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The Window for Building a Climate-Resilient World Is Closing

Source: The Intergovernmental Panel on Climate Change

The world’s premiere experts on climate change say the window of opportunity is closing to avert the worst effects of climate change, according to a new report from The Intergovernmental Panel on Climate Change (IPCC). Their findings indicate that the most successful pathways for climate-resilient societies are created when governments, civil society and the private sector work together to prioritize climate change risk. 

Trying to adapt to climate change through individual actions alone leads to the least resilient pathways (shown in red) and the smallest chance of success. The most climate-resilient pathways (shown in green) depend not just on international cooperation between governments, but also on developing partnerships with traditionally marginalized groups, including women, young adults, Indigenous and Native populations, local communities and ethnic minorities. These partnerships are most effective when supported by resources, including finance. This inclusive approach is more effective and sustainable because it leads to locally appropriate actions. 

But, warns the IPCC, beyond certain temperatures, adaptation is no longer possible for some species.

Heatwave Grips Western US

The U.S. West Coast has endured record-breaking high temperatures in September as a heat dome trapped hot air over the region. On September 7, more than 61 million people were under extreme heat advisories in California, western Arizona, and southern Nevada. The heatwave fueled wildfires and stressed the power grid, as temperatures reached triple digits throughout the region before Tropical Storm Kay brought relief over the weekend. 

NASA scientists studying Southern California heat waves found that they are becoming more intense, more frequent, and longer-lasting. “If you look at the sheer magnitude of all-time high temperatures that were set — in any month, in any year — this heatwave is definitely unique,” Brian Kahn, an atmospheric scientist at NASA’s Jet Propulsion Laboratory, told NASA’s Earth Observatory

Extreme heat is becoming more common across the world, as climate change intensifies weather patterns. This summer alone, heatwaves rippled through Europe, North Africa, the Middle East, and Asia. The U.N.’s Intergovernmental Panel on Climate Change warns that the world has until 2030 to reduce carbon emissions by 43%, or the goal of limiting global warming to 1.5 degrees Celsius will be out of reach.

U.S. Housing Sales Plummet to Two-Year Low

Housing sales in the U.S. have sunk to their lowest point since May 2020, declining by 5.9% in July. This is the sixth consecutive month that sales have declined, reflecting the impact of rising mortgage and interest rates. This is the first U.S. housing downturn since the Great Financial Crisis in 2007-2008.

Some experts project that housing sales may soon stabilize, as the mortgage rate falls from 6% in June to 5%. “Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers,” said National Association of Realtors Chief Economist Lawrence Yun in Trading Economics.

But researchers at Goldman Sachs project that the housing market downturn will continue into 2023. They predict that this year, new home sales will drop by 22%, existing home sales by 17%, and housing GDP by 8.9%. Despite the downturn, housing prices are expected to remain high due to inflation and a limited inventory of homes.

UK Prime Minister Caps Energy Bills As Costs Skyrocket

Source: The Economist

The United Kingdom’s new prime minister Liz Truss is under pressure to help Britons with energy costs, as natural gas prices skyrocket and winter approaches, reports The Economist

On August 26, energy regulator Ofgem reset its energy price cap, raising the average household’s monthly energy bills from 164 pounds ($194) to 296 pounds ($340), starting in October. Forecasts from Cornwall Insight consultancy group predict that without government intervention, energy bills will rise to 449 pounds ($516) in January and 551 pounds ($633) in April. Without government support, experts estimate that energy bills will make up 14% of the poorest fifth of households’ spending — double the amount before the pandemic. Middle-income households will also face steep prices, with 9-10% of their spending consumed by energy costs.

In response, Prime Minister Truss announced that energy bills will be capped for all households at 2,500 pounds ($2,874) a year — about $240 a month — until 2024. Businesses will also benefit from the price cap, though for a shorter period of six months.

Climate Change Causes Deadly Flooding in Pakistan

Source: The Economist

A deadly monsoon season in Pakistan has led to the country’s worst flooding in a decade, as climate change causes increasingly extreme weather around the world. 

By the end of August, Pakistan had received three times its annual average rainfall. Summer monsoon rains caused the worst flooding in areas around the Indus River, with some provinces receiving up to five or six times their 30-year average rainfall. More than 33 million people have been impacted by the flooding, and at least 1,100 people have died. 

Pakistan is responsible for less than 1% of the world’s greenhouse gas emissions, but it is the eighth-most vulnerable country to climate change. Some officials estimate that the recovery will cost $10 billion. The costs of flooding also affect the rest of the world: Flooding in 2021 destroyed more than 12 million acres of crops, contributing to the global surge in food prices. Worldwide, flooding has caused over 250,000 deaths and led to economic damage exceeding $1 trillion since 1980.

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