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News That Matters

09/09/2022 ---- 12/09/2022

The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016. Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels. A study published on September 8 on Science highlights the importance of such objectives: by reviewing historic records and more than 200 peer-reviewed works, scientists determined that multiple climate tipping points could be triggered if global temperature rises beyond 1.5°C above pre-industrial levels. By “tipping point” is meant the minimum amount of warming that might trigger a catastrophic shift in a system. The team found that at the current level of global warming - 1.1°C since the preindustrial era - Earth has already passed the low-end risk estimate for five tipping points, putting coral reefs, permafrost, and polar ice at risk. For polar ice sheets, however, the authors estimate that 1.5°C is the more likely tipping threshold, and that the sheets might be able to withstand as much as 3°C of warming without irreversible decline. Despite the study also indicates that a lot of really bad tipping points are still avoidable, lead author David Armstrong McKay from Stockholm Resilience Centre, University of Exeter, and the Earth Commission says that “the chance of crossing tipping points can be reduced by rapidly cutting greenhouse gas emissions, starting immediately”.

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New York Governor Kathy Hochul declared a disaster emergency on Friday in a bid to accelerate efforts to vaccinate residents against polio after the virus was detected in wastewater samples taken in four counties. In early August a health official in New York State had already announced that there could be hundreds or even thousands of undiagnosed cases of polio. The vaccination is the only weapon against this virus. In the state of New York polio vaccination rate is only 79% - some counties having even lower rates. The position of the World Health organisation is clear and states that "All children worldwide should be fully vaccinated against polio, and every country should seek to achieve and maintain high levels of coverage with polio vaccines in support of the global commitment to eradicate polio." In some areas of US the access to health care and therefore vaccination are limited due to the high cost of health insurance.

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Yesterday the European Central Bank raised three key interest rates by 75 basis points each: such drastic measure was implemented to fight the high inflation across the continent, mostly due to the ongoing energy crisis. With this premise, today September 9 the energy ministers of EU countries met in Bruxelles to discuss a series of exceptional measures to curb soaring electricity bills. The focus was on five points: (1) introduction of mandatory savings during peak hours, (2) a revenue cap for new producers, (3) capturing excess profits from fossil fuel companies, (4) liquidity aids to utility businesses, (5) a price cap on Russian gas imports. The outcome of this meeting gives to the European Commission a clearer political mandate on how to proceed: there is agreement on necessity to introduce energy saving measures, guarantee liquidity to utility businesses, capping revenues for new producers, and to take a solidarity contribution from fossil fuel companies. The ministers also “expect the Commission to propose emergency and temporary intervention including the gas price cap” said Jozef Síkela - EU minster of Industry and Trade - at the press conference after the meeting. In conclusion, in his words: “When Putin started his energy war he expected to divide us and damage our democratic societies and economies. Hi will not succeed, Europe is united against his aggression”. Concrete legislative proposals on these aspects are expected by the Commission within days.

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