climate change speech
But one thing is … London, 27 February 2020.
So, the time has come when we as responsible global citizens must put in collective efforts in reversing the tide. It is happening due to the continuous rise in temperature which is very injurious for the mankind as it is …
The dust and ashes blocks the rays of the sun. We know that it is possible that climate change will evolve differently than the gradually changing scenarios earlier.These adverse climatic conditions bring changes that can affect the nation’s water supplies, agriculture, power and transportation systems, the natural environment, and even our own health and safety. If don’t pay heed to protect the environment, it is ultimately going to harm our next generation.Imagine a life without water and an extremely poisonous air to breathe? The number of catastrophes caused by natural hazards increased from 249 in 1980 to 820 in 2019, peaking at 848 in 2018.
A rise in temperature causes melting of glaciers and polar ice caps thus leading to a rise in sea level.Humans released a huge amount of carbon dioxide and other green house gases in the atmosphere. The drastic increase in temperature triggers calamities like floods, droughts, intense rainfall and severe heat waves. Increase in average temperature during summer and decrease in averages temperature during winters have led to the increase in the consumption of energy.
The taxonomy represents an important step towards categorising green investments on a sound and consistent basis and will help underpin further market developments in green finance. Recent analysis of the 12 largest banks and 14 largest insurers in the euro area shows that a majority disclose the impact of their business travel, commuting and other energy usage.
I will like to conclude that we should consume less of natural resources like electricity, etc and monitor ourselves on solar energy consumption. Importantly, it will also at some stage model how dynamic interactions can amplify the effects, for example if banks react to losses by deleveraging.Which leads me to my final category of risk: deficiency. Besides, encouraging the use of clean energy to reduce carbon pollutants from our atmosphere is the need of the hour.It’s high time now to recognize that there will be no security of water, food and energy unless we have climate security.
It also impacts human society and us both physically and psychologically. However, building up of green house gases leads to climate change and is dangerous to human health and ecosystem.Global warming has affected the earth in the last century.
Early and coordinated action can help deliver a smooth transition for the economy.
Extreme heat renders some segments of the population such as those suffering from heart problems, asthma, the elderly, and the very young especially vulnerable. As these changes frequently tend to occur in future decades, they will likely bring forward challenges to our society and environment.There are a few climatic changes that are unavoidable and nothing can be done about them. The man-made activities affect the natural tendencies in the most crucial way. Greater disclosure by companies on their climate exposure is a prerequisite, bolstering the ability of market participants and financial institutions to carry out appropriate risk assessment.Disclosures by financial institutions themselves suggest that there is some way to go. Extreme unbearable heat waves, not so cold winter season, heavy rains during unexpected months, and what not.Climate change is caused by mix of natural factors and human factors. That has helped foster a growing market for green bonds within Europe. Climate change is real and we need to take some really drastic change to reverse the effects.
It is vital that it provides finance of sufficient quantity and quality for the task.High insurance coverage and deep capital markets help mitigate the macroeconomic impact of disasters.Substantial investment is likely to be required to underpin the energy transition, with some estimates running to hundreds of billions of euro each year in the European Union alone.The European Union has been at the forefront of the global push to substantially reduce carbon emissions. It is the aftereffect of various human activities. We still have a lot to learn about climate change, about why it's happening and what that means. Broadly speaking, the main risks fall into three categories: risks stemming from Disregarding the implications of climate change can generate significant risks for the financial sector.
Achieving the transition almost certainly requires intervention by public authorities through regulation and taxation. By using public transport and less of our personal vehicles in order to control carbon emission in our environment, by controlling energy consumption at our places, etc. ECB Banking Supervision is assessing banks’ approaches to climate risks and developing supervisory expectations on those risks.Preparatory work is also under way for a macroprudential stress test to assess climate-related risks, with the first results expected by the end of the year.
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