The Intergovernmental Panel on Climate Change (IPCC), has released the second report of its sixth assessment cycle (AR6) on Impacts, Vulnerability and Adaptation. From biodiversity loss to unsustainable consumption, the UN’s latest IPCC report offers a ‘warning about the consequences of inaction’ on climate change.
Climate impacts are already apparent across all regions however the impact differs across geographies and how exposed the local natural system, economy and people are to specific impacts. According to the IPCC report ‘approximately 3.3 to 3.6 billion people live in contexts that are highly vulnerable to climate change’. Their report looks to model the various climate risks across different time horizons ‘near-term (2021–2040), mid-term (2041–2060) and long-term (2081–2100)’. It has found that climate impact will become worse with every increment of warming without sufficient resilient development.
This article by HSBC Global Research depicts the key ten points you need to know from their latest report. It provides an overview of the adaptation risks and opportunities across all regions, the barriers and conditions to accelerate adaptation and the importance of finance and suitable policy in support of climate resilience. The IPCC has found, with high confidence, that current levels of adaptation are insufficient for the long-term and at this current level the ‘adaptation gap’ will continue to grow. It highlights, however, that there are conditions to support climate resilience with finance playing a key role along with political commitment and suitable institutional frameworks.
The article states that most climate actions are still feasible and acting sooner will reduce potential costs in most areas. This will require mobilisation of all forms of finance and the removal of barriers for accelerated investment. In their view, governments, businesses and investors should plan more collaboratively for the longer term whilst assessing exposure and working towards transformational adaption.