One million species risk extinction due to humans: draft UN report

Agencies
April 24, 2019

UN, Apr 24: Up to one million species face extinction due to human influence, according to a draft UN report obtained by AFP that painstakingly catalogues how humanity has undermined the natural resources upon which its very survival depends.

The accelerating loss of clean air, drinkable water, CO2-absorbing forests, pollinating insects, protein-rich fish and storm-blocking mangroves -- to name but a few of the dwindling services rendered by Nature -- poses no less of a threat than climate change, says the report, set to be unveiled May 6.

Indeed, biodiversity loss and global warming are closely linked, according to the 44-page Summary for Policy Makers, which distills a 1,800-page UN assessment of scientific literature on the state of Nature.

Delegates from 130 nations meeting in Paris from April 29 will vet the executive summary line-by-line.

Wording may change, but figures lifted from the underlying report cannot be altered.

"We need to recognise that climate change and loss of Nature are equally important, not just for the environment, but as development and economic issues as well," Robert Watson, chair of the UN-mandated body that compiled the report, told AFP, without divulging its findings.

"The way we produce our food and energy is undermining the regulating services that we get from Nature," he said, adding that only "transformative change" can stem the damage.

Deforestation and agriculture, including livestock production, account for about a quarter of greenhouse gas emissions, and have wreaked havoc on natural ecosystems as well.

The Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) report warns of "an imminent rapid acceleration in the global rate of species extinction." The pace of loss "is already tens to hundreds of times higher than it has been, on average, over the last 10 million years," it notes. "Half-a-million to a million species are projected to be threatened with extinction, many within decades." Many experts think a so-called "mass extinction event" -- only the sixth in the last half-billion years -- is already under way.

The most recent saw the end of the Cretaceous period some 66 million years ago, when a 10-kilometre-wide asteroid strike wiped out most lifeforms.

Scientists estimate that Earth is today home to some eight million distinct species, a majority of them insects.

A quarter of catalogued animal and plant species are already being crowded, eaten or poisoned out of existence.

The drop in sheer numbers is even more dramatic, with wild mammal biomass -- their collective weight -- down by 82 per cent.

Humans and livestock account for more than 95 per cent of mammal biomass.

"If we're going to have a sustainable planet that provides services to communities around the world, we need to change this trajectory in the next ten years, just as we need to do that with climate," noted WWF chief scientist Rebecca Shaw, formerly a member of the UN scientific bodies for both climate and biodiversity.

The direct causes of species loss, in order of importance, are shrinking habitat and land-use change, hunting for food or illicit trade in body parts, climate change, pollution, and alien species such as rats, mosquitoes and snakes that hitch rides on ships or planes, the report finds.

"There are also two big indirect drivers of biodiversity loss and climate change -- the number of people in the world and their growing ability to consume," said Watson. Once seen as primarily a future threat to animal and plant life, the disruptive impact of global warming has accelerated.

Shifts in the distribution of species, for example, will likely double if average temperature go up a notch from 1.5 degrees Celsius (2.7 Fahrenheit) to 2 C.

So far, the global thermometer has risen 1C compared with mid-19th century levels.

The 2015 Paris Agreement enjoins nations to cap the rise to "well below" 2C.

But a landmark UN climate report in October said that would still be enough to boost the intensity and frequency of deadly heatwaves, droughts, floods and storms.

Other findings in the report include:

Three-quarters of land surfaces, 40 per cent of the marine environment, and 50 per cent of inland waterways across the globe have been "severely altered".

Many of the areas where Nature's contribution to human wellbeing will be most severely compromised are home to indigenous peoples and the world's poorest communities that are also vulnerable to climate change.

More than two billion people rely on wood fuel for energy, four billion rely on natural medicines, and more than 75 percent of global food crops require animal pollination.

Nearly half of land and marine ecosystems have been profoundly compromised by human interference in the last 50 years.

Subsidies to fisheries, industrial agriculture, livestock raising, forestry, mining and the production of biofuel or fossil fuel energy encourage waste, inefficiency and over-consumption.

The report cautioned against climate change solutions that may inadvertently harm Nature.

The use, for example, of biofuels combined with "carbon capture and storage" -- the sequestration of CO2 released when biofuels are burned -- is widely seen as key in the transition to green energy on a global scale.

But the land needed to grow all those biofuel crops may wind up cutting into food production, the expansion of protected areas or reforestation efforts.

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News Network
July 11,2020

Geneva, Jul 11: The World Health Organization said Friday that it is still possible to bring coronavirus outbreaks under control, even though case numbers have more than doubled in the past six weeks.

WHO chief Tedros Adhanom Ghebreyesus said the examples of Italy, Spain, South Korea and India's biggest slum showed that however bad a outbreak was, the virus could still be reined in through aggressive action.

"In the last six weeks cases have more than doubled," Tedros told a virtual press conference in Geneva.

However, "there are many examples from around the world that have shown that even if the outbreak is very intense, it can still be brought back under control," said Tedros.

"And some of these examples are Italy, Spain and South Korea, and even in Dharavi -- a densely packed area in the megacity of Mumbai -- a strong focus on community engagement and the basics of testing, tracing, isolating and treating all those that are sick is key to breaking the chains of transmission and suppressing the virus."

The novel coronavirus has killed at least 555,000 people worldwide since the outbreak emerged in China last December, according to a tally from official sources compiled by AFP on Friday.

Nearly 12.3 million cases have been registered in 196 countries and territories.

"Across all walks of life, we are all being tested to the limit," Tedros said, "from countries where there is exponential growth, to places that are loosening restrictions and now starting to see cases rise.

"Only aggressive action combined with national unity and global solidarity can turn this pandemic around."

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Agencies
June 2,2020

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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