It is unlikely that an agreement to limit global warming by two degrees Celsius will be reached by global leaders at the Paris Climate Change Conference this month, Munich Re has said.
“Progress is far too slow, and greenhouse gas emissions continue to rise,” said Peter Hoeppe, head of the geo risk research department of Munich Re.
He argued that it is most important that the biggest polluters – in particular China, the USA, the EU, India and Russia, which are together responsible for approximately 70% of current emissions – assume responsibility for their share.
“It also makes much more financial sense for states to decarbonise their economies than to fork out increasingly large sums for safety measures and damage caused by natural hazards, not to mention the human suffering involved,” said
“Politicians are now more aware of the acuteness of the problem than ever before, and commitments to reduce emissions have never been so significant.
“We have to be prepared for the increasingly inevitable and significant consequences of climate change,” he added.