Unmitigated climate change and nature-driven risks have been hugely underestimated | Jack Santa Barbara

In an article published on Interest.co.nz Jack Santa Barbara highlights the recent report on Planetary Solvency from The University of Exeter.

By Jack Santa Barbara

Some actuaries at the University of Exeter in the UK have partnered with a group of earth scientists to examine what they term “planetary solvency.” Their report states:

“Planetary Solvency assesses the ongoing ability of the Earth system to support our human society and economy. In the same way that a solvent pension scheme is one that continues to be able to provide pensions, a solvent Earth system is one that continues to provide the [natural]services we rely on, support ongoing prosperity, and a safe and just future.”

One might assume that the International Panel on Climate Change (IPCC) and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) have undertaken such an assessments. According to the actuaries, these international bodies have grossly underestimated the risks involved from global heating and biodiversity loss. They state:

“Unmitigated climate change and nature-driven risks have been hugely underestimated….Global risk management practices for policymakers are inadequate, we have accepted much higher levels of risk than is broadly understood.”