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Global Warming of 3°C Implies Catastrophic Stock Markets in the G-7

Large swaths of the Earth would become uninhabitable owing to excessive heat, rising sea levels will swallow coastal towns, and rainforests will be transformed into savannas in a 3C future.

Global-Warming-of-3-C-Implies-Catastrophic-Stock-Markets-in-the-G-7 | World | Latest World News | Global Warming | Earth News
Temperature rise will have disastrous human and economic consequences on all continents.

Global stock markets are on fire, and it's not just because of easy money—they're also suggesting 3° Celsius of global warming.

The present emissions reduction objectives of the corporations that comprise the Group of Seven nations' key stock benchmarks, including the S& P 500, FTSE 100, and Nikkei 225, suggest an average temperature increase of 2.95°C over pre-industrial levels. According to new data from the Science-Based Targets the program, this is almost twice the 1.5°C objective of the Paris climate agreement (SBTi). The statistics reveal that the UK index and Canada's S&P/Toronto Stock Exchange 60 index are linked with the maximum degree of warming, at 3.1°C.

In a 3°C scenario, significant sections of the Earth would become uninhabitable owing to excessive heat, rising sea levels would engulf coastal towns, and rainforests would be transformed into savannas. Because the G-7 targets encompass the majority of the world's largest corporations, the new research is a harsh indictment of how little progress has been made since the 2015 Paris Conference, when global leaders pledged to keep warming below 2°C, with a goal of no more than 1.5°C. It also indicates how difficult the road ahead will be to meet the Paris targets.

At 3oC of warming, "The climate emergency will have become irreversible, with catastrophic human and economic consequences in every country, on every continent," said Alberto Carrillo Pineda, director of science-based targets at the climate disclosure nonprofit CDP and a member of the SBTi's steering committee. "Life as we know it" will be altered.

CDP and the United Nations Global Compact developed the study for SBTi, which promotes firms to embrace sustainable goals. The authors computed temperature pathways—predictions of future temperatures based on assumptions about greenhouse gas output—focusing exclusively on objectives made by firms between 2025 and 2035. None of the G-7 market indices are now on a 1.5°C trajectory, with Germany's Dax index having the lowest temperature alignment of 2.2°C. The S& P 500 index is on a 3°C rise path.

SBTi, which has become the gold standard for corporate climate strategies, has advocated a number of initiatives that might put the G-7 economies on track to reach the Paris targets. A more public-private partnership, decarbonizing supply chains, and generating a "domino effect" by establishing a tighter climate objective at the portfolio level are among them.

"Ignoring climate science is like smoking while understanding the consequences," Pineda added. "The greatest health, economic, and social problem of our time is climate and environmental disintegration. It necessitates quick action by the world's top corporations."

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