Global Climate News Trending

‘Virtually certain’ that 2023 will be warmest year after October record

By 136 0

New data strongly suggests that 2023 will undoubtedly be the warmest year on record, marked by deadly heatwaves, floods, and fires. The EU’s climate change service reports that global average air temperatures in October 2023 were 0.4C higher than the previous record set in 2019, making it the fifth consecutive month of record warmth. Researchers predict that extreme global temperatures will persist into 2024.

This year has already seen numerous records shattered, with July potentially being the hottest month in 120,000 years and September surpassing the previous record by an astonishing 0.5C. Although October wasn’t as scorching as September, it still set a new record for the month by a significant margin of 1.7C compared to the pre-industrial average.

Multiple scientific organizations, including Copernicus, NOAA, and Berkeley Earth, assert that there is a more than 99% probability that 2023 will go down as the warmest year on record. Climate scientist Zeke Hausfather from Berkeley Earth emphasizes the persistent trend of record-setting months, indicating no sign of reversal.

While the scientific implications of these unprecedented temperatures are alarming, the real-world consequences are even more concerning. Dr. Friederike Otto from Imperial College London highlights the human suffering, including thousands of deaths, displacement, and livelihood losses, caused by extreme heatwaves and droughts exacerbated by these extraordinary temperatures.

The primary driver of this heatwave is the continuous release of carbon dioxide from burning fossil fuels. This year’s rise in temperatures is further compounded by the emergence of an intense El Niño event, causing warm waters to surface in the eastern Pacific Ocean and release additional heat into the atmosphere. Researchers are still uncertain about the nature of this particular El Niño event, as it appears to deviate from previous occurrences and may be contributing to greater ocean surface heating compared to past El Niño events.

Picture Courtesy: Google/images are subject to copyright

News Trending War

Russia hikes interest rates to 15% as inflation soars

By 188 0

The Central Bank of Russia has raised its key interest rate to 15% in an effort to tackle inflation and support the struggling rouble, marking the fourth consecutive increase. The unexpected two-percentage-point hike was prompted by the persistently high global inflation rates, partly triggered by Russia’s military intervention in Ukraine, which has led to a 6% inflation rate in Russia as of September.

The country has been experiencing escalated government spending directed towards its military efforts, contributing to the recent inflationary pressures. With the latest hike, the Bank of Russia has cumulatively raised the rates by 7.5 percentage points since July, aiming to stabilize inflation at the targeted 4% level. The decision for the emergency rate hike in August was prompted by the rouble’s decline, which fell below 100 against the US dollar, necessitating a tighter monetary policy.

The global supply chain disruptions during the pandemic, coupled with the repercussions of Russia’s invasion of Ukraine, have notably impacted food and energy prices, driving the overall inflation up. Additionally, the imposition of Western sanctions on Russia in response to its actions in Ukraine has had adverse effects on the country’s economy, causing a significant depreciation of the rouble. The sanctions have led to constraints on Russia’s trade, with several European countries seeking alternative energy suppliers and implementing measures to limit Russia’s oil export earnings.

Despite the successive rate hikes, there are concerns that Russia may encounter challenges in attracting foreign investment due to the ongoing sanctions. The exclusion of Russia from the Swift international payment system has further added to the economic strain. Nonetheless, the European Commission has affirmed that the sanctions are effective in exerting pressure on Russia.

Picture Courtesy: Google/images are subject to copyright