Temperatures have reached 1.09°C above average "The Age of Global Boiling" is here!

The future of our climate depends on how quickly we act

Temperatures have reached 1.09°C above average "The Age of Global Boiling" is here!

The future of our climate depends on how quickly we act

Scientists at the World Meteorological Organization (WMO) confirmed that the first three weeks of July 2023 were the hottest ever recorded. UN Secretary-General António Guterres referred to this as, “The era of global boiling”.

In 2021, the world’s average temperature had already risen by 1.09°C from the pre-industrial baseline (as documented by the work of the UN’s climate science panel, the IPCC). We are currently experiencing the climate impacts of this temperature increase, impacts that will worsen as we continue to burn fossil fuels and release greenhouse gases.

The world with a 2°C average temperature increase is projected to have a 5.6 times increase in extreme heat events and a 1.7 times increase in heavy rainfall events which is likely to occur once in a decade in a climate without emissions. Additionally, at 2°C it is expected that more than 99% of corals would be lost, and that ice in the Arctic would disappear across the coming decades. Despite warnings from scientists, the world average temperature is projected to rise far above 2°C, with possible increases between 3.3 to 5.7°C by the end of this century within the lifetime of children being born today.

The meeting of world leaders at the 2015 COP21 produced the Paris Agreement in which it was agreed that world average temperatures should not exceed 2°C and they would, “Pursue efforts to limit it to 1.5°C”. However, scientists warn the current 2023 goals proposed by many countries are insufficient to achieve the 1.5°C target. Indeed, it is possible to limit planetary warming to 1.5°C, but achieving this requires unprecedented transformations.

The latest IPCC report (AR6) affirms there is “no doubt” that warming is caused by human activities, stronger language than was used in the previous AR5 report (95% certainty).

Thermal power generation is the biggest cause of the climate change

In Japan, about 41% of CO2 emissions are derived from the energy transformation sector, with approximately 93% attributed to power generation (2020 emission breakdown).

When we break down the CO2 emissions from electricity generation by source, approximately 58% of the total emissions come from coal-fired power, about 36% from natural gas-fired power, and 6% from oil-fired power.

To avoid dangerous climate impacts, we need to transition away from thermal power generation and towards renewable energy sources as soon as possible.

Insurers have the power to stop dangerous climate change!

In addition to consumer insurance, such as car and home insurance, insurance companies also provide insurance for the construction and operations of fossil fuel projects, such as thermal power plants and extraction and transportation facilities. This is called Property and Casualty (P&C) insurance.

This insurance is essential for the continued operation of fossil fuel companies. In this way, the insurance industry is an accomplice in the acceleration of climate change, and will remain so for as long as it fails to end its provision of insurance coverage for the fossil fuel industry.

Their decision to transition away from underwriting fossil fuel projects is a crucial component of how quickly the wider transition away from the construction and operation of fossil fuel facilities occurs.

Let's #InsureOurFuture!

Join us today and tell Japanese insurers to stop fossil fuel expansion, protect our lives, and #InsureOurFuture!

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