Rain Forever In UK –Most Important Climate News Of The Day  5/22/24

Dominika Gregušová Pexels

Even as the decimated cacao crops supply two-thirds of the commodity yearly, high chocolate prices may remain costly, although yields could improve with better weather. According to The Wall Street Journal, “Starting from Dec. 30, chocolate makers that sell or produce in the EU will have to show that the cocoa they use wasn’t grown on land cut from forests since the end of 2020. In practice, it means that each morsel of cocoa that makes its way into the bloc will need to be linked to the GPS coordinates of the farm where it was harvested.” The data used to support the program covers most of Ivory Coast, one of the world’s largest producers. The program is meant to help save the environment in regions with ongoing deforestation. Climatecrisis247 believes this is another long line of tension that pits environmentalists against big business. As the climate crisis continues, this level of action may be one of the few solutions to destroying great forests like those in the Amazon basin. 

Record rainfall in the UK is likely caused by climate change, and the situation will not change. This rainfall has picked up the name “never-ending rain.” According to The Guardian, “The level of rain caused by the storms would have occurred just once in 50 years without the climate crisis, but is now expected every five years owing to 1.2C of global heating reached in recent years.” According to the same study, rising global temperatures will make matters worse. The results may be higher home insurance. Climatecrisis247 believes that the problem in the UK adds to a large number of similar problems around the world. In the US, this includes 54 days last year when temperatures topped 100 degrees F, more powerful hurricanes because of a warming Atlantic Ocean, and more violent thunder and hail storms in the middle of the country. 

Climate’s $215 Trillion Price Tag

BloombergNEF’s New Energy Outlook shows that between now and 2050, it will require a $215 trillion investment to keep rising temperatures at 1.75 degrees C above preindustrial levels. Even at that level, the climate will have been severely damaged by 2050. The research also shows that the investment is modest if actions to slow global warming are not undertaken immediately. If not, the problems and financial solutions will get much worse. The new figure is up from earlier forecasts because too little has been done to save the environment. Climatecrisis247 believes that, even if the figure is incorrect, it represents the approximate investment needed to slow or stop global warming. The Bloomberg number is ten times the current US GDP, meaning the $215 trillion may not be available. 

Asia Real Estate Trouble

Real estate values in Asia-Pacific are at risk because of global warming. According to Reuters, “Nearly one in ten properties owned by leading real estate investment trusts (REITs) in the Asia-Pacific region may be at “high risk” of damage from climate change, particularly in coastal regions, according to risk consulting firm XDI.” Climatecrisis247 believes that real estate owned by REITs is a small fraction of those in the regions that would be affected, which means the financial consequences could be overwhelming based on the XDI model.

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