UN-convened Net-Zero Asset Owner Alliance - A Call to Action to Governments

UN-convened Net-Zero Asset Owner Alliance A Call to Action to Governments to Respond with Urgency on Systemic Climate Risk September 2024 A Call to Action to Governments to Respond with Urgency on Systemic Climate Risk 1 Disclaimers The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of. [...] The scientific imperative for urgent action The World Meteorological Organization (WMO)—the specialised UN agency mandated to study climate variation—reported that the global average temperature in the past decade was 1.20±0.12°C above the 1850–1900 average.4 The Copernicus Climate Change Service recorded 2023 as the single hottest year in the global temperature data going back to 1850 and likely. [...] Global Climate Highlights: 2023 is the hottest year on record, with global temperatures close to the 1.5°C limit Copernicus: 2023 is the hottest year on record, with global temper- atures close to the 1.5°C limit | Copernicus A Call to Action to Governments to Respond with Urgency on Systemic Climate Risk 3 Contents | . [...] In July 2024, the Alliance received expert advice from its Scientific Advi- sory Board on this research, which the Board suggested should lead policymakers to take urgent action, noting that the costs of delay and inaction would far outweigh the costs of mitigating and adapting to climate change today. [...] A recent cross-disciplinary research effort between earth system scientists and actuaries, for instance, examines how climate risk is likely to impact the financial system and the long-term functioning of society.7 That research recommends that policymakers, informed by up-to-date climate risk analyses and the realistic consequences of delay, should act decisively to accelerate policy that increas.