A Brief Summary

The Intergovernmental Panel on Climate Change (IPCC) recently published " IPCC Working Group II report, Climate Change 2022: Impacts, Adaptation and Vulnerability", estimating the impacts of climate change on biodiversity, ecosystem, people, and suggesting measures to adapt to climate change.

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The report, created by scientists, authors and experts from more than 60 countries, has warned the world of severe consequences and impacts that climate change can have on our lives in the next two decades. The report calls for immediate actions by policymakers, businesses and investors for urgent adaptation.

Hoesung Lee, Chair of the IPCC, said: “This report is a dire warning about the consequences of inaction. It shows that climate change is a grave and mounting threat to our well-being and a healthy planet. Our actions today will shape how people adapt, and nature responds to increasing climate risks.”

According to the report, the world is already reeling under climate change. With millions of people worldwide being exposed to water and food scarcity, over 3 billion people globally are highly susceptible to climate change. The situation is grim in Africa, Asia, Central and South America, small islands and the arctic.

The new report follows a similar one published by the IPCC in August 2021, updating the current global climate situation and impacts of climate change. The report then dives deeper into the root causes and repercussions of climate change and notices human-induced climate change is at its peak resulting in widespread adversities and frequent damages and losses to nature and people than natural climate variability. The report also says some development and adaptation efforts have drastically reduced the exposure to climate change.

The report has also cited concerns related to the temperature reaching 1.5 degrees Celcius, which would bring several unavoidable climate hazards. If the temperature exceeds even further would cause severe damage, some places, in particular, will experience irreversible impacts from economic damages to loss of human lives. The report has even called for deep cuts in greenhouse gas emissions.

IPCC Working Group II Co-Chair Debra Roberts said: “Together, growing urbanization and climate change create complex risks, especially for those cities that already experience poorly planned urban growth, high levels of poverty and unemployment, and a lack of services.

“But cities also provide opportunities for climate action – green buildings, reliable supplies of clean water and renewable energy, and sustainable transport systems that connect urban and rural areas can all lead to a more inclusive, fairer society.”

One of the significant areas for action required in the report focuses on safeguarding and strengthening nature in the form of land, water bodies and ocean habitats will help reduce climate risks and improve the well-being of humans.

The sustainability-focused groups say the report is eye-opening. It helps investors, governments, and corporates understand where they are lacking, what they need to improve and urge more meaningful and rapid actions by businesses to adapt and mitigate climate change.

Investor Group on Climate Change (IGCC) CEO Rebecca Mikula-Wright said: “Institutional investors… have systemic exposure to climate change risks. Unless emissions are reduced, extreme weather will have worsening impacts on property, infrastructure, agricultural production and other climate-dependent industries.

“Climate change will also have indirect impacts on sovereign credit risks, supply chains, the property market, insurance pricing or wider economic conditions.”

Nicolette Bartlett, Chief Impact Officer at CDP, added: “Today’s findings should make a focus on immediate emission reductions even more critical. Adaptation will become harder, and near impossible, if warming continues at the current pace and the planet passes tipping point after tipping point and suffers irreversible impacts. Five-year transition plans outlining how companies will transition to the 1.5°C-aligned business model, how their capital allocation will align with this and what governance the company has in place to ensure delivery will be essential for short-term action. Credible transition plans toward a net-zero future must include increasing and tracked adaptation measures if they are to be truly effective, alongside robust, science-based 2030 targets. The reality remains that companies need to halve emissions by 2030 if we are to have any chance of limiting global warming.”