Values at Work by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9783030556136
Publisher: Springer International Publishing

Infrastructure and Climate Risk

As the Intergovernmental Panel on Climate Change’s (IPCC) Special 2018 Report on Global Warming shows, 2 degrees Celsius of global warming would cause significant environmental and economic damage across much of the world. The report anticipates direct physical risks from warming, such as increased intensity and frequency of extreme weather events, as well as substantial dislocation to agriculture, manufacturing, and other production activities, which would have far-reaching implications for businesses, governments, and households.

With the scope of the potential impacts in mind, investors increasingly want to factor climate change risk into their investment decisions. Central banks, financial institutions, and the public sector—through organizations such as the Network for Greening the Financial System and the Task Force on Climate-Related Financial Disclosure—all acknowledge the risks posed by a warming world, as well as all of the follow-on effects this promises in terms of sea level rise, increased intensity and frequency of hurricanes, changed rainfall patterns, ecosystem impacts, and new vectors of diseases that could be potential pandemics.

To avoid irreversible damage, global greenhouse gas emissions must be cut dramatically by 2030 and fall to net-zero by 2050, a task which will require broad global action. Delivering on this scale of decarbonization requires a near-complete turnover of the world’s existing infrastructure stock—including all of the core energy, transportation, building, waste, land-use, and water systems that support the day-to-day functioning of the global population. Transitioning to green infrastructure—such as renewable power generation, high-efficiency buildings, electrified vehicles, and circular solutions for waste management and industry—will be necessary.

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