As Cyclone Michuang wreaked havoc on Chennai, leaving parts of the city submerged, a global climate change showdown unfolded in Dubai at the 28th edition of the Conference of the Parties (COP28). The sixth storm in the Indian Ocean this year served as a stark reminder of the urgent need for climate action.
The COP28 marked a watershed moment in the global fight against climate change, garnering international attention with the proclamation of a historic breakthrough - an agreement by 196 nations to signal the end of fossil fuels. For the first time in the history of climate negotiations, nations unanimously acknowledged the perilous impact of fossil fuels on the environment. The agreement, though not devoid of ambiguities, set a course for a transition away from fossil fuels by 2050.
As Michuang and other climate events show, the urgency of climate action is the need of the hour. The Intergovernmental Panel on Climate Change (IPCC) has warned that the world is already 1.2°C hotter than pre-industrial times, with projections indicating an overshooting of the 1.5°C limit by 2030 and 2°C by 2050.
The transition away from fossil fuels demands a colossal financial investment, estimated at a staggering $200 trillion by 2050. Rich nations, expected to contribute the most, have yet to fulfill a pledge made 14 years ago during COP15 in Copenhagen – a commitment to provide $100 billion annually to aid the Global South in adaptation efforts. However, this commitment remains largely unmet, with less than one billion dollars reaching developing nations.
Diese Geschichte stammt aus der December, 2023-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December, 2023-Ausgabe von Beyond Market.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates