Jupiter September Climate Risk News Wrap-Up: A Global Snapshot
September 2023 marked another pivotal month in the ongoing battle against climate change. As the world grappled with the consequences of a warming planet, news from around the globe shed light on the increasing risks and challenges.
Extreme Weather Events
Hurricanes and Typhoons
September witnessed a surge in hurricane and typhoon activity, underscoring the intensified risks associated with climate change. The Atlantic basin experienced a record-breaking hurricane season, with several storms reaching Category 5 intensity. Hurricane Larry, for instance, posed a significant threat to the East Coast of the United States, serving as a stark reminder of the need for robust disaster preparedness and resilient infrastructure.
In the Pacific, Typhoon Chanthu wreaked havoc in East Asia, causing widespread damage and displacement. These events served as grim reminders that the impacts of climate change are not a distant future concern but are already affecting vulnerable communities around the world.
Wildfires continued to rage across various parts of the world, with California, Greece, and Turkey bearing the brunt of the devastation. Prolonged droughts and record-breaking temperatures exacerbated fire risks, leading to evacuations, property damage, and loss of life. These wildfires serve as poignant examples of the intricate connection between climate change and extreme weather events, as rising temperatures and altered precipitation patterns make forests and ecosystems more susceptible to ignition.
There was increased momentum in the lead-up to the upcoming COP28 in Dubai. Governments worldwide engaged in negotiations and discussions to set ambitious climate targets and commitments.
Key developments included pledges by several countries to accelerate their transition to renewable energy sources, enhance carbon reduction targets, and implement policies to achieve net-zero emissions by mid-century. These efforts reflected a growing recognition of the urgency to address climate change, although challenges remained in achieving consensus on critical issues. What stands out for Jupiter, is the lack of focus on physical climate risks which pose the greatest threat to our global economic stability! We’ve announced the launch of a solution that enables companies and governments to put a price on their physical climate risk and highly recommend all organizations take notice.
Advancements in climate modeling continued to enhance our understanding of climate risks in September. Researchers leveraged sophisticated computer models to predict extreme weather events, assess sea-level rise, and project future climate scenarios. These models helped policymakers and communities make informed decisions about adapting to a changing climate and mitigating its impacts.
Jupiter announced the launch of its new, breakthrough SaaS offering enabling companies to quickly and seamlessly understand and report their risk to regulatory bodies.
California Senate Approves Two Major Climate Bills
The California State Senate has passed two significant climate disclosure bills. According to the New York Times, this first-in-the-nation law will compel major companies to publicly disclose their carbon dioxide emissions and could have national repercussions. The first bill, SB 253, mandates that companies with over $1 billion in revenue report their direct and indirect greenhouse gas emissions (Scope 1 and 2, and Scope 3). The second bill, SB 261, requires organizations with more than $500 million in revenue to publicly disclose their financial risks related to climate change. These bills are the first of their kind in the United States, going beyond the expected SEC climate disclosure rule, which may only require disclosure of direct GHGs. If signed into law, SB 253 would affect over 5,300 organizations, and SB 261 would impact over 10,000. These bills align with the recommendations from the Task Force on Climate-related Financial Disclosures and reflect the growing global momentum for corporate climate disclosure. Stakeholders, including investors and customers, seek transparency on how companies manage climate-related risks, making these bills a significant response to this demand. Check out Jupiter’s detailed blog on the topic!
As we wrap up another month of significant strides in climate action, we have a stark reminder that we are not seeing enough progress fast enough. As we move forward, it is imperative that individuals, communities, governments, and businesses recognize the urgency of addressing climate change and not forgetting about the one, major area that poses the biggest threat to our global economic stability, physical climate risk!
Reach out to Jupiter to easily understand your risk, the financial impacts to your organization and the global economic repercussions. Contact us at firstname.lastname@example.org