13 December 2017, American Meteorological Society, Explaining Extreme Events from a Climate Perspective. This Bulletin of the American Meteorological Society (BAMS) special report presents assessments of how human-caused climate change may have affected the strength and likelihood of individual extreme events. This sixth edition of explaining extreme events of the previous year (2016) from a climate perspective is the first of these reports to find that some extreme events were not possible in a preindustrial climate. The events were the 2016 record global heat, the heat across Asia, as well as a marine heat wave off the coast of Alaska. While these results are novel, they were not unexpected. Climate attribution scientists have been predicting that eventually the influence of human-caused climate change would become sufficiently strong as to push events beyond the bounds of natural variability alone. It was also predicted that we would first observe this phenomenon for heat events where the climate change influence is most pronounced. Additional retrospective analysis will reveal if, in fact, these are the first events of their kind or were simply some of the first to be discovered. Read More here
Tag Archives: Extreme Events
28 November 2017, Moody’s Investor Service, The growing effects of climate change, including climbing global temperatures, and rising sea levels, are forecast to have an increasing economic impact on US state and local issuers. This will be a growing negative credit factor for issuers without sufficient adaptation and mitigation strategies, Moody’s Investors Service says in a new report. The report differentiates between climate trends, which are a longer-term shift in the climate over several decades, versus climate shock, defined as extreme weather events like natural disasters, floods, and droughts which are exacerbated by climate trends. Our credit analysis considers the effects of climate change when we believe a meaningful credit impact is highly likely to occur and not be mitigated by issuer actions, even if this is a number of years in the future. Climate shocks or extreme weather events have sharp, immediate and observable impacts on an issuer’s infrastructure, economy and revenue base, and environment. As such, we factor these impacts into our analysis of an issuer’s economy, fiscal position and capital infrastructure, as well as management’s ability to marshal resources and implement strategies to drive recovery. Extreme weather patterns exacerbated by changing climate trends include higher rates of coastal storm damage, more frequent droughts, and severe heat waves. These events can also cause economic challenges like smaller crop yields, infrastructure damage, higher energy demands, and escalated recovery costs. Read More here
13 November 2017. Bloomberg, Big Insurers Brace for Perilous Future as Climate Risks Escalate. After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for households and companies, while the potential damage is so unpredictable it may be impossible to model — an unacceptable risk to insurers. “Sometime in the future there will be the situation where people cannot afford any longer to buy catastrophe insurance — this is what we want to avoid,” Ernst Rauch, the head of the Corporate Climate Centre at Munich Re. The world’s largest reinsurer suffered a 1.4 billion-euro ($1.63 billion) loss after hurricanes Harvey, Irma and Maria sent claims soaring. Contrary to Warren Buffett’s view that climate change will spur demand for coverage and boost profit at his insurance companies, the risk is the opposite unfolds as shifting weather patterns render disaster-prone areas uninsurable. Finding ways to prevent this is on the agenda of United Nations-backed climate talks in Bonn, Germany this week. The onus of bearing the expense of rebuilding after hurricanes, floods and earthquakes already falls disproportionately on governments. Insurers are on the hook for only about 10 percent of $75 billion of damage in Texas caused by flooding after Hurricane Harvey, according to AIR Worldwide. That’s because most standard U.S. home insurance policies don’t cover flooding. It’s a similar story in Fiji, hit last year by its worst cyclone ever, where less than one in ten people own insurance. “It’s a big concern of Swiss Re that there’s such a huge gap between the economic losses and what is insured,” said Peter Zimmerli, the head of atmospheric perils at Swiss Re, the second-biggest reinsurer. “Some of the signals of global warming are just there — they can’t be debated any more.” Read More here
18 October 2017, Media Matters, California newspaper editorials connect the dots between climate change and wildfires. When hurricanes Harvey and Irma hit the U.S. earlier this year, conservatives including Environmental Protection Agency chief Scott Pruitt and Fox News personalities argued that it wasn’t the right time to talk about climate change. But a number of local leaders and journalists in the storm-hit states of Texas and Floridadisagreed. They called for attention to the fact that climate change is making disasters worse, even as they worked to address and report on the immediate needs of their affected communities. Now many political leaders and newspapers in California are following the lead of those in Texas and Florida — demanding that we recognize the threat of climate change and how it’s exacerbating weather events like the wildfires that have been blazing through parts of Northern California for the last week and a half, the most deadly and destructive fires in the state’s history. Many scientists have pointed to climate change as a significant factor that’s intensifying fires like those in California. Columbia University bioclimatologist Park Williams, who co-authored a study last year that foundclimate change was markedly worsening wildfires in the American West, talked to McClatchy about the California fires last week: “The fingerprint is definitely there,” Williams said. “The connection between temperatures and fire is one we see again and again in the correlation analyses we do.” California Gov. Jerry Brown emphasized the connection last week: “With a warming climate, dry weather and reducing moisture, these kinds of catastrophes have happened and will continue to happen,” he said. Read More here