[TheClimate.Vote] May 18, 2020 - Daily Global Warming News Digest

Mon May 18 07:59:31 EDT 2020

/*May 18, 2020*/

[Bloomberg $ays]
*Unpriceable Climate Change Stalks $31 Trillion Debt Market*
Bloomberg
Ruth Carson - May 18, 2020
- -
"When markets find it difficult to price the risk, they just don't price 
it at all."

"We don't have enough data to price the risk on a macro level over a 
long-term horizon," said Shaun Roache, Asia-Pacific chief economist at 
S&P Global Ratings. "We don't know the magnitude of the next shock, or 
how big the next bushfire will be or its impact on the economy," said 
Roache, who was formerly a macro strategist at Singapore sovereign 
wealth fund Temasek Holdings. "When markets find it difficult to price 
the risk, they just don't price it at all."

Experts point to green bonds -- debt raised by companies and governments 
specifically for environmentally-conscious projects -- or climate bonds 
as ways to mitigate climate catastrophe risk.

But even with record growth in 2019 as green bond sales topped $217 
billion, the amount is a mere drop in the world's debt market. It falls 
well short of meeting the ongoing needs of investors and doesn't help 
them pricing climate risk into sovereign bonds.

Climate change has long been on the radars of the world's top central 
bankers, though they don't all agree on their part in dealing with it. 
The coronavirus pandemic has also pushed back attempts to tackle it, 
with the Bank of England saying this month that it would postpone 
climate stress tests on financial institutions to focus on the outbreak...
https://www.bloomberg.com/news/articles/2020-05-17/unpriceable-risk-of-climate-change-stalks-31-trillion-of-debt?srnd=premium

[lessons not learned, will be repeated]
*Bill McKibben speaks on the persistence of nature*
@60Minutes
"Biology just doesn't care. It doesn't care that it's causing a 
recession, you know? It's not going to back off because it's an election 
year," says Bill McKibben, an author and authority on climate change, 
about coronavirus.
https://twitter.com/A_Siegel/status/1262168134468894720
-  -
[60 Minutes]
*What will be the new normals after the coronavirus pandemic?*
History shows the aftermath of plagues have brought about radical 
transformations for societies. So what changes could come in the 
aftermath of COVID-19?
https://cbsn.ws/2X9nNRT

[Understanding the fundamentals]
*Stefan Rahmstorf about Arctic Tipping Points - Full Session*
Oct 13, 2019
The Arctic Circle
Stefan Rahmstorf, Professor and Head of Earth System Analysis at the 
Potsdam Institute for Climate Impact Research spoke about Arctic Tipping 
Points in a Plenary Session during the #ArcticCircle2019 Assembly.
https://www.youtube.com/watch?v=mb-1MPIjoAY
and https://www.youtube.com/watch?v=x6xxvrJmGvI
- -
[What scientist said in 2013]
*Sea-level rise: What the experts expect*
Filed under: Climate Science IPCC Oceans -- stefan @ 23 November 2013
In the long run, sea-level rise will be one of the most serious 
consequences of global warming. But how fast will sea levels rise? Model 
simulations are still associated with considerable uncertainty - too 
complex and varied are the processes that contribute to the increase. A 
just-published survey of 90 sea-level experts from 18 countries now 
reveals what amount of sea-level rise the wider expert community 
expects. With successful, strong mitigation measures, the experts expect 
a likely rise of 40-60 cm in this century and 60-100 cm by the year 
2300. With unmitigated warming, however, the likely range is 70-120 cm 
by 2100 and two to three meters by the year 2300.

http://www.realclimate.org/images//survey_histogram1.png

"There is no split into two groups that could be termed "alarmists" and 
"skeptics" - this idea can thus be regarded as empirically falsified. 
That is consistent with other surveys, such as that of continental ice 
experts by Bamber & Aspinell (Nature Climate Change 2013). Instead, we 
see in the distribution of responses a broad scientific "mainstream" 
with a normal spread (the large hump of three bars centered on 100 cm, 
in which I also find myself), complemented with a long tail of about a 
dozen "pessimists" who are worried about a much larger sea-level rise. 
Let's hope these outliers are wrong. At least I don't see a plausible 
physical mechanism for such a rapid rise."
http://www.realclimate.org/index.php/archives/2013/11/sea-level-rise-what-the-experts-expect/

[Digging back into the internet news archive]
*On this day in the history of global warming - May 18, 2009 *
The Center for American Progress highlights the economic benefits of the 
American Clean Energy and Security Act.
http://www.americanprogressaction.org/issues/green/news/2009/05/18/6143/10-reasons-to-support-the-waxman-markey-energy-bill/

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