Since the Industrial Revolution, human activities have warmed the Earth’s atmosphere, oceans, and land. The two leading causes are burning fossil fuels and converting land from forests to agriculture. The Intergovernmental Panel on Climate Change (IPCC) consolidates all the peer-reviewed papers on the latest climate science to conclude about the state of the climate. The IPCC is currently in its sixth assessment cycle, producing the Sixth Assessment Report (AR6) with contributions by its three Working Groups. In this blog of our trilogy on IPCC, we focus on the first Working Group contribution, which addresses the latest physical understanding of the climate system and climate change.
The report of Working Group I consists of four parts: we will highlight the critical conclusions made per chapter, offering you an insight into climate risks and their potential impacts on your business.
This first part of the report investigates the changes in greenhouse gas (GHG) emissions, weather patterns, and other physical measurements (like reductions in permafrost, Arctic sea ice, and other changing events on the Earth’s surface). The two most significant conclusions are:
The second part looks at possible future climate scenarios that the climate could take depending on five different emission scenarios. All emissions scenarios can draw the following conclusions:
At the last climate summit, countries decided to commit to further reductions in greenhouse gas emissions to keep global temperature rise within 1.5°C. However, if the pledges made in Glasgow are kept, global warming will only be limited to 2.1°C (SPP2-4.5) by 2100. More action is needed to limit the temperature rise to 1.4°C by 2100.
In this part, climate impact drivers (e.g., frost, aridity, mean wind speed, and sand and dust storms) are assessed, and their likelihood is presented based on future predictions. The key outcomes of this part are as follows:
The final part of the report presents what limiting future climate change would require. The two key outcomes of this assessment are:
In March and April, we will continue this IPCC series to dive into the Working Group II (Climate Adaptation) and III (Mitigation of Climate Change) contributions to climate adaptation and mitigation. In addition, we will identify climate risks and opportunities for companies in several industries, focusing mainly on the region of Western Europe.
Consultant, Sustainalize
Consultant, Sustainalize
With the Corporate Sustainability Reporting Directive (CSRD) published in the European Union’s Official Journal, we’d like to dive into the most recent changes, and how it affects businesses. Since publishing our last blog on CSRD updates, two major changes have taken place.
The EU Taxonomy differentiates between eligible and aligned activities. In this blog, we provide you with an overview of updated requirements, estimated timelines for your organization, and how we at Sustainalize/ERM can help guide you through the complexity of reporting in accordance with the EU Taxonomy – specifically focused on alignment.
On September 28th 2022 the Science Based Targets initiative (SBTi) launched the long-awaited addition to its expanding sector guidance portfolio. The Forest, Land and Agriculture (FLAG) guidance was made publicly available to be used by industry leaders of land-intensive sectors. We have elaborated on the guidance.
The Platform on Sustainable Finance published the final report on Social Taxonomy. The Social Taxonomy will aid investors to make informed and consistent decisions and helps to direct resources toward socially responsible activities and companies.
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Phasellus dignissim nulla tincidunt ultrices interdum. Nulla a enim ullamcorper, consectetur ligula sit amet, rutrum ante. Praesent cursus viverra urna ut sagittis. Sed nunc felis, hendrerit sit amet odio a, mattis laoreet mi. Quisque diam turpis, convallis at ultrices eu, vehicula a urna. Suspendisse potenti.
