One or more tipping points, such as the collapse of the Greenland ice sheet or the Amazon dieback, might be set off by a 1.5°C increase in global temperature and result in irreversible changes to the Earth’s climate, according to the Institute and Faculty of Actuaries (IFoA).
Global society is moving toward a “ruin scenario,” even under the present Glasgow Pact targets, warns a report produced in partnership with The Climate Crisis Advisory Group (CCAG).
The report urges decision-makers and interested parties to adopt a risk management strategy to recognise, quantify, and lessen the effects of further temperature increases. As extreme events grow more frequent, this will aid in the larger effort to integrate resilience and climate adaptation into national and global systems.
The IFoA says the report serves as a timely reminder for the CCAG’s RRR strategy, which calls for urgent, deep, and rapid emission reductions while ensuring a just transition; massive CO2 removal from the atmosphere; and the repair of damaged climate system components, beginning with the Arctic, in an effort to reverse local changes and halt their ripple effects throughout global climate systems.
The report also urges people to become more knowledgeable about climate change and carbon emissions in order to speed up the action. Stakeholders from across communities and nations will be better positioned to profit from a green transition that works for everyone if they embrace the economic rewards of guiding humankind back to a safe climatic trajectory.
Climate Crisis Advisory Group chair Sir David King says: “Human-caused climate change has run down the clock, and we are fast running out of time to keep the critical 1.5 degrees hopes alive. But whilst this may seem daunting, we have the science at hand to reduce emissions and stabilise the climate. What this report clearly shows is that even at 1.5 degrees serious mitigation and risk management will be required alongside a strategy of Reduce, Remove and Repair to deliver a manageable future for humanity.”