Latest news with #ClimateRiskIndex2025
Express Tribune
3 days ago
- Business
- Express Tribune
OICCI proposes more climate finance, business role
The Overseas Investors Chamber of Commerce and Industry (OICCI) has underscored the urgency of mobilising climate finance at scale as the private sector is positioned to act as a central partner in building resilience. The assertion came at the launch of OICCI's 3rd Pakistan Climate Conference Report titled "Creating an Enabling Environment for Private Sector Participation in Climate Resilience." Ranked first on the Climate Risk Index 2025 despite contributing less than 0.9% to the global greenhouse gas emissions, Pakistan is bearing disproportionate losses. In 2022 alone, climate-induced disasters inflicted over $30 billion in damages, with recovery needs exceeding $16.3 billion. Air pollution alone causes over 128,000 premature deaths annually, while productivity in agriculture has declined by 10-20% due to climate variability, further straining livelihoods and the economy. Experts warn Pakistan now requires $40-50 billion annually to effectively mitigate and adapt to climate risks. Speaking at the launch of the report, Ministry of Climate Change and Environmental Coordination Secretary Aisha Humera Chaudhry said: "Pakistan's climate vulnerability is a globally acknowledged reality. But to respond effectively, we must channel substantial and timely climate finance towards local solutions. The role of the private sector, as showcased by the OICCI and its member companies, is central to our national climate strategy. We call on international partners to match Pakistan's climate ambition with significant funding support." The economic argument for climate finance is clear. Without urgent decarbonisation, Pakistan's exports face mounting risks under new global trade frameworks, such as the EU's Carbon Border Adjustment Mechanism. OICCI Secretary General M Abdul Aleem stressed "Pakistan's reliance on fossil fuels and carbon-intensive practices puts our exports at risk, especially under frameworks like the Carbon Border Adjustment Mechanism. Decarbonisation and green finance are no longer optional; they are essential to sustain economic growth and global competitiveness."
GMA Network
17-07-2025
- Science
- GMA Network
ICSC finds over 1,800MW potential solar rooftop capacity in the PH, as it launches SPECTRUM solar mapping tool
The Institute for Climate and Sustainable Cities (ICSC) officially launched SPECTRUM (Solar Power Estimation of Capacities and Tracking Using Machine Learning), a groundbreaking online platform designed to map, monitor, and accelerate the growth of rooftop solar energy systems across the Philippines. At the launch event Tuesday, ICSC Chief Data Scientist Jephraim Manansala presented SPECTRUM's core features, highlighting its capacity to track existing rooftop solar installations nationwide using machine learning. The platform is intended to support local governments, utilities, solar developers, and communities in planning and implementing solar energy programs. 'SPECTRUM is more than just a mapping tool, although it is a fancy mapping tool,' said ICSC Executive Director Angelo Kairos Dela Cruz. 'It is a bold leap toward a future where innovation meets inclusion." Currently, SPECTRUM maps rooftop solar capacities in 174 cities and municipalities, with an initial focus on high-density urban areas where rooftop solar penetration is highest. Given this coverage, the tool has already helped detect 1,309.64 megawatts (MW) of potential solar rooftop capacity in Luzon, 472.48MW capacity in Visayas, and 61.08MW capacity in Mindanao –– amounting to 1,846.08MW potential solar capacity nationwide. Of the total 1,846.08MW, 1,398.25MW are utility scale, 202.03MW are commercial, and 245.8MW are residential installations. These spectacular numbers mean the Philippines could actually avoid an estimated grid emissions of about 1.8MTCOe (million tons of CO2 equivalent), explained ICSC's Chief Data Scientist Jephraim Manansala to GMA News Online. "However, note that this just for the selected areas in the country and still does not account for other areas," he advised. Manansala came up with the estimated carbon avoidance by "assuming a 16% capacity factor for solar and using the Department of Energy's Operating Margin Emission Factors (2019-2021) of Luzon and Visayas at 0.6936 tCO2/MWh and Mindanao at 0.8522 tCO2/MWh. "These values mean that for every 1MWh of solar electricity added, you're avoiding around 0.69-0.85 tons of Co2, depending on the region," Manansala continued. Climate change is caused by the burning of fossil fuels, which then produces greenhouse gas emissions and traps the sun's heat in the atmosphere. Avoiding carbon is important in the fight against climate change, which is why transitioning away from fossil fuels and into clean energy is important. This is especially important for the Philippines, which is already experiencing the effects of climate change. Last year, the country experienced four simultaneous typhoons, which the World Weather Attribution said was made 70% more likely as a result of climate change. According to the German Watch's Climate Risk Index 2025, the Philippines is the 10th most affected country by extreme weather events in the last 30 years, making the transition to clean energy urgent. SPECTRUM was launched on Tuesday morning at Novotel Manila in Araneta City, Cubao, where key stakeholders from the government, diplomatic corps, energy sector, and civil society were present. In attendance were Department of Energy (DOE) Undersecretary Felix William Fuentebella and Assistant Secretary Mylene Capongcol, along with Elizabeth Thompson, Barbados Ambassador for Climate Change, Small Island Developing States (SIDS), and the Law of the Sea. Climate Vulnerable Forum–V20 Secretary-General and former Maldives President Mohamed Nasheed also delivered a keynote address, underscoring the regional and global significance of scaling up clean energy. A panel discussion followed, featuring representatives from the DOE, Energy Regulatory Commission, Meralco, and Quezon City local government, who discussed policy implications, opportunities, and integration with existing energy systems. The launch was capped off by a hands-on workshop, giving members of the academe, civil society, and other energy advocates the opportunity to interact with the tool and offer feedback on its usability and future development. From the current 175 174 cities and municipalities, ICSC aims to expand SPECTRUM's coverage to up to 400 cities and municipalities within the coming month. Accessible for free online, SPECTRUM is expected to play a key role in promoting net metering, identifying solar-ready zones, and supporting the Philippines' broader renewable energy transition. — With reports from Sherylin Untalan/LA, GMA Integrated News
Deccan Herald
30-06-2025
- Business
- Deccan Herald
Non-metros contributing 70% of our sales: BlueStar MD
Bengaluru: The aspirational middle class from tier 3,4 and 5 cities are the new consumers for home appliances company, BlueStar, which are contributing 70% of its sales, Managing Director B Thiragarajan told DH in an interview. 'We saw almost 70% of the sales in fiscal year 2025, as there is a penetration level and good amount of disposable income.,' he has been witnessing a rising demand for consumer goods, including electronics from non-metros as discretionary spending continues to rise. However, 2025 saw a distorted summer with early rain spells and erratic dampening the sales for consumer electronics companies. BlueStar, as the country's second largest player in air-conditioning, witnessed a degrowth of 25% in financial year 2024-25 (FY25) as compared to the previous year when it saw 57% growth. .The cooler than usual summer has hit the sales of several companies including talcum, ice cream, soft drink among others. The unusual weather has emerged as a new threat to India's 1.4 billion-strong market lately. .Despite this, the firm believes that the rest of the year will make up for the degrowth, particularly the festive season. 'If the summer has failed a full year, the growth will be there because subsequent seasons do well,' he added. Additionally, the company is investing in customer experience especially as quick commerce has been picking up pace. .The Mumbai-headquartered firm has been beefing up delivery on quick commerce platforms, given that it's increasingly becoming a way of life, especially in now, Blue Star had to slash production by as much as 25% between April and June, as it saw less buyers. .While workforce remains an issue for the home appliances firm with respect to demand, conforming to Bureau of Indian Standards (BIS) has created hurdles in the supply chain because of testing. BlueStar also sells commercial ACs, however, the market size continues to be very small. Presently, the commercial segment is one-tenth of the residential market size. .India experienced extreme weather events on 88% of days in 2024, in one or more parts of the country, as per data by Centre for Science and Environment and Down To Earth. Between 1993 and 2022, India lost about $180 billion to severe heat and rains, the Climate Risk Index 2025 report said. This climate change, essentially the extreme summer, has also been causing shortage in gig workers for quick commerce players like Zepto, Zomato, Swiggy among others.
Arabian Post
25-06-2025
- Business
- Arabian Post
Most Vulnerable Nations Bear Brunt Amid Slumping Climate Finance
Greenlogue/AP A newly released global analysis reveals that funding for climate adaptation in the world's most hazard-prone nations has dropped sharply, leaving them dangerously exposed to floods, heatwaves and storms. The Climate Risk Index 2025, based on data spanning 1993 to 2022 from EM-DAT, the World Bank and IMF, found that more than 765,000 people died and nearly US$4.2 trillion was lost in direct economic damage due to more than 9,400 extreme weather events. It highlights the double jeopardy faced by vulnerable countries: they suffer more intense weather impacts while having little financial leeway to adapt. ADVERTISEMENT Analysis of finance flows shows a steep decline in support. According to the United Nations Environment Programme's Adaptation Gap Report, international public climate finance to developing nations fell by roughly 15%, resting at US$21.3 billion in 2021—just a fraction of annual needs estimated between US$194 billion and US$366 billion. Regions like Africa face an even starker shortfall. Despite rising flows—up to US$43.7 billion in 2021/22—they remain only around 20–25% of what is required to meet national climate targets. Asia-Pacific is similarly under‑funded, with the Asian Development Bank warning that US$34 billion committed in 2022 falls far short of the US$102–431 billion needed annually to adapt infrastructure and shield vulnerable communities. The bank warns that failure to close this gap could shave off as much as 17% from the region's GDP by 2070 under high‑emissions scenarios. Aggregate indices measure the gap between need and support. Columbia University's Climate Finance Vulnerability Index classifies countries by their combined risk exposure and lack of financial access. The Vulnerable Twenty alliance of 68 low‑emitting but hard-hit nations advocates for strengthened public and private finance and debt relief measures that would enable climate action without undermining fiscal stability. On the ground, this lack of finance has real-world consequences. In 2024, Hurricane Beryl inflicted losses equivalent to 22% of GDP in St Vincent and the Grenadines. Only about one third of the required US$57 billion in humanitarian assistance reached those in need. The remainder fell short, forcing governments to prioritise disaster recovery over healthcare, education and infrastructure. Pre-arranged financial instruments offer a promising route to enhance resilience. Regional risk pools such as ARC and CCRIF reached US$9.8 billion in coverage in 2023, up 27% year‑on‑year. Yet, aid‑supported pre‑arranged financing only accounts for 1.1% of total crisis aid, and low‑income countries receive merely 3.1% of that amount. Experts warn that reliance on post-disaster appeal models leads to delayed funds that reach affected populations too late. Ahead of COP29, fragile, conflict-affected nations formed a new 'Network of Climate‑vulnerable Countries,' demanding an annual US$20 billion for adaptation by 2026. These nations received just US$8.4 billion in 2022. They urge reforms to channel grants—not loans—to avoid exacerbating sovereign debt crises. The newly capitalised US$700 million loss and damage fund, hosted in Manila, is intended to support recovery in smaller nations. However, concerns persist that bureaucracy and unequal access will delay payouts to those who need it most. The scientific and policy evidence is clear: extreme events such as floods, storms and heatwaves account for most fatalities and economic losses—storms cause 56% of financial loss, floods 32%, and heatwaves contribute significantly to mortality. At the same time, studies show that well‑targeted climate finance can substantially reduce welfare costs associated with heatwaves. Investments in adaptation, early warning systems and resilient infrastructure are cost‑effective insurance for societies under climate pressure. Despite these findings, the trajectory of climate finance remains far below the scale required. Developing nations, especially least‑developed and conflict‑affected states, are being left behind. Financing mechanisms are evolving, and pledges are growing, but a profound imbalance remains between exposure to climate risk and access to the capital needed for resilience.
Yahoo
03-06-2025
- Climate
- Yahoo
Crews work around clock after extreme storm damages fish hatchery facility: 'We won't know the total cost of renovation'
A trout hatchery is dealing with the consequences of intense rainfall that left the Arkansas facility with significant damage. According to K8 News, the Jim Hinkle Spring River Hatchery in Mammoth Spring was flooded after massive amounts of rainfall in April. It's one of five hatcheries operated by the Arkansas Game and Fish Commission that produce millions of fish each year for public waters. Jason Miller, assistant chief of the AGFC's Fisheries Division, said debris was brought into the hatchery during the storm. Crews started their repairs after a damage assessment. "The Commission authorized $500,000 to get us started on both the hatchery recovery and the initial work on other infrastructure throughout eastern Arkansas, but we won't know the total cost of renovation until we can get a few more inspections complete now that we've cleared off a lot of the debris," Miller said, per K8 News. The AGFC said crews removed 26 dump truck loads of silt from the area, per the outlet. About 150,000 rainbow trout remain, but many were killed or escaped in heavy waters. Over a four-day period in April, eight states in the Mississippi River Valley experienced the heaviest spring rainfall on record in the region since 1950. Researchers found that rising global temperatures made the flooding even more intense. Human activities contribute to heat-trapping gases in the atmosphere that increase temperatures and trigger more frequent and powerful extreme weather events. Burning dirty fuels such as coal, gas, and oil affects the climate more than other human activities, according to the U.S. Environmental Protection Agency. Due to the warming climate, a larger percentage of precipitation occurs during strong single-day events. Extreme weather events can lead to dangerous conditions for communities. In fact, the Climate Risk Index 2025 found that extreme weather has killed nearly 800,000 people and displaced millions over the last three decades. Do you think your home has good insulation? Definitely It's just all right It's good in some rooms Not at all Click your choice to see results and speak your mind. Experts have issued warnings that extreme weather events will only become more destructive in the future. However, new technological advancements may help anticipate the storms and the aftermath. Massachusetts Institute of Technology scientists developed technology using artificial intelligence to predict flooding, and experts at Columbia University created an interactive tool to help governments prepare for natural disasters. While resources to mitigate extreme weather continue to be developed, people can take steps to protect their homes. Installing solar panels with battery storage can help make homes more resilient during weather-related grid outages and lower energy costs. Resources such as EnergySage allow homeowners to compare quotes from local installers and save up to $10,000 on solar installation. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
