Global initiatives to advance the disclosure and mitigation of climate risk must be reoriented to encompass emergency precautionary action, according to this report from Melbourne-based advocacy group Breakthrough.
The paper observes that banks have been encouraged to stress test their activities against predictions of 3-4ºC warming and the goal of reaching net zero emissions by 2050. But this level of warming is a threat to human civilisation, and the 2050 goal is far too late, the paper argues.
Regulatory institutions exert huge influence on markets and corporations, and must communicate and incorporate the risks and uncertainties implicit in climate science, the report states.
This page was last updated October 22, 2021
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