There is a new paper out that explores the need for a new category of hurricanes to capture those that have winds beyond 192 mph—of which the world has measured five, all in the last decade.
The authors of the paper (James Kossin and Michael Wehner) predict that if global temperatures rise 2 degrees Celsius or more—which is when climate change becomes irreversible—the risk of Category 6 hurricanes would double in the Gulf of Mexico and increase by 50% near the Philippines.
Along the same lines, the National Oceanographic Atmospheric Administration (NOAA) that tracks the ocean heat stress on corals (not to be confused with NORAD that tracks Santa Claus) has operated with a two-level system, where Bleaching Alert Level 2 signified coral catastrophe. After a next-level marine heat wave, yes, that is a thing, hit Florida’s vast coral reef last year, NOAA has had to expand the system with three new levels.
And just if you’re not curled up under your desk and crying yet, Copernicus, EU’s climate change service released data that showed January 2024 marked the 12th month in a row where global temperatures were more than 1.5 degrees Celsius above pre-industrial levels. While this is technically not in breach of the Paris Agreement, it does add to the pile of very signy signs.
Again, more extreme climate events are and will become more common, and in terms of awareness, how we classify and talk about them becomes more important, too.
People are taking action to reduce carbon emissions and reverse the damage. If you want to get inspired, Bloomberg just started a new docu-series, An Optimist’s Guide to the Planet, in which Nikolaj Coster-Waldau…hmm, sorry, got distracted there for a second…travels the world in search of those good people.
Regitze Ladekarl, FRM, is FRG’s Director of Company Intelligence. She has 25-plus years of experience where finance meets technology.