Fund managers and investors attending the meeting want oil and gas majors to assess how compatible their assets are with global efforts to
avoid dangerous levels of warming.
Climate modeling and observational data suggest the world is already on track to
reach dangerous levels of warming by the end of the century, according to the two papers.
Replacing fossil fuels with renewables as the world's primary source of energy will not only save the planet
from dangerous levels of warming — it will also save the global economy $ 71 trillion by 2050, according to a report released by the International Energy Agency.
The AR5 also concludes that we're on track
for dangerous levels of warming, however Joe Romm at ClimateProgress notes that in some areas the assessment report gets the forecasts wrong:
The carbon bubble idea was launched in April 2013 to highlight the $ 674 billion of investments into oil, gas and coal that must stay in the ground if the world is to
avoid dangerous levels of warming.
Unfortunately this reflects the ongoing contradiction in many oil company positions that they want to increase oil production despite the importance of
preventing dangerous levels of warming.»
And «finally, no one can say with any certainty what constitutes
a dangerous level of warming, and therefore what level must be avoided.»
As he put it, «No one can say with any certainty what constitutes
a dangerous level of warming, and therefore what level must be avoided.»
Of course, this all depends on climate sensitivity and what is regarded as
a dangerous level of warming, as discussed on other posts on this site.
After years of resisting efforts to define
a dangerous level of warming in international climate discussions, the United States joined with the rest of the world's major industrial powers on Wednesday in a (non-binding) pledge to avoid warming the planet beyond a threshold long favored by European governments and many climate campaigners as a no - go zone.
Assessment of the dangerous level of CO2, and
the dangerous level of warming, is made difficult by the inertia of the climate system.
He said climate targets announced in the runup to the summit were boosting the chances of success — even though they fall short of what scientists say is needed to avoid
dangerous levels of warming.
But the United States opposed the adaptation assistance, arguing that there is no «certainty what constitutes
a dangerous level of warming.»