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New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.
Persons: that’s, Jerome Powell, , ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, , Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware
However, they say immediate actions to reduce climate change could stem some losses in the longer term. Noah Diffenbaugh, a professor and environmental researcher at Stanford University, said the economic damage from climate change will take different shapes. Researchers estimated it would cost the global economy $6 trillion by 2050 to comply with the Paris Climate Agreement—the international agreement among nearly 200 nations to tackle climate change—compared to the study’s estimated $38 trillion economic damage due to climate change. “That’s what’s likely to happen from the global warming that’s already occurred and what’s likely to happen even for small increments of global warming.”The Nature study estimated the economic damage of different regions. The ICF paper said price hikes on essential elements of the cost of living in the US will add up due to climate change.
Persons: , Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh, It’s, Wenz, Bernardo Bastien, Bastien, ” Bastien, , , “ That’s, what’s, won’t Organizations: CNN, United Nations, Potsdam, Climate, Stanford University, Scripps Institute of Oceanography, University of California Locations: Nature, Paris, University of California San Diego, California, North America, Europe, South Asia, Africa, United States
Global warming and extreme heat will drive inflation higher, a new study says. In the next decade, climate change could bump up food inflation by as much as 3.23% per year and headline inflation by as much as 1.18%. "A worst-case emission scenario would cause pressures on food inflation exceeding 4% [per year] across large parts of the world." According to a new study published in the journal Communications Earth & Environment, the effects of global warming and extreme heat are expected to create persistent increases in headline and food inflation. Related storiesThat could bump up food inflation by as much as 3.23% a year on average globally, and push headline inflation up by as much as 1.18% in the coming decade.
Organizations: Service, Environment, Potsdam Institute, Climate Impact Research, European Central Bank Locations: Africa, South America
Photos You Should See View All 21 Images“It also depends on the rate of climate change we are inducing as humanity,” van Westen said. The Dutch team simulated 2,200 years of its flow, adding in what human-caused climate change does to it. They found after 1,750 years “an abrupt AMOC collapse,” but so far are unable to translate that simulated timeline to Earth's real future. "This value is getting more negative under climate change,” van Westen said. The world should pay attention to potential AMOC collapse, said Joel Hirschi, division leader at the United Kingdom's National Oceanography Centre.
Persons: , Rene van Westen, , ” van Westen, it's, van Westen, Stefan Rahmstorf, ” Rahmstorf, Tim Lenton, ” Lenton, Wei Cheng, Joel Hirschi, ” Hirschi, ” ___ Read, Seth Borenstein Organizations: Southern, Utrecht University, United Nations, Earth Systems, Potsdam Institute, Climate Research, ” University of Exeter, National Oceanic, Atmospheric Administration, NASA, Pacific, U.S ., United, National Oceanography, Associated Press Locations: Europe, Netherlands, Germany, Greenland, Americas, Africa, Florida, U.S, U.S . East Coast, AP.org
“It also depends on the rate of climate change we are inducing as humanity,” van Westen said. AdvertisementThe Dutch team simulated 2,200 years of its flow, adding in what human-caused climate change does to it. They found after 1,750 years “an abrupt AMOC collapse,” but so far are unable to translate that simulated timeline to Earth's real future. "This value is getting more negative under climate change,” van Westen said. The world should pay attention to potential AMOC collapse, said Joel Hirschi, division leader at the United Kingdom's National Oceanography Centre.
Persons: , Rene van Westen, , Bob Edme, ” van Westen, it's, van Westen, Stefan Rahmstorf, ” Rahmstorf, Tim Lenton, Thwaites, ” Lenton, Wei Cheng, Joel Hirschi, ” Hirschi, ” ___ Read Organizations: Service, Southern, Utrecht University, AP, United Nations, Earth Systems, Potsdam Institute, Climate Research, University, Exeter, NASA, National Oceanic, Atmospheric Administration, Pacific, U.S ., United, National Oceanography Locations: Europe, Northwestern, Netherlands, Germany, Greenland, Americas, Africa, Florida, U.S, U.S . East Coast
Sultan al-Jaber, president of the UNFCCC COP28 climate conference, speaks during day two of the summit on Dec. 2, 2023 in Dubai, United Arab Emirates. Sean Gallup | Getty Images News | Getty ImagesDubai, UNITED ARAB EMIRATES — A fight over the future of fossil fuels has been thrust into the global spotlight at the COP28 climate summit. "Unabated" fossil fuels are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "[It is] important to say that more fossil fuels equal more loss and damage, so these two issues are actually quite intertwined." Notably, at last year's COP27 conference in Egypt, more than 80 countries supported a fossil fuel phase-out commitment in the final agreement.
Persons: Sultan al, Jaber, Sean Gallup, Johan Rockstrom, There's, Darren Woods, Catherine Abreu, Abreu Organizations: Getty, Getty Images, UNITED, EMIRATES, Potsdam Institute, Climate, Climate Impact Research, CNBC, AG, United Arab, Oil, Exxon Mobil Locations: Dubai, United Arab Emirates, Getty Images Dubai, COP28, Salzgitter, Germany, Russia, Egypt
The world is heading for considerably less warming than projected a decade ago, but that good news is overwhelmed by much more pain from current climate change than scientists anticipated, experts said. Even though emissions of heat-trapping gases are still rising every year, they’re rising more slowly than projected from 2000 to 2015. “It requires the tearing out the poisoned root of the climate crisis: fossil fuels,” said United Nations Secretary-General Antonio Guterres. Guterres, numerous climate scientists and environmental activists all say what’s needed is a phase-out — or at the very least a phase-down — of coal, oil and gas. “This is throwing the global energy transition and humanity’s future into question.”___Read more of AP’s climate coverage at http://www.apnews.com/climate-and-environment.
Persons: That’s, It’s, , Niklas Hohne, Bill Hare, Rob Jackson, Ani Dasgupta, ” Dasgupta, Hare, Anne Olhoff, , ” Jackson, Melanie Robinson, that’s, Johan Rockstrom, Antonio Guterres, Sultan al, Jaber, Greta Thunberg, Adnan Amir, ’ ’, Majid Al Suwaidi, we’ve, Institute’s Hohne, Al Jaber, ” Hohne, Dasgupta, can’t, Inger Andersen, ” ___ Read, Seth Borenstein Organizations: United Nations, United Nations Environment, NewClimate, Stanford University, Project, Resources, UNEP, World Resources Institute, Potsdam Institute, Climate Research, Center for Biological Diversity, Biden Administration, Twitter, AP Locations: Dubai, Paris, Europe, Pakistan, Libya, Arab Emirates, , al, greenwashing, Russia, Ukraine
The German native joined SLB, formerly known as Schlumberger , in 2021 as its chief strategy and sustainability officer. Katharina Beumelburg, chief strategy and sustainability officer of SLB. Beumelburg: This push toward lowering carbon emissions in the oil-and-gas industry is a major change. The other side is our transition technology portfolio that focuses on bringing the carbon emissions at our customers down. Carbon capture and storage is the obvious short-term solution to reduce carbon emissions, one where the technology is ready, where we know what to do.
Persons: Katharina Beumelburg, SLB, Beumelburg, SLB Beumelburg, Johan Rockström, Rochelle Toplensky Organizations: Sustainability, Siemens, SLB, Schlumberger, Pro, WSJ, Potsdam Institute, Business, Microsoft, Saudi Aramco, Linde, Rochelle, rochelle.toplensky@wsj.com Locations: Greenland, Paris, Texas, Europe, Australia, Japan, South Korea, Davos
[1/2] Electrical power pylons with high-voltage power lines are seen next to wind turbines near Weselitz, Germany November 18, 2022. REUTERS/Lisi Niesner Acquire Licensing RightsFRANKFURT, Oct 5 (Reuters) - Europe could wean itself off fossil fuels and create a self-sustainable energy sector by spending around 2 trillion euros ($2.1 trillion) on solar, wind and other regenerative sources by 2040, according to a new study. The law raises the EU's renewable energy targets, requiring 42.5% of EU energy to be renewable by 2030, replacing a previous 32% target. It said renewable energy supply would need to grow by 20% per year to meet expected power demand by 2030. ($1 = 0.9531 euros)Reporting by Christoph Steitz, Editing by Rachel More and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
Persons: Lisi Niesner, Christoph Steitz, Rachel More, Alex Richardson Organizations: REUTERS, Rights, Potsdam Institute, Climate Impact, Reuters, Aquila Capital, Thomson Locations: Weselitz, Germany, Europe, Russian, Ukraine
BERLIN, Sept 13 (Reuters) - The Earth's life-support systems are facing greater risks and uncertainties than ever before, with most major safety limits already crossed as a result of planet-wide human interventions, according to a scientific study released on Wednesday. The authors said crossing the boundaries did not represent a tipping point where human civilisation would just crash, but could bring irreversible shifts in the Earth's support systems. "We can think of Earth as a human body, and the planetary boundaries as blood pressure. Over 120/80 does not indicate a certain heart attack but it does raise the risk," Richardson said. "It is a complete failure ...and it's a large risk... We're still following a pathway that takes us unequivocally to disaster."
Persons: Katherine Richardson, Richardson, Ueslei Marcelino, We're, Johan Rockström, I've, Rockström, Riham, David Stanway, Mark Heinrich Our Organizations: University of Copenhagen, REUTERS, Potsdam Institute, Climate Impact, United Nations Global, Thomson Locations: Seca, Uruara, Para State, Brazil, Dubai
Earth is exceeding its “safe operating space for humanity” in six of nine key measurements of its health, and two of the remaining three are headed in the wrong direction, a new study said. Earth’s climate, biodiversity, land, freshwater, nutrient pollution and “novel” chemicals (human-made compounds like microplastics and nuclear waste) are all out of whack, a group of international scientists said in Wednesday’s journal Science Advances. “We are in very bad shape,” said study co-author Johan Rockstrom, director of the Potsdam Institute for Climate Impact Research in Germany. Water went from barely safe to the out-of-bounds category because of worsening river run-off and better measurements and understanding of the problem, Rockstrom said. Political Cartoons View All 1157 ImagesIf Earth can manage these nine factors, Earth could be relatively safe.
Persons: , Johan Rockstrom, , Rockstrom, it’s, , ” Rockstrom, Jonathan Overpeck, ” Overpeck, Neil Donahue, Duke’s Stuart Pimm, Granger Morgan, ” “ I’ve, ” Morgan, Seth Borenstein Organizations: Potsdam Institute, Climate, Research, Biodiversity, ” University of Michigan, Carnegie Mellon, Twitter, AP Locations: Germany, Paris
The biggest change in water demand will occur in sub-Saharan Africa according to the report, which projects a 163% increase in water demand by 2050. In North America and Europe, water demand has plateaued, helped by investment in water use efficiency measures. In the US, six states experience extremely high water stress, according to the report. People collect drinking water from in Cape Town on January 19, 2018, during a water crisis which saw the city nearly run dry. The report suggests various measures to prevent water stress spilling into a water crisis.
Persons: , Samantha Kuzma, “ I’ve, ” Kuzma, Will Lanzoni, Kuzma, , Charles, Rodger Bosch, Dieter Gerten, Organizations: CNN, Ocean Program, UN, Getty, Potsdam Institute, Climate Impact Research Locations: Bahrain, Cyprus, Kuwait, Lebanon, Oman, Lake Mead, Boulder City , Nevada, East, North Africa, Africa, Saharan Africa, North America, Europe, Colorado, Arizona, New Mexico, Charles Iceland, Cape Town, AFP, Vegas, Singapore
CNN —For years, the world has been focusing on a key climate change threshold: limiting global warming to 1.5 degrees Celsius above pre-industrial levels. But even at that threshold – which could begin to be breached within the next five years – millions of people will still face “significant harm,” including death, displacement and food and water scarcity, an international commission of researchers reported Wednesday. In a study published in the journal Nature, the panel of more than a dozen researchers integrated environmental justice – the idea that climate thresholds should minimize significant harm – with climate science. And they said that the key climate threshold nations pledged to meet in the Paris Agreement in 2015 – one that would ensure a “safe and just” world – should have been 1 degree Celsius. “We argue that there is no safe planet without justice,” Gupta said, underscoring that incorporating justice to the Earth system’s boundaries reduces significant harm to communities and individuals.
Persons: , Johan Rockström, Joyeeta Gupta, , ” Gupta, Kim Cobb, ” Cobb Organizations: CNN, Potsdam Institute, Climate Impact Research, Earth Commission, University of Amsterdam, Brown University Locations: Paris
Earth is in the scientific "danger zone" for all environmental measures by air pollution, according to a new study. If the planet got an annual check-up like a person, scientists say Earth is "really quite sick right now." Only air pollution wasn't quite at the danger point globally. About two-thirds of Earth don't meet the criteria for freshwater safety, scientists said as an example. "We are in a danger zone for most of the Earth system boundaries," said study co-author Kristie Ebi, a professor of climate and public health at the University of Washington.
Persons: U.S . West —, Kristie Ebi, Joyeeta Gupta, It's, Johan Rockstrom, Indy Burke, Rockstrom, Gupta, Chris Field, Lynn Goldman, George Washington Organizations: Service, Earth, U.S, University of Washington, Earth Commission, University of Amsterdam, Potsdam Institute, Climate, Research, Yale School of, Environment, Stanford Locations: guardrails, Eastern Europe, South Asia, East, Southeast Asia, Africa, Brazil, Mexico, China, U.S . West, Germany, Paris
An aerial view of meltwater lakes formed at the Russell Glacier front, part of the Greenland ice sheet in Kangerlussuaq, Greenland, on August 16, 2022. New research published this week in the journal Geophysical Research Letters found that carbon emissions are halfway to a tipping point after which 6 feet of sea level rise from the melting of the Greenland Ice Sheet would be unstoppable. The further the Earth overshoots the first tipping point of 1,000 gigatons of carbon emissions, the faster the Greenland Ice Sheet will melt. If total emissions of carbon stay below the 1,000 gigatons of carbon emissions threshold, then the melting Greenland Ice Sheet would "only" contribute tens of centimeters to total sea level rise, he added. Avoiding carbon emissions is in any case much cheaper than the energy required to capture this carbon again," Höning told CNBC.
The draft proposal, seen by Reuters on Tuesday, suggests creating a new type of vehicle category in the European Union for cars that can only run on carbon neutral fuels. Such vehicles would have to use technology that would prevent them from driving if other fuels are used, the draft said. The proposal could offer a route for carmakers to keep selling combustion engine vehicles after 2035, the date when a planned EU law is set to ban the sale of new CO2-emitting cars. The Ministry's core demand is that the EU allow sales of new cars running on e-fuels after 2035. An EU official told Reuters on Monday that any proposal on registering e-fuel cars would only be made after the combustion engine phaseout law was finally adopted.
Risky feedback loops that are accelerating global climate change may not be fully accounted for in current climate models, according to a recent study published in the scientific journal One Earth. A group of international scientists from institutions like Oregon State University, Exeter University and the Potsdam Institute for Climate Impact Research in Germany, identified 41 climate feedback loops in what they called "the most extensive list available of climate feedback loops." Of these, they discovered 27 amplifying feedback loops that are accelerating global warming and only seven that are slowing it. An amplifying, or positive, feedback loop is the process in which an initial change that prompts temperature rise triggers another change that causes even more temperature rise. These positive feedback loops, which can be large and difficult to quantify, threaten to cause a permanent shift away from Earth's current global climate, researchers warned.
Reparations, or "loss and damage" funding, are seen as a fundamental question of climate justice. The decision to include loss and damage funding as an agenda item, which was proposed by Pakistan, was preceded by 48 hours of talks. He now hopes the international community can find a way to collectively address financing for loss and damage. U.S. climate envoy John Kerry said Washington would not be "obstructing" talks on loss and damage in Sharm el-Sheikh. We are talking about the reality outside these conference walls," Singh told CNBC.
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