A report from McKinsey examining the nature and extent of physical risk from a changing climate.
After more than 10,000 years of relative stability the Earth’s climate is
changing. This is important because it’s this stability that has allowed humanity to develop and flourish. Absent adaptation, instability will have extreme consequences, as outlined in this McKinsey report, which identifies that there are already substantial physical impacts in many places at the local level. Avoidance seems like a much better approach, but requires actions that might increase hardship in the short term. That is no reason not to act though, and we have only a very short window of time to do so and to hopefully avoid the worst of the consequences.
The authors conclude that recognising physical climate risk and integrating an understanding of this risk into decision making are imperative for individuals, businesses, communities, and countries. The next decade will be decisive, as decision makers fundamentally rethink the infrastructure, assets, and systems of the future, and the world collectively sets a path to manage the risk from climate change.