The world is likely to temporarily reach 1.5C of warming within 20 years even in a best-case scenario of deep cuts in greenhouse gas emissions, a landmark report on climate change signed off by 234 scientists from more than 60 countries has concluded.
Even with rapid emissions cuts, temperatures would continue to rise until “at least” 2050, the scientists said, and lead to further extreme weather events.
Without “immediate, rapid and large-scale reductions” in emissions, curbing global warming to either 1.5C or even 2C above pre-industrial levels by 2100 would be “beyond reach”, they said.
The latest analysis of the science of global warming from the UN’s Intergovernmental Panel on Climate Change is the sixth such report and the first since 2013.
US special presidential envoy for climate John Kerry said the findings underscored “the overwhelming urgency of this moment”. UN secretary-general António Guterres described the conclusions as “a code red for humanity”.
Five more stories in the news
1. Taliban seizes ground across Afghanistan The Taliban continues to gain territory in its violent campaign for control of the country, stoking strong criticism of the Biden administration’s decision to withdraw US troops at the end of this month.
2. China’s tech tycoons lose $87bn Beijing’s regulatory assault on the country’s technology industry has lopped $87bn off the net worth of the sector’s wealthiest tycoons since the start of July, hitting the fortunes of magnates such as Tencent’s Pony Ma and Pinduoduo’s Colin Huang.
Read on: Despite the crackdown, TikTok owner ByteDance has revived a plan to go public, aiming for a Hong Kong listing by early next year.
3. Construction ‘supercycle’ predicted on wave of government spending Plans that are set to boost spending on post-pandemic infrastructure projects and lift demand for cement, the world’s most consumed man-made material, include Biden’s proposed $1tn infrastructure package.
4. Latvia warns of risk of Nato-Russia ‘incident’ The “weaponisation” of migration by Belarus on its border with Lithuania risks “misunderstandings [and] some actions that are not approved by superiors” when Russia’s Zapad military exercise takes place next month, said Latvia’s foreign minister.
5. Saudi Aramco explores raising production capacity The state-backed oil company is using the rise in oil prices to reduce leverage and invest in production capacity, bucking the trend among international rivals to raise returns to shareholders.
Tokyo Olympics round-up
The Tokyo Olympics have officially ended — Japan handed the Olympic flame to Paris at the closing ceremony yesterday.
The US won the gold medal count with 39, one ahead of China, but excess nationalism may overshadow Beijing’s sporting achievements.
Japan beat the US to win its first Olympic gold medal in baseball.
Record-breaking running performances prompted questions over the athletes’ shoes and the track itself, as well as the effectiveness of doping control. (FT, AP)
Coronavirus digest
Across Europe and North America, the number of people to have gone hungry increased for the first time since the UN started collecting data in 2014, according to recently published figures.
The head of the second-largest teachers’ union in the US has backed Covid-19 vaccinations for schoolchildren.
UK business secretary Kwasi Kwarteng has vowed to put a free market approach at the heart of the post-Covid recovery.
Vietnam’s record surge of Covid-19 infections has forced shut clothing and footwear factories, sending global brands looking for back-up suppliers.
Indonesia’s Covid crisis has exposed an acute challenge: whether to shutter a country if it jeopardises the livelihoods of large swaths of the population working in the informal economy.
Covid-19 has revealed an unspoken truth about business travel: a lot of it was done for reasons that had nothing to do with business, writes Pilita Clark. Sign up for our Coronavirus Business Update newsletter and follow our live blog for the latest.
The day ahead
NY State judiciary committee meets The committee will meet as the deadline approaches for Andrew Cuomo and his lawyers to submit evidence for the governor’s defence in a state assembly investigation into his alleged sexual harassment of women. One of the women who filed a criminal complaint will speak publicly for the first time. (NYT, Reuters)
Go deeper: meet Letitia James, the New York attorney-general fighting for the state’s underdogs. Her office last week released the results of a five-month investigation into allegations against the governor.
BioNTech results The German biotech group behind one of the most successful Covid-19 vaccines BioNTech is set to publish its second-quarter earnings today. Read the full list here.
What else we’re reading
Why Asian-Americans are embracing a common identity The US is seeing a wave of Asian-American activism rolling across the country, propelled by individuals seeking to forge a coherent political and social movement from citizens who trace their heritage to countries such as China, Vietnam, India and Bangladesh, among many others.
Ambition: necessary but corrosive Lucy Kellaway has been wondering how much ambition we need, how to turn it off when it’s no longer useful — and how to stop it from doing us in.
“It is not that it turns you into a ruthless, driven version of Macbeth, but that the striving, by definition, makes you dissatisfied with your life at present.”
Las Vegas dices with Delta variant as the casinos roar back to life On Fremont Street, the historical centre of the city’s golden era, you would think Covid-19 had never happened. Counting casinos across the entire state of Nevada, the house took in a monthly record of $1.23bn in May.
The failure of ‘maximum pressure’ on North Korea Despite some successes, Kim Jong Un’s regime is managing to find ways to get around US and UN sanctions, including cryptocurrency theft and lucrative cyber heists — while developing its weapons programme.
Why Xi is cracking down on gaming and private tutors China’s new restrictions reflect Beijing’s desire to maintain social control but they also provide a window on to the strains of urban life. The move, however, exacerbates another sensitive policy for Beijing: rising youth unemployment, experts have warned.
Related read: leading one of the world’s largest education groups, Yu Minhong, China’s “Godfather of education”, faces an existential test.
Source: Economy - ft.com
