat stress for about 2,400 hours or 100 days, while performing light outdoor activities such as walking, the eighth annual report, reflecting the work of 122 experts from 57 academic institutions and UN agencies globally, including the World Health Organization (WHO) and the World Meteorological Organization (WMO), found. Published ahead of the 29th UN Conference of the Parties, or 'COP29', the report revealed a country-wise assessment of how climate change is affecting people's health. It showed that 10 of the 15 indicators that help track health threats to people around the world due to global

COP-16: World's 1st global ecosystem atlas unveiled; how will it help biz

The new initiative aims to help governments, businesses, financial institutions, and local communities to make informed decisions, support sustainability and manage risks

World may warm up to 3.1 degrees celsius on lack of climate action: UN

Continuing with current policies means world will be on course for temperature rise of 3.1C before the end of the century, while implementing promised reforms would at best lead to an increase of 2.6C

Avaana raises $135 mn for climate fund to fuel climate-tech startups

Avaana Capital, India's climate-focused venture capital firm, has managed to infuse Avaana Climate and Sustainability Fund with USD 135 million, thanks to support from renowned institutional investors, including the Green Climate Fund (GCF), said a senior official from the company on Wednesday. In a press statement, Anjali Bansal, partner at Avaana Capital, said, "The support we've received from leading global and domestic institutional investors underscores the importance of innovation in driving climate action and delivering long-term impact. The Avaana Climate & Sustainability Fund will help build the next generation of climate-first companies to transform key sectors and make meaningful progress toward a sustainable future." According to her, the fund focuses on three core sectors that account for 90 per cent of India's carbon emissions: Energy and Resource Management, Mobility and Supply Chains, and Sustainable Agriculture and Food Systems. Bansal said India is one of the ...

'Apolitical' Bill Gates donates $50 mn 'dark money' to NGO backing Kamala

Bill Gates has not publicly expressed his support for Kamala Harris, making this contribution a notable departure from his previously cautious approach to political donations

Differential exposure: How climate change hits the poor the hardest

Among Indian firms, the paper finds smaller non-agricultural firms are more exposed to flooding and heat than larger firms

What's on agenda at COP16 nature summit in Colombia: All you need to know

COP16 host country Colombia has put the inclusion of Indigenous and traditional communities at the center of its agenda in Cali

UN climate secy gives call to 'step up' climate finance ahead of COP29

At COP29 in Baku, all governments must agree on a new goal for international climate finance