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Climate & Environment
29 September 2024

Climate Change Crisis Spurs Urgency For Action Across Nations

From devastating floods to soaring insurance rates, the impacts of climate change are shaping global policy and community resilience efforts

Climate change is reshaping the world around us, and its impacts are being felt from the frontlines of natural disasters to the intersection of policy, industry, and everyday life. A recent convergence of reports and analyses is highlighting just how pressing these issues have become, especially as communities brace for ever more extreme weather and begin to grapple with the sociopolitical dimensions of climate accountability.

The Philippines has emerged as one of the countries most vulnerable to the effects of climate change. The 2024 World Risk Report ranks the nation as the most at-risk globally for the third consecutive year, evaluated through various factors such as exposure and adaptive capacity. The country's geographic vulnerability, coupled with socio-economic challenges, lays bare the need for effective disaster risk management. Heavy rains lead to devastating floods, and extreme weather events disrupt agriculture and exacerbate poverty. This urgency is underlined by the Office of Civil Defense, calling for continued multi-sectoral efforts toward disaster risk reduction.

On the climate accountability front, the Philippines is gearing up to host the 2024 Asia-Pacific Ministerial Conference on Disaster Risk Reduction. The event is set to discuss financing and governance strategies, drawing over 3,000 international delegates. It presents not only a platform for dialogue but also the opportunity for the Philippines to spotlight the realities faced by developing nations burdened by climate impacts.

A pivotal issue at hand is the establishment of the Loss and Damage Fund, with pledges currently totaling around $661.39 million – still far below the estimated $447 billion to $894 billion needed by 2030 to address losses caused by climate events. Climate justice activists are calling for greater accountability from wealthy nations, particularly the United States, which has historically contributed the most to greenhouse emissions yet has made relatively modest commitments to the fund. Lidy Nacpil, noted activist, has termed the $17.5 million pledge from the U.S. as “shameful” and argues for stronger action from those who have profited from industrial activities leading to global warming.

The proposed Climate Accountability (CLIMA) Act signifies local strides toward enhancing resilience. Currently under deliberation, this legislation seeks to establish a local fund aimed at countering the global fund, ensuring resources are allocated effectively to the most affected communities. The act aims to hold corporations accountable for their roles in climate change, pushing them to adapt their practices sustainably. Bohol Representative Edgar Chatto, one of the bill’s advocates, emphasizes the need for this legal framework, framing it as urgent due to decades of corporate neglect of environmental harms.

Legal loopholes remain a concern; experts urge the CLIMA Act crafting process to minimize ambiguities to safeguard against non-compliance from businesses. Former environment undersecretary Tony La Viña warns against creating legislation too lenient, advocating for aggressive statutes to protect vulnerable communities and enforce accountability from high-emission industries.

Meanwhile, the impact of climate change is not confined to developing regions but also extends to rich nations like those in Europe, especially as seen by recent flooding wreaking havoc across Central Europe. A study released by World Weather Attribution has revealed the recent severe rainfall was made nearly twice as likely and 7% more intense due to climate change. This catastrophic event, characterized as Storm Boris, hit countries like Poland and Austria, leading to fatalities and widespread damage.

Scientists, including Friederike Otto from Imperial College London, assert the rising tides of extreme weather linked to climate change signal not just warnings but stark realities we must face. The research highlights how warmer atmospheric conditions allow for greater moisture retention, intensifying rainfall during storms. Not only does this raise the likelihood of such harrowing events, but it potentially sets new records for disaster impacts, making past weather patterns less reliable as future predictors.

Adding to the alarming situation is the insight from climate scientists about the persistence of storms; such prolonged weather systems can inflict greater devastation, stressing the importance of enhancing preparedness tactics such as flood defenses and early warning systems. Though lessons have been learned since the tragic floods of 1997 and 2002, the warnings from experts continue to resonate: the upward trend of severe weather is not slowing.

It's not just about natural disasters; the economic fallout is equally significant. Climate-driven disasters have been seen to skyrocket home insurance rates. Between 2017 to 2023, homeowners saw insurance premiums increase by 34% nationwide, owing to the need for insurers to stay afloat amid rising claims. Andrew Hoffman from the University of Michigan notes how insurers are adjusting their rate models to account for the growing frequency and severity of damages caused by storms, floods, and fires. Homes located at elevated risk now face not only higher premiums but also reduced coverage – insurers may refuse claims for certain damages or increase deductibles significantly.

The reeling aftermath of climate disasters like Hurricane Harvey has now transformed what were once considered rare occurrences, such as the ‘100-year flood,’ to more frequent events. It’s clear: climate change isn't just theoretical anymore. It’s affecting property values directly; as much as 7.4% of U.S. homeowners have chosen to forgo insurance altogether, leaving $1.6 trillion worth of properties unprotected.

Insurance companies scrambling to recalibrate their risk assessments are also feeling the heat from reinsurers, which directly impacts policyholders. The continuous rise of claims means reinsurers are raising their premiums significantly; property reinsurance alone spiked by 35% recently. The fallout from this uptick cascades down to homeowners, who end up paying more for less coverage.

Experts point to this crisis as simply the beginning. If 2023 was the hottest year on record, predictions indicate 2024 could break those records. Until significant reductions are achieved in greenhouse gas emissions, the links between climate change and rising insurance costs are unlikely to be severed. Those left to navigate this new reality will demand accountability from the systems which have contributed to and currently exacerbate their plight.

At the core of all these narratives is the pressing call for climate action. The mounting disasters, both physical and economic, serve to remind us: effective climate solutions necessitate cooperation, accountability, and steadfast commitment to sustainable practices from all sectors of society. It’s clear the earth’s clock is ticking, and the need to act has never felt more urgent.

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