Climate Facts: Global warming may cause substantial losses for companies, says WEP

The complexities of climate change and its associated jargon can prove difficult to digest.

TheCable’s quick climate facts will help demystify these concepts through easy-to-understand and straight-to-the-point explanations.

Here are some to keep at the tip of your fingers:

• The World Economic Forum (WEF) says companies that fail to adapt to physical climate risks could lose up to 7% of annual earnings by 2035. 

• The organisation said businesses investing in adaptation, decarbonisation, and resilience are seeing up to $19 in avoided losses for every dollar spent.

• The European Union’s Copernicus Climate Change Service (C3S) says November 2024 was the second-warmest November on record.

• C3C said November 2024 was 1.62°C above the pre-industrial level and was the 16th month in a 17-month period for which the global-average surface air temperature exceeded 1.5°C above pre-industrial levels.

• The United Nations (UN) says more than three-quarters of land became permanently drier in recent decades.

• The UN added that about 77.6 percent of the earth’s land experienced drier conditions in the three decades before 2020 compared to the previous 30-year period.