Don’t Worry, It Will Only Cost $131 Trillion to Address Climate Change

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    by Mish Shedlock, Mish Talk:

    The UN is out with another climate change fearmongering report. Let’s take a look.

    Time is Running Out

    The UN is out with another fearmongering report on climate change. It’s labeled the IPCC Sixth Assessment Report (AR6).

    TRUTH LIVES on at https://sgtreport.tv/

    Observed Warming and its Causes

    Human activities, principally through emissions of greenhouse gases, have unequivocally caused global warming, with global surface temperature reaching 1.1°C above 1850–1900 in 2011–2020. Global greenhouse gas emissions have continued to increase, with unequal historical and ongoing contributions arising from unsustainable energy use, land use and land-use change, lifestyles and patterns of consumption and production across regions, between and within countries, and among individuals (high confidence).

    Observed Changes 

    Widespread and rapid changes in the atmosphere, ocean, cryosphere and biosphere have occurred. Human-caused climate change is already affecting many weather and climate extremes in every region across the globe. This has led to widespread adverse impacts and related losses and damages to nature and people (high confidence). Vulnerable communities who have historically contributed the least to current climate change are disproportionately affected (high confidence).

    Current Mitigation Progress, Gaps and Challenges

    Policies and laws addressing mitigation have consistently expanded since AR5. Global GHG emissions in 2030 implied by nationally determined contributions (NDCs) announced by October 2021 make it likely that warming will exceed 1.5°C during the 21st century and make it harder to limit warming below 2°C. There are gaps between projected emissions from implemented policies and those from NDCs and finance flows fall short of the levels needed to meet climate goals across all sectors and regions. (high confidence)

    Continued greenhouse gas emissions will lead to increasing global warming, with the best estimate of reaching 1.5°C in the near term in considered scenarios and modelled pathways. Every increment of global warming will intensify multiple and concurrent hazards (high confidence).

    Likelihood and Risks of Unavoidable, Irreversible or Abrupt Changes

    Some future changes are unavoidable and/or irreversible but can be limited by deep, rapid and sustained global greenhouse gas emissions reduction. The likelihood of abrupt and/or irreversible changes increases with higher global warming levels. Similarly, the probability of low-likelihood outcomes associated with potentially very large adverse impacts increases with higher global warming levels. (high confidence)

    Adaptation Limits

    Adaptation options that are feasible and effective today will become constrained and less effective with increasing global warming. With increasing global warming, losses and damages will increase and additional human and natural systems will reach adaptation limits.

    [Mish Comment: At that point there is high confidence that we all die.]

    Overshoot: Exceeding a Warming Level and Returning

    If warming exceeds a specified level such as 1.5°C, it could gradually be reduced again by achieving and sustaining net negative global CO2 emissions. This would require additional deployment of carbon dioxide removal, compared to pathways without overshoot, leading to greater feasibility and sustainability concerns. Overshoot entails adverse impacts, some irreversible, and additional risks for human and natural systems, all growing with the magnitude and duration of overshoot. (high confidence)

    [Mish Comment: Damn. I was hoping that once we concluded that everyone would die we would throw up our hands and accept fate, but no such luck. To keep the fearmongering perpetually alive, it seems we can come back from the brink of extinction via additional measures.]

    Urgency of Near-Term Integrated Climate Action

    Climate change is a threat to human well-being and planetary health (very high confidence). There is a rapidly closing window of opportunity to secure a liveable and sustainable future for all (very high confidence). Climate resilient development integrates adaptation and mitigation to advance sustainable development for all, and is enabled by increased international cooperation including improved access to adequate financial resources, particularly for vulnerable regions, sectors and groups, and inclusive governance and coordinated policies (high confidence). The choices and actions implemented in this decade will have impacts now and for thousands of years (high confidence).

    [Mish Comment: Wait a second. Can we come back from this or not?  I note “very high confidence” that the window of a livable future is rapidly closing.]

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