World Leaders Are Pushing ‘Overhaul’ of ‘Global Financial System’ for ‘Climate Solidarity’

World Leaders Are Pushing ‘Overhaul’ of ‘Global Financial System’ for ‘Climate Solidarity’

According to the latest reports, it seems that there are around 50 heads of state are meeting at a summit in Paris to discuss plans to “overhaul” the “global financial system” to “save the planet” from “climate change.” Check out the latest news on the matter below.

World leaders push overhaul of the global financial system

Leaders from around the world have convened in Paris for the Summit for a New Global Financing Pact, hosted by French President Emmanuel Macron on Thursday and Friday. The summit aims to encourage global leaders to commit to a financial overhaul for climate solidarity. According to Cécile Duflot, president of the NGO Oxfam, the world’s wealthiest nations are showing a surge of solidarity with those most affected by climate change.

Some 50 heads of state and government, representatives from international financial institutions, members of the private sector, “climate experts,” and other powerful elites will be attending the summit.

The objective of this ambitious conference is to “build a new contract between [the global] North and South,” according to the Élysée Palace.

Macron announced his intention to host this summit at the end of COP27 back in November 2022.

The conclusion of the climate negotiations left environmentalists dissatisfied, but a landmark agreement was reached in the final hours to create a fund that would compensate developing countries for the impact of climate change. The primary focus of this week’s Summit for a New Global Financing Pact was to devise specific strategies for financing this fund.

Climate change in the news

The effects of deliberately exaggerating the risks of climate change can do tremendous harm. This can lead to the destruction of people’s mental health and trust in science – or, better put, trust in what science used to be.

In March of last year, The Washington Post reported on the increased risks of flight turbulence due to climate change. More recently, the World Economic Forum reiterated this concern in a blog, highlighting that “erratic” clear air turbulence is projected to rise by two or three times in the next few decades.

It is believed that flights are becoming more turbulent due to climate change. However, it is important to note that despite this, there has been no significant increase in accidents or injuries caused by turbulence over the past 30 years. In fact, the number of passengers has quadrupled during this time, resulting in a decrease in harmful turbulence activity relative to the increase in passengers, according to the International Civil Aviation Organization.

Have you ever wondered where the exaggerated and alarming information originates from? Well, it seems that both of the stories are based on the research of Professor Paul Williams from Reading University.

According to his findings, there have been noticeable changes in atmospheric dynamics since the late 1970s, which were first observed through satellite data.

Based on climate models and utilizing the RCP8.5 scenarios, it has been projected that there will be a significant surge in clear air turbulence. It’s worth noting that RCP8.5 is considered the most extreme climate scenario outlined by the IPCC, along with its later variant, SSP5-8.5. This scenario is based on high greenhouse gas emissions, which may lead to a temperature increase of 4-5C within the next 80 years.

Rada Mateescu

Passionate about freedom, truth, humanity, and subjects from the science and health-related areas, Rada has been blogging for about ten years, and at Health Thoroughfare, she's covering the latest news on these niches.

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