Good morning, Peter Vanham here in Geneva, filling in for Alan.
One of the business challenges with climate change is that it's too often considered a long-term threat. But the World Meteorological Organization (WMO) is warning that global warming is, in fact, a very short-term reality.
The WMO’s latest global climate update, released this morning, says:
—The annual mean global temperature for each year between 2023 and 2027 is predicted to be between 1.1°C and 1.8°C higher than pre-industrial levels.
—The chance of at least one year between 2023 and 2027 exceeding the warmest year on record, 2016, is very likely (98%).
—The chance of the five-year mean for 2023-2027 being higher than the last five years (2018-2022) is also very likely (98%).
The WMO also warned of regional anomalies, such as the return of a warming El Niño, reduced rainfall in the heavily forested Amazon region and Indonesia, and accelerated warming in the Arctic regions.
These headline predictions mean it’s time for CEOs to reflect on the role of climate, Dr. Christopher Hewitt, WMO director of climate services, told me in Geneva.
“You need to understand the baseline to see how vulnerable you are,” he said. “Large events such as El Niño and La Niña drive weather and climate—factoring them in makes you more resilient.”
As a first step, he suggested companies hire meteorologists or even appoint a “chief climate officer,” or contact meteorological services such as the National Weather Service and the Climate Prediction Center.
“It is already happening,” he said of CEOs and other executives contacting him. “They want to understand the impact of how climate is varying, and what factors affect them in the years to come.
Such exchanges will allow businesses to make “no regret decisions,” such as a theme park climate-proofing its attractions or an energy company forecasting returns of hydro or solar installations.
“There are risks, but there are ways to turn them into opportunities,” he said.
More news below.
Peter Vanham
peter.vanham@fortune.com
@petervanham
