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David Barnhill, Director
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You are here: Home > Climate Change > Financial and Military Experts on the Real Danger of our Climate Crisis

Financial and Military Experts on the Real Danger of our Climate Crisis

It's not just scientists who are warning us about the terrible reality and risks of global warming.

Climate skeptics sometimes present global warming as a hoax of liberal politics. Some even say that the tens of thousands of climate scientists and all the climate science organizations are either somehow profoundly mistaken or are part of some elaborate international hoax.

But even if someone distrusts climate scientists, they might want to think about who else is warning us about the climate crisis.

THE FINANCIAL SECTOR

In May 2014, Lloyds of London called on insurance companies to factor the growing risks of climate change in their analyses.

Insurance giant Munich RE asserted that “Climate change is one of the greatest risks facing mankind,” while another huge international insurance corporation, Swiss RE, claimed that it is a global leader in dealing with the reality and urgency of climate change.

Also in May, Standard & Poors Rating Services released a study showing that climate change will impact the credit worthiness of countries around the world.

In April, Jeremy Grantham of the investment firm GMO, worth $117 billion, and two other prominent hedge fund managers, argued that Wall Street is missing the biggest economic risk in the world—global warming—and donated millions of dollars to try to change that.

CORPORATIONS

In January 2014, the New York Times reported how Coca-Cola is taking the impacts of climate change very seriously. “Coke reflects a growing view among American business leaders and mainstream economists who see global warming as a force that contributes to lower gross domestic products, higher food and commodity costs, broken supply chains and increased financial risk.”

Nike also is confronting the realities of global warming.  It notes that extreme weather is disrupting its supply change, raising the cost of business and creating market volatility. Nike realizes that these threats from climate disruption will continue, and it reports the impacts of climate change in its financial risk disclosure forms to the Securities and Exchange Commission.

ECONOMICS

The World Bank president, Jim Yong Kim, see climate change as a key part of the bank’s mission. The World Bank produced a report Turn Down the Heat: Why a 4 Degree Celsius Warmer World Must Be Avoided. It details how devastating unbridled fossil fuel emissions will be on the world’s interdependent economies. Kim argues that global warming not only contributes to global poverty but also falling G.D.P.’s in developing nations. As a result, Kim has endorsed the campaign to divest from fossil fuels.

In June of 2014, a team of prominent economists, including Henry Paulson, Treasury secretary for George W. Bush, and Michael Bloomberg, former Mayor of New York, released a report titled Risky Business: The Economic Risks of Climate Change, which assesses the risk to the U.S. economy caused by climate change. The primary conclusion of the report is: “The U.S. faces significant and diverse economic risks from climate change. The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation’s current assets and ongoing economic activity.” Paulson emphasized in an op-ed piece that “we must not lose sight of the profound economic risks of doing nothing.”

THE MILITARY

In March 2014, the U.S. military released its quadrennial report on national security and stated that global warming is a danger to national security, especially as a “threat multiplier.”

In May, the CNA Military Advisory Board published a report on National Security and the Accelerating Risks of Climate Change, outlining the dangers of global warming for our national security.

In July, Rear Admiral David W. Titley published an op-ed piece affirming that the U.S. military now fully acknowledges that global climate change is an "accelerating threat to national security" and one of the U.S. military's greatest long-term challenges.

THE UPSHOT

The reality and risks of climate change are apparent, and not just to climate scientists. There is no doubt and no hoax, as these financial and military experts attest. And we must act swiftly and decisively if we are to avoid a world devastated by global warming.

 

 

by Barnhill, David L last modified Jul 20, 2014 07:21 PM
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