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Francesco Bassetti

The Global Banking System is not Immune to Climate Change.

Climate change will have a growing influence on the stability of the banking system, potentially contributing to future financial crises. A new paper published in Nature highlights the detrimental effects of climate change on the banking system, adding to established literature on the effects of climate change on economic growth and productivity of labour. However, financial regulation authorities can act to reduce climate-related risks by implementing targeted measures.

UN Climate Talks: Lights and Shadows of the COP25

The COP25 came to an end on Sunday afternoon. The inadequacy of current policies in bridging the emissions gap was partially recognized, but disappointment was also widespread, as negotiations failed to deliver ambitious targets and regulate carbon markets by creating consensus around Article 6. Although many are viewing this as a missed opportunity, it isn’t all bad news…

Mountains Matter for the World’s Youth at COP25

For the 2019 International Mountain Day, the theme of choice is “Mountain’s matter for youth”. Mountain areas are home to over 1 billion people and represent an invaluable asset with the power to inspire people to act on climate change and contribute to our Sustainable Development Goals. As the COP25 is underway the topic of mountains is a side-issue that is also gaining attention due to the importance of mountains for both up and downstream populations. 

What to expect from the “Ambition COP” on climate change, as it enters its crucial week

The final five days of the Conference start after a week of negotiations. The spotlight is on Article 6 and the challenge of “establishing a solid basis for international cooperation to reduce emissions and allow for a greater role of the private sector in climate action”, as explained by Antonio Guterres. The objective is to make sure that energy, finance, and environment are aligned with policies that can accelerate and scale-up action and investments to guarantee a low-carbon and climate-resilient economy. Is it feasible in Madrid, or will it be postponed to 2020?

Can We Fly Sustainably  

Making aviation sustainable is becoming ever more pressing as the total amount of air passengers and annual CO2 emissions from air travel continue to rise. Solving this issue is a priority if we are to meet the Paris Agreement objectives. Whilst airlines are looking into solutions, such as alternative fuels and offsetting their CO2 emissions, they also continue to engage in damaging practices that make our insatiable thirst for air travel all the more impactful.

The Green Climate Fund Must Focus on Adaptation  

Historically adaptation projects have received less funding than ones for mitigation. Furthermore, the burden of implementing adaptation is falling ever more on the public sector, whereas for mitigation private sector interest and investments are on the rise. This is leading to consequences in how climate finance allocates resources which are failing to support at risk areas and Least Developed Countries. The Green Climate Fund aims to bridge this funding gap and has secured its second round of funding, this time obtaining 9.78 billion USD in pledges. 

The Green Wave Takes Swiss Elections by Storm

On the 20th October 2019, the Swiss elections came to a close with a surprising outcome: Green parties gained an unprecedented share of the vote and for the first time could get a seat in the coalition that governs Switzerland. After advances by Green parties in the European parliamentary elections, climate change continues to play a key role in politics, as public opinion is ever more influenced by the effective communication of climate science.

Looking for Leaders? Look at Smart Cities

With urban populations continuing to grow and contributing more than their fair share of global emissions, cities must step up and fulfil their potential as sources of solutions to the climate crisis. Initiatives such as C40 smart cities can help catalyse ambitious climate action plans in line with science-based targets. The latest C40 meeting in Copenhagen shows that there is a growing drive for cities to take the lead in generating positive change.

The Cruel Irony of Climate Debt

Not only does climate change have a more significant impact on the economies of lower income countries, these also have to pay more for adaptation, recovery and redevelopment loans, leading them into the climate debt trap. With the added “cruel irony” that those less responsible for climate change are being made to pay a larger share of the price.

What We Do Now Will Define the Oceans and Cryosphere of the Future

A new IPCC Special Report on the Ocean and Cryosphere claims that we still have time to avert some of the worst effects of climate change. Although painting a dire picture, which reveals the pervasive effects of global warming, the Report also highlights the significant benefits of limiting global warming by emphasising how lower emission scenarios will have reduced impacts on the wellbeing of oceans and the cryosphere.

As the Climate Crisis Advances is it Time to Retreat?

Responding to a changing climate can be both a challenge and an opportunity. A new policy paper published in the journal Science advocates a strategic and managed climate retreat, curbing new developments in at risk areas and shifting the focus from ad hoc disaster measures to efficient and equitable retreat strategies.