Latest news with #climatechange
Reuters
an hour ago
- Business
- Reuters
Central banks told to prepare for climate shock to labour market
FRANKFURT, July 23 (Reuters) - Central banks risk being blindsided by climate-driven shocks to global labour markets unless they overhaul their approach to monetary policy, a report published on Wednesday by the London School of Economics warned. The study found that, even under relatively optimistic scenarios in which global warming is limited to 1.5-2 degrees, climate change would lower labour productivity, particularly in agriculture, construction and other sectors exposed to heat. With up to 1.2 billion workers in 182 countries vulnerable to climate disruption, the report by the Centre for Economic Transition Expertise (CETEx) urged monetary authorities to pay greater attention to environmental risks - from natural disasters to the consequences of the green transition. "Our research shows that central banks should seek to integrate environmental employment risks into their policies and operations," said Joe Feyertag, senior policy fellow at CETEx and author of the report. The European Central Bank and the Bank of England have highlighted the dangers stemming from climate change and its potential impact on inflation, growth and banks' health. But the U.S. Federal Reserve, in many ways the world's most influential central bank, withdrew from a climate-focused network of authorities earlier this year, raising questions about the depth of its engagement on these issues. The report found rich countries were most at risk from the shift away from pollution-intensive industries. By contrast, poorer regions in Africa, Asia and Latin America faced a bigger threat from physical risk such as floods and droughts. These divergent pressures, combined with demographic shifts and tighter immigration policies, could further strain labour markets in developed countries while loosening them in emerging ones, the study said. Feyertag also warned that labour market disruptions could amplify social inequalities, especially in countries with rigid labour markets Inflation tends to be higher in a tighter labour market, all other factors being equal. Low productivity can also contribute to high inflation. Feyertag reviewed 114 central bank mandates and found just 15 of them, including the Bank of England, explicitly reference employment as a main or secondary objective. The Fed and Reserve Bank of Australia include jobs as a core policy goal. This could give some of these banks cover to take bolder action in order to cushion the labour-market impact of climate change. "If their mandate allows, (central banks) could even take more active steps to stimulate demand for workers from low-carbon or climate-resilient employment opportunities and thereby smoothen this path," Feyertag said.
Yahoo
3 hours ago
- Business
- Yahoo
German officials up in arms over oil, gas deposit found in Poland
Local politicians in north-eastern Germany were up in arms on Tuesday, after news broke that a major oil and gas deposit has been discovered in neighbouring Poland, with some experts also cautioning against extraction. The find off the Polish Baltic coast by Canadian company Central European Petroleum (CEP) was hailed as a possible "breakthrough moment" in Poland, but officials across the border in Germany were quick to point out that extracting fossil fuels should not take priority in times of climate change. "Our future does not lie in oil from the Baltic Sea, but in energy from the sun, wind and biomass," said Till Backhaus, environment minister of the coastal state of Mecklenburg-Vorpommern, which borders Poland. "The project stands for a backward-looking industrial policy in terms of climate policy, which is contrary to the interests of the environment and tourism on the German side," he added. Major breakthrough? The Wolin East offshore oil field discovered by CEP is said to be located around 6 kilometres from the port city of Świnoujście on the fringes of north-western Poland. Parts of the city are located on the island of Usedom, which is divided between Germany and Poland. According to the results of test drilling, the recoverable reserves of crude oil and natural gas are estimated at 200 million barrels of oil equivalent. CEP said the Wolin East site is estimated to represent "the largest conventional hydrocarbon field" ever discovered in Poland and "one of the largest conventional oil discoveries in Europe in the past decade." If the deposit is confirmed, this "may prove to be one of the breakthrough moments in the history of hydrocarbon exploration in Poland," said the country's chief national geologist Krzysztof Galos. "The future development of this site may significantly contribute to strengthening Poland's energy security and reducing its dependence on external hydrocarbon suppliers," he told news agency PAP. Mining could begin in three to four years, with the field estimated to be able to cover 4% to 5% of Poland's annual oil demand for several years, according to Galos. CEP has held a licence for exploration off the western Polish coast since 2017. Officials and experts sound alarm Officials in the German part of Usedom were less euphoric, however, with the mayor of the town of Heringsdorf noting the area's status as a nature conservation area. "We are a spa and holiday resort. We do everything we can to keep our beaches, our town and the sea clean," said Laura Isabelle Marisken. "Heavy industrial gas and oil extraction right on our doorstep, it's obvious that this is a massive intrusion into our natural environment." The German Institute for Economic Research also advised against exploiting the oil field, noting not only possible considerable negative consequences for tourism, but also the risk of cross-border pollution caused by an accident. "In addition, the promotion of fossil fuels thwarts climate protection goals," said Claudia Kemfert, head of the institute's Energy, Transport and Environment Department. "The costs and benefits [of the project] are therefore disproportionate."
Yahoo
5 hours ago
- Science
- Yahoo
A look at megafires as an Oregon wildfire approaches the 100,000-acre mark
A wildfire burning in a sparsely populated region of central Oregon has become the largest fire this year and is on the verge of surpassing 100,000 acres to become what's officially known as a megafire. Nearly 900 personnel have been battling the Cram Fire about 100 miles (160.93 kilometers) southeast of Portland, and they have it about 73% contained with more than 95,000 acres burned. Here's a look at what megafires are and their increasing frequency in the warming world. What is a megafire? A megafire is generally defined as a fire that burns at least 100,000 acres, said Craig Clements, a climate scientist and director of the Wildfire Interdisciplinary Research Center at San Jose State University. That translates to about 156 square miles (404 square kilometers), or about half the size of New York City, which has a land area of 300 square miles (778 square kilometers). Not all researchers agree that megafire is a scientifically sound term, though Clements has used it, and with its usage by the media increasing, he believes it's 'here to stay,' similar to 'heat dome' and other popular weather labels that aren't formal scientific terms. References to 100,000 acres as megafires can also be found in some government reports and research in recent years. Are megafires happening more often? There were at least 14 wildfires that burned more than 100,000 acres in the U.S. in 2024, according to a report by the National Interagency Coordination Center. A 2022 Interior Department report found that the number of megafires, which it defined as more than 100,000 acres, had increased in the preceding decade. The link between wildfires and climate change Wildfires naturally occur in healthy ecosystems, but extreme wildfires can slow the regrowth of native plants and trees and create favorable conditions for invasive species. The threat is growing as climate change can make wildfires more frequent and severe, according to the U.S. Department of Agriculture. Wildfire seasons are also influenced by lightning, land management practices and human-caused fires. Fires started by humans account for 70-90% of wildfires depending on the state and year, according to the USDA. This includes fires started by fireworks or discarded cigarettes. Rising temperatures and longer droughts have dried out plants and leaves, driving wildfires in the western U.S. over the past 20 years, according to the National Oceanic and Atmospheric Administration. 'Fires are getting bigger and this has been linked to drying of fuels from a warming climate,' Clements said. 'As we are seeing play out so far this year in California, day-to-day weather plays the largest role in fire behavior,' said Clements. This includes weather conditions like low humidity and strong winds. When and how did the Cram Fire start? Firefighters responded to a fire burning on private land along U.S. Route 97 in the Willowdale area on July 13, according to Central Oregon Fire Information. It just over 2 square miles (6 square kilometers) at the time, and uncontained. By the next day, it had grown so much that Gov. Tina Kotek invoked the Emergency Conflagration Act after county officials requested assistance, allowing the Oregon State Fire Marshal to mobilize resources to support local agencies. It was the sixth time this wildfire season that the governor invoked the act. The cause is under investigation. What kind of damage has it caused? The fire has destroyed two homes and 14 outbuildings such as barns, pump houses, workshops or sheds, officials said. The threat to structures was significantly reduced when containment reached 73%, officials said Monday. Some evacuations remained in effect Monday, but some zones have been downgraded. ____ O'Malley reported from Philadelphia and Brumfield reported from Cockeysville, Maryland. ____ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
E&E News
5 hours ago
- Politics
- E&E News
Agriculture climate law hits a wall at USDA
A climate change law once hailed as a bipartisan triumph may be fading out before it's even in place. Congress enacted the Growing Climate Solutions Act in 2022 with the aim of helping farmers navigate the nation's unfolding carbon markets and cut greenhouse gas emissions on their operations. The idea was to create a network of government-certified providers to verify greenhouse gas reductions from climate-smart farm practices. Three years later, the Department of Agriculture shows few signs of implementing the law, which former President Joe Biden signed as part of a consolidated spending bill for fiscal 2023. Advertisement Outside groups that once pushed for its passage are no longer talking about the legislation publicly. An advisory council the Biden administration appointed a few weeks before leaving office has yet to receive any instructions from the new administration and hasn't met, despite a deadline to do so that passed in April.
Associated Press
5 hours ago
- Science
- Associated Press
A look at megafires as an Oregon wildfire approaches the 100,000-acre mark
A wildfire burning in a sparsely populated region of central Oregon has become the largest fire this year and is on the verge of surpassing 100,000 acres to become what's officially known as a megafire. Nearly 900 personnel have been battling the Cram Fire about 100 miles (160.93 kilometers) southeast of Portland, and they have it about 73% contained with more than 95,000 acres burned. Here's a look at what megafires are and their increasing frequency in the warming world. What is a megafire? A megafire is generally defined as a fire that burns at least 100,000 acres, said Craig Clements, a climate scientist and director of the Wildfire Interdisciplinary Research Center at San Jose State University. That translates to about 156 square miles (404 square kilometers), or about half the size of New York City, which has a land area of 300 square miles (778 square kilometers). Not all researchers agree that megafire is a scientifically sound term, though Clements has used it, and with its usage by the media increasing, he believes it's 'here to stay,' similar to 'heat dome' and other popular weather labels that aren't formal scientific terms. References to 100,000 acres as megafires can also be found in some government reports and research in recent years. Are megafires happening more often? There were at least 14 wildfires that burned more than 100,000 acres in the U.S. in 2024, according to a report by the National Interagency Coordination Center. A 2022 Interior Department report found that the number of megafires, which it defined as more than 100,000 acres, had increased in the preceding decade. The link between wildfires and climate change Wildfires naturally occur in healthy ecosystems, but extreme wildfires can slow the regrowth of native plants and trees and create favorable conditions for invasive species. The threat is growing as climate change can make wildfires more frequent and severe, according to the U.S. Department of Agriculture. Wildfire seasons are also influenced by lightning, land management practices and human-caused fires. Fires started by humans account for 70-90% of wildfires depending on the state and year, according to the USDA. This includes fires started by fireworks or discarded cigarettes. Rising temperatures and longer droughts have dried out plants and leaves, driving wildfires in the western U.S. over the past 20 years, according to the National Oceanic and Atmospheric Administration. 'Fires are getting bigger and this has been linked to drying of fuels from a warming climate,' Clements said. 'As we are seeing play out so far this year in California, day-to-day weather plays the largest role in fire behavior,' said Clements. This includes weather conditions like low humidity and strong winds. When and how did the Cram Fire start? Firefighters responded to a fire burning on private land along U.S. Route 97 in the Willowdale area on July 13, according to Central Oregon Fire Information. It just over 2 square miles (6 square kilometers) at the time, and uncontained. By the next day, it had grown so much that Gov. Tina Kotek invoked the Emergency Conflagration Act after county officials requested assistance, allowing the Oregon State Fire Marshal to mobilize resources to support local agencies. It was the sixth time this wildfire season that the governor invoked the act. The cause is under investigation. What kind of damage has it caused? The fire has destroyed two homes and 14 outbuildings such as barns, pump houses, workshops or sheds, officials said. The threat to structures was significantly reduced when containment reached 73%, officials said Monday. Some evacuations remained in effect Monday, but some zones have been downgraded. ____ O'Malley reported from Philadelphia and Brumfield reported from Cockeysville, Maryland. ____ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
