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US banks must consider climate risk: Fed's Powell
by Staff Writers
Washington (AFP) July 11, 2019

Families appeal EU court dismissal of climate case
Brussels (AFP) July 11, 2019 - Families from across Europe, Kenya and Fiji who tried to sue the European Union to impell it to do more to tackle climate change are appealing a decision to throw out their case, activists said Thursday.

The plaintiffs, who say climate change poses a threat to their homes and livelihoods, saw their case thrown out in May by the General Court of the European Union, which said individuals do not have the right to challenge the bloc's environmental plans.

"The appeal challenges the first instance court's (European General Court) narrow interpretation of 'direct and individual concern' which is a procedural reason to dismiss the case," according to the Climate Action Network (CAN), which is behind the case.

"In their appeal to the European Court of Justice, the plaintiffs argue that each and every one of them are individually and directly affected by climate change in many different ways depending on where they live, their age, occupation and health situation."

The European Court of Justice is the highest tribunal in the 28-nation bloc.

Experts have said the May 8 lower court ruling in Luxembourg on the "People's Climate Case" could have a major impact on future climate litigation.

The families filed suit last May against the European Union, claiming it must do more to limit climate change caused by greenhouse gas emissions and to mitigate the resulting droughts, floods and sea level rises.

The plaintiffs' lawyer Roda Verheyen voiced hope the high court "will adapt its interpretation of the EU treaties on access to justice" to shield citizens from the impact.

The lower court "denied to provide access to justice for the families and young people hit by the devastating impacts of climate change, essentially because there are many other people hit by the climate crisis," Verheyen said.

"This simply disrespects the very rationale of fundamental rights which is to grant protection to every single person," she said in a statement sent by CAN.

The plaintiffs include a Portuguese forester who had all his trees destroyed by wildfires in 2017 and a family from the Italian Alps which has seen the tourists their livelihoods depend on dwindle due to warmer winters.

Another complainant, Sanna Vannar, is a 23-year-old reindeer herder from Sweden's indigenous Sami group, which joined the suit.

In their ruling in May, the general court's judges acknowledged that "every individual is likely to be affected one way or another by climate change".

But it decided that this did not provide grounds for suing the EU, which has already committed to reduce emissions.

Risk from severe weather events is not usually linked to banks but increasingly must be included in their planning, the US central bank chief said Wednesday.

Federal Reserve Chairman Jerome Powell agreed that climate change is causing more extreme weather events, and said financial institutions the Fed supervises are required to factor that in, especially those in high risk areas.

He pointed to the impact of Superstorm Sandy which ravished the New York area in 2012.

"In a world where you have water lapping at the foot of the New York Fed, which is not that close to the water in downtown Manhattan, you know that you're going to need robust plans... to deal with severe weather events," Powell told a Senate committee.

The Fed looks at "cutting edge research" on the impact of climate on the economy.

"We do require financial institutions that we supervise to have a plan and an understanding to deal with severe weather events, particularly those in areas that are exposed to increased risk of severe weather," he said.


Related Links
Climate Science News - Modeling, Mitigation Adaptation


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CLIMATE SCIENCE
Dramatic warming projected in world's major cities by 2050
Washington (AFP) July 10, 2019
By the year 2050, London's climate will resemble Madrid's today; Paris will be more like Canberra; Stockholm like Budapest and Moscow like Sofia, according to a new analysis published Wednesday that relied on optimistic projections. The changes will be even more dramatic for the world's major tropical cities like Kuala Lumpur, Jakarta, and Singapore which will experience unprecedented climate conditions, resulting in extreme weather events and intense droughts. The study was carried out by scien ... read more

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