11,000 Scientists Declare Climate Emergency across the Globe, Warn of Unavoidable Human Suffering

News Network
November 6, 2019

Nov 6: More than 11,000 scientists warned Tuesday of "untold suffering" due to global warming, even as another team said Paris carbon-cutting pledges are "too little, too late".

The European Union, meanwhile, confirmed that last month was the warmest October ever registered, fast on heels of a record September and the hottest month ever in July.

Three-quarters of national commitments under the Paris climate accord to curb greenhouse gases will not even slow the accelerating pace of global warming, according to a report from five senior scientists.

The sobering assessment came a day after President Donald Trump formally notified the United Nations of the US withdrawal from the 2015 Paris climate pact, triggering concerns of how other nations might react.

"With few exceptions, the pledges of rich, middle-income and poor nations are insufficient to address climate change," said Robert Watson, who chaired both the UN Intergovernmental Panel on Climate Change (IPCC) and the UN's science body for biodiversity.

"As they stand, the pledges are far too little, too late."

In parallel, more than 11,000 scientists sounded a five-bell alarm in the peer-reviewed journal BioScience, noting that the world had failed to act on global warming despite the accumulation of evidence over 30 years.

"We declare, clearly and unequivocally, that planet Earth is facing a climate emergency," the statement said.

Emissions of the gases warming Earth's surface must drop 50 percent by 2030 and to "net zero" -- with no additional carbon entering the atmosphere by mid-century -- if the Paris treaty's goal of capping warming at 1.5 to 2.0 degrees Celsius is to be met, the IPCC concluded last year.

And yet 2018 saw unprecedented global carbon pollution of more than 41 billion tonnes, two percent higher that 2017, also a record year.

Global temperatures have increased 1 C above pre-industrial levels -- enough to boost the impact of deadly heatwaves, floods and superstorms -- and are on track to rise another two or three degrees by the end of the century.

"Failing to reduce emissions drastically and rapidly will result in an environmental and economic disaster," said James McCarty, a professor of oceanography at Harvard University, and co-author of the analysis of voluntary Paris pledges to reduce carbon pollution.

Just over half of greenhouse gas emissions from power, industry, agriculture and deforestation -- the main drivers of global warming -- came from four nations last year: China, the United States, India and Russia.

Accounting for 13.1 percent of the total, the US has turned its back on the Paris deal.

"China and India could say 'damn it, we're going to demonstrate to the world that we are climate leaders'," Watson told AFP.

- EU gets passing marks -

"Or they could say 'if the US is not going to do it, we're not going to either'. It could go either way."

China has said it will lower carbon intensity and peak emissions by about 2030.

But the size and staggering growth of its economy will likely overwhelm such marginal improvements, the scientists said.

At 29 percent of the global total, China alone pumps out more CO2 than the next three nations combined, though about 13 percent of those emissions are generated by exports destined for rich nations, recent research has shown.

India, which is ramping up both renewable energy and carbon-intensive coal-fired power, accounted for seven percent in 2018, and Russia -- which has made no pledge at all -- added 4.6 percent.

The efforts of the world's top four emitters was deemed "insufficient", according to the report.

All told, nearly three-quarters of 184 registered pledges were judged inadequate to stop climate change from continuing to accelerate in the next decade.

All but a handful are unchanged since being submitted in 2015 and 2016.

Among major economic blocs, only the European Union, with its 28 member states, got a passing mark.

"The EU is clearly in the lead in trying to address the climate crisis," Watson said.

The emissions of the world's poorest nations have been and continue to be negligible, but steps must be taken today to shape their energy futures.

"Sooner or later, they will start to grow, and we don't want them to become dependent on cheap fossil fuel energy," Watson noted.

"They need financial and technical assistance."

Under the Paris treaty, developing nations are to receive $100 billion annually from next year to help curb climate change and cope with its impacts.

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News Network
January 22,2020

Jan 22: Microsoft Corp’s chief executive officer said he worries that mistrust between the US and China will increase technology costs and hurt economic growth at a critical time.

Using the $470 billion semiconductor industry as an example of a sector that is already globally interconnected, Satya Nadella said the two countries will have to find ways to work together, rather than creating different supply chains for each country.

“All you are doing is increasing transaction costs for everybody if you completely separate,” Nadella said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at Bloomberg’s The Year Ahead conference in Davos. That’s a concern as the executive said the world is on the cusp of a revolution around technology and artificial intelligence.

“If we take steps back in trust or increase transaction costs around technology, all we are doing is sacrificing global economic growth,” he said.

The agreement signed last week between the US and China was “not sufficient,” said Nadella, but represented “progress” on the issue of intellectual property protections for US technology companies working with China.

Nadella said he worries about the development of two separate internets, noting that to some degree they already exist “and they will get amplified in the future” with massive technology companies already in place in China.

The viewpoint clashes with Microsoft co-founder Bill Gates, who has been sceptical about the idea that ongoing US-China trade tensions could ever lead to a bifurcated system of two internets.

China and the US are the two leading AI superpowers, however the cooling political relations between them have slowed the international collaboration.

Nadella also warned that countries that fail to attract immigrants will lose out as the global tech industry continues to grow. The CEO has previously voiced concern about India’s Citizenship Amendment Act, calling it “sad.”

“However, Nadella said he remained hopeful.

“The fact that there is a 70-year history of nation-building, I think it’s a very strong foundation. I grew up in that country. I’m proud of that heritage. I’m influenced by that experience.”

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News Network
February 3,2020

Bengaluru, Feb 3: India's manufacturing activity expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, a private survey showed on Monday, suggesting the economy may be getting back on firmer footing.

In response to the jump in sales, factories hired new workers at the fastest rate in more than seven years.

If sustained, the improvement in business conditions could point to a gradual economic recovery in coming months, as forecast by analysts in a Reuters poll last month, after growth slowed to a more than six-year low in the July-September quarter.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, jumped to 55.3 last month from 52.7 in December. It was the highest reading since February 2012 and above the 50-mark separating growth from contraction for the 30th straight month.

"The PMI results show that a notable rebound in demand boosted growth of sales, input buying, production and employment as firms focused on rebuilding their inventories and expanding their capacities in anticipation of further increases in new business," Pollyanna De Lima, principal economist at IHS Markit, said in a news release.

A new orders sub-index that tracks overall demand hit its highest level since December 2014 and output grew at its fastest pace in over seven and a half years, pushing manufacturers to hire at the strongest rate since August 2012.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35% in December, although probably not below the Reserve Bank of India's medium-term target of 4%.

That might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead," added De Lima.

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News Network
March 6,2020

Mumbai, Mar 6: Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month.

Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well. At an ATM in south Mumbai's Horniman Circle, with the RBI headquarters overlooking it, the shutters were pulled down.

The guard on duty said the machine was non-operational before he reported to work late in the evening and he was ordered to shut it after 2200 hrs. In the residential area of suburban Chembur, one ATM was dispensing cash but had a long queue of anxious depositors.

One man said it was still possible to withdraw up to Rs 50,000 in multiple transactions from the machine.

However, another machine nearby had run dry within minutes of the RBI announcement, a woman said.

The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.

For the next month, Yes Bank will be led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.

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