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Lord Stern: climate change risks greater than previously estimated

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The risks associated with climate change are greater than previously estimated because the model currently used fails to take into account the latest findings, according to research from Dr Simon Dietz and Prof Nicholas Stern of the Grantham Research Institute on Climate Change and the Environment.

Stern conducted a 2006 review looking at the economics of climate change, from a wide range of angles, such as water resources, food production and health. In it, he argues that climate change is the greatest and widest-ranging market failure ever seen, which presents a unique challenge for economies around the world.

Seven years after the review was published, Stern admitted that the government-commissioned report had underestimated how quickly climate change would have an impact. He is now working on a project, which is set to be published in September, that will build on the work in the 2006 review.

The new research, which will be published in a forthcoming issue of the Economic Journal, modifies the current model used to assess climate change and its economic impacts.

The researchers argue that the DICE model, which was devised in the 1990s, does not take into account the latest findings and some of the uncertainties around the major risks climate change poses are omitted.

For example, the research states, the standard model suggests that a loss of global GDP of 50% would only result after an 18C rise in global temperature, even though such warming would likely render Earth uninhabitable for many species, including humans. It also rules out the possibility that global warming of 5-6C could cause catastrophic damage.

In contrast, the new model includes the possibility that serious damage to the Earth could occur at much lower levels of global warming.

Stern, who is the chair of the Grantham Research Institute, said, “It is extremely important to understand the severe limitations of standard economic models, such as those cited in the Intergovernmental Panel on Climate Change (IPCC) report, which have made assumptions that simply do not reflect current knowledge about climate change and its potential impacts on the economy.

“Models that assume that catastrophic damages are not possible fail to take account of the magnitude of the issues and the implications of the science.”

The new model suggests that if action is not taken to cut annual emissions of greenhouse gases living standards could be affected by the end of the century. It is hoped the paper will help policymakers recognise the “immensity the potential risks of unmanaged climate change”.

Dietz, co-director of the Grantham Research Institute, explained the new model aims to take uncertainties into account. This method suggests that the “risks of climate change are bigger than portrayed by previous economic models and therefore strengthens the case for strong cuts in emissions of greenhouse gases,” he added.

Last year, following an IPCC review, Stern warned that delaying climate action was “dangerous because greenhouse gases are accumulating” and we are “locking in high-carbon infrastructure and capital”.

Photo: LeoSynapse via Freeimages  

Further reading:

‘Stern 2.0’ review to look at costs and benefits of tackling climate change

Lord Stern: delaying climate action is ‘dangerous’

Stark warnings from experts on the consequences of climate change

Lord Stern challenges people to move to a low carbon economy

Stern admits to underestimating climate change in 2006 review

Environment

4 Common Items That Can be Reused Again and Again

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reuse reduce recycle plastic bottles etc
Shutterstock Licensed Photo - By Vanatchanan | https://www.shutterstock.com/g/vanatchanan%20buahom

As a society we are getting much better at taking our obligations to the world and environment around us more seriously. This is undoubtedly a good thing! The effects of climate change are beginning to manifest across the world, and this is turning the issue from an abstract threat into a very real danger. Trying to introduce some greener, more eco-friendly practices into your life isn’t just a great way of doing something beneficial for society and the world around you. It is a wonderful way of engaging positively with the world and carries with it numerous psychological benefits.

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Being a greener, more ecologically friendly person doesn’t require any dramatic life changes. Breaking or making a few small habits is all it takes to make your life a greener one. In this article we look at one of the easiest, yet most effective green practices to get into: reusing everyday items.

Jars and Containers

Glass and metal are widely recycled, and recycling is a good thing! However, consider whether any containers you buy, whether it’s a tub of ice cream or a jar of coffee, can be washed out and reused for something else. Mason jars, for example, can be used to store homemade pasta sauce and can be washed for future use. Once you start thinking about it, you will find endless opportunities to reuse your old containers.

Soda Bottles

An ice-cold soda is a wonderful treat on a hot day, but buying soda can get expensive, and the manufacturing and distribution of the drinks themselves isn’t great for the environment. However, by holding on to your old soda bottles and repurposing them as water bottles, you can save money on drinks, or use them to measure out water for your garden.

Plastic Bags

Most of the time groceries come in paper bags, which are better for the environment than the plastic alternatives, but they are less durable and thus harder to reuse. Whenever the store places your items in a plastic bag, hang onto it so you can reuse the bags again. If you want to take it one step further, consider looking into buying some personalized recycled bags. These bags are designed to last for a long time and are made of recycled materials. They look striking and unique, they’ll turn heads, and maybe even attitudes!

Seeds

If you’re a keen gardener, then you will already probably know how to reseed your plants in order to ensure a fresh crop after each plant’s lifecycle. If you have space in your garden, or haven’t yet tried your hand at gardening, then consider planting a small vegetable plot. Growing your own veggies means that you’ll be helping to cut back on the emissions generated by their transport and production. The best part about growing your own food in this way is that, by harvesting properly and saving the seeds, you can be set up with fresh vegetables for life!

Reusing and recycling common household items is an easy way to make your world a little bit greener. Once you start looking for these opportunities you’ll realize that they’re everywhere!

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Environment

These 5 Green Office Mistakes Are Costing You Money

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eco-friendly green offices
Shutterstock Licensed Photo - By Stokkete | https://www.shutterstock.com/g/cyano

The sudden interest in green business is very encouraging. According to recent reports, 42% of all companies have rated sustainability as an important element of their business. Unfortunately, the focus on sustainability will only last if companies can find ways to use it to boost their ROI.

Many businesses get so caught up in being socially conscious that they hope the financial aspect of it takes care of itself. The good news is that there are plenty of ways to go green and boost your net income at the same time.

Here are some important mistakes that you will want to avoid.

Only implementing sustainability on micro-scale

The biggest reason that brands are going green is to improve their optics with their customers. Too many businesses are making very minor changes, such as processing paperwork online and calling themselves green.

Customers have become wary of these types of companies. If you want to earn their business, you are going to need to go all the way. Bring in a green business consultant and make every feasible change to demonstrate that you are a green organization from top to bottom.

Not prioritizing investments by long-term ROI

It isn’t realistic to build an entirely green organization overnight. You will need to allocate your capital wisely.

Before investing in any green assets or services, you should always conduct a long-term cost benefit analysis. The initial investment for some green services may be over $20,000. If they don’t shave your cost by at least $3,000 a year, they probably aren’t worth the investment.

Determine which green investments will have the best pay off over the next 10 years. Make these investments before anything else. Then compare your options within each of those categories.

Implementing green changes without a plan

Effective, long-term planning is the key to business success. This principle needs to be applied to green organizations as well.

Before implementing a green strategy, you must answer the following questions:

  • How will I communicate my green business philosophy to my customers?
  • How will running a green business affect my revenue stream?
  • How will adopting green business strategies change my monthly expenses? Will they increase or decrease them?
  • How will my company finance green upgrades and other investments?

The biggest mistake that too many green businesses make is being overly optimistic with these forecasts. Take the time to collect objective data and make your decisions accordingly. This will help you run a much more profitable green business.

Not considering the benefits of green printing

Too many companies believe that going paperless is the only way to run a green organization. Unfortunately, going 100% paperless it’s not feasible for most companies.

Rather than aim for an unrealistic goal, consider the option of using a more environmentally friendly printer. It won’t be perfect, but it will be better than the alternative.

According to experts from Doranix, environmental printers have several benefits:

  • They can process paper that has been completely recycled.
  • They consume less energy than traditional printers.
  • They use ink that is more environmentally friendly.

You want to take a look at different green printers and compare them. You’ll find that some will meet your needs as a green business.

Poorly communicating your green business strategy to customers

Brand positioning doesn’t happen on its own. If you want to run a successful green business, you must communicate your message to customers as clearly as possible. You must also avoid the appearance that you are patronizing them.

The best approach is to be clear when you were first making the change. I’ll make an announcement about your company‘s commitment to sustainability.

You also want to reinforce this message overtime by using green labels on all of your products. You don’t have to be blatant with your messaging at this stage. Simply provide a small, daily reminder on your products and invoices.

Finally, it is a good idea to participate in green business seminars and other events. If your community has a local Green Chamber of Commerce, you should consider joining as well.

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