Climate Crisis Will Cost World's Biggest Companies $1 Trillion
More than 200 of the world's largest companies see over $1 trillion in costs related to the climate crisis, according to a new analysis of corporate disclosures. Much of those costs are anticipated within the next five years.
Large companies are facing pressure to disclose the financial impacts they could face as extreme weather becomes routine. The climate crisis has the potential to disrupt supply chains or diminish investments in fossil fuels, according to the New York Times.
The new report by the charity CDP, formerly the Carbon Disclosure Project, suggested companies routinely downplay the effects that Earth's climate crisis will have on their specific business. Many companies fail to account for the catastrophic damage likely to occur without rapid cuts in carbon emissions, according to Reuters.
"The numbers that we're seeing are already huge, but it's clear that this is just the tip of the iceberg," said Bruno Sarda, the North America president for CDP, as the New York Times reported.
More than 7,000 companies submitted reports to CDP tackling their risks and opportunities due to the climate crisis — some of the responses came from Microsoft, Apple, JP Morgan Chase and Visa, according to CNN.
The largest 215 companies to respond identified nearly $970 billion in potential costs due to the climate crisis, with the caveat that some of the world's largest firms have not yet studied the issue seriously.
Several companies laid out foreseeable problems, such as droughts rendering borrowers unable to pay back bank loans, skyrocketing costs of cooling data centers in ever hotter temperatures, and flooding and rainfall knocking out supply lines, the New York Times reports. Other companies expect future regulations and laws aimed at thwarting the climate crisis to restrict areas open to exploitation.
"Our collective response to climate change is more urgent than ever, and it is clear that corporate action cannot be delayed," Nicolette Bartlett, director of climate change at CDP, said in a statement, as reported by CNN. "It is hugely encouraging that companies are reporting that the potential value of climate opportunities far outweigh the costs," she added.
In fact, the largest 225 companies to respond saw an opportunity in responding to the climate crisis worth $2.1 trillion, CNN reports. Many of the opportunities are in low-emission vehicles and renewable energies. Fossil fuel companies reported $140 billion of potential opportunities in the drive toward a low-carbon economy — more than five times the $25 billion value of the risks they identified, CDP said, as reported by Reuters.
And, some see profit in human suffering. The pharmaceutical company Eli Lilly, for example, expects a rise in infectious diseases, which will increase demand for their products, as The New York Times reports.
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By Suresh Dhaniyala and Byron Erath
A fast-spreading variant of the coronavirus that causes COVID-19 has been found in at least 10 states, and people are wondering: How do I protect myself now?
Airborne Particles Are Still the Biggest Problem<p>The <a href="https://theconversation.com/why-it-matters-that-the-coronavirus-is-changing-and-what-this-means-for-vaccine-effectiveness-152383" target="_blank" rel="noopener noreferrer">SARS-CoV-2 variants</a> are believed to spread primarily through the air rather than on surfaces.</p><p>When someone with the coronavirus in their respiratory tract coughs, talks, sings or even just breathes, infectious respiratory droplets can be expelled into the air. These droplets are tiny, predominantly in the range of <a href="https://www.sciencedirect.com/science/article/pii/S0021850211001200?casa_token=KtyrsEfbeqcAAAAA:vv10sSxm33tzg0EQvNMIFtV7GCu5gE9QAzuyzHKr2_4Cl0OFkUJoGwzn4d0ZnEWS19NsOTuH" target="_blank" rel="noopener noreferrer">1-100 micrometers</a>. For comparison, a human hair is about 70 micrometers in diameter.</p><p>The larger droplets fall to the ground quickly, rarely traveling farther than 6 feet from the source. The bigger problem for disease transmission is the tiniest droplets – those less than 10 micrometers in diameter – which can remain suspended in the air as aerosols for <a href="https://academic.oup.com/cid/article/50/5/693/325466" target="_blank">hours at a time</a>.</p>
<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="bb67b83dcafe589f350daf3df60fa29d"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/UNCNM7AZPFg?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
What Can You Do to Stay Safe?<p>1) Pay attention to the type of face mask you use, and how it fits.</p><p>Most off-the-shelf face coverings are not 100% effective at preventing droplet emission. With the new variant spreading more easily and likely infectious at lower concentrations, it's important to select coverings with materials that are most effective at stopping droplet spread.</p><p>When available, N95 and surgical masks consistently perform the best. Otherwise, face coverings that use <a href="https://www.sciencedirect.com/science/article/pii/S2352431620301802?casa_token=-Dj6nGBAm24AAAAA:qq9BpbzCKaPDFcV73ohA2fCnhE_Zlkss6Bei3kUwq9QYndhHj0Vafbbd-ef_855lx6knDfUt" target="_blank">multiple layers of material</a> are preferable. Ideally, the material should be a tight weave. High thread count cotton sheets are an example. Proper fit is also crucial, as gaps around the nose and mouth can <a href="https://pubs.acs.org/doi/10.1021/acsnano.0c03252" target="_blank" rel="noopener noreferrer">decrease the effectiveness by 50%</a>.</p><p>2) Follow social distancing guidelines.</p><p>While the current social distancing guidelines are not perfect – <a href="https://theconversation.com/what-a-smoky-bar-can-teach-us-about-the-6-foot-rule-during-the-covid-19-pandemic-145517" target="_blank" rel="noopener noreferrer">6 feet isn't always enough</a> – they do offer a useful starting point. Because aerosol concentrations levels and infectivity are highest in the space immediately surrounding anyone with the virus, increasing physical distancing can help reduce risk. Remember that people are infectious <a href="https://medical.mit.edu/faqs/COVID-19#faq-10" target="_blank" rel="noopener noreferrer">before they start showing symptoms</a>, and they many never show symptoms, so don't count on seeing signs of illness.</p><p>3) Think carefully about the environment when entering an enclosed area, both the ventilation and how people interact.</p><p>Limiting the size of gatherings helps reduce the potential for exposure. Controlling indoor environments in other ways can also be a highly effective strategy for reducing risk. This includes <a href="https://theconversation.com/what-a-smoky-bar-can-teach-us-about-the-6-foot-rule-during-the-covid-19-pandemic-145517" target="_blank" rel="noopener noreferrer">increasing ventilation rates</a> to bring in <a href="https://theconversation.com/keeping-indoor-air-clean-can-reduce-the-chance-of-spreading-coronavirus-149512" target="_blank" rel="noopener noreferrer">fresh air and filtering existing air</a> to dilute aerosol concentrations.</p><p>On a personal level, it is helpful to pay attention to the types of interactions that are taking place. For example, many individuals shouting can create a higher risk than one individual speaking. In all cases, it's important to minimize the amount of time spent indoors with others.</p><p>The CDC has warned that B.1.1.7 could <a href="https://www.cdc.gov/mmwr/volumes/70/wr/mm7003e2.htm?s_cid=mm7003e2_w" target="_blank" rel="noopener noreferrer">become the dominant SARS-CoV-2 variant</a> in the U.S. by March. Other fast-spreading variants have also been found in <a href="https://virological.org/t/genomic-characterisation-of-an-emergent-sars-cov-2-lineage-in-manaus-preliminary-findings/586" target="_blank" rel="noopener noreferrer">Brazil</a> and <a href="https://www.who.int/csr/don/31-december-2020-sars-cov2-variants/en/" target="_blank" rel="noopener noreferrer">South Africa</a>. Increased vigilance and complying with health guidelines should continue to be of highest priority.</p>
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