Environment

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Environmental and ecological discussion, particularly of things like weather and other natural phenomena (especially if they're not breaking news).

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Climate crisis on track to destroy capitalism, warns top insurer (www.theguardian.com)

submitted 21 hours ago by Powderhorn to c/environment

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No governments will realistically be able to cover the damage when multiple high-cost events happen in rapid succession, as climate models predict, Thallinger said. Australia’s disaster recovery spending has already increased sevenfold between 2017 and 2023, he noted.

The idea that billions of people can just adapt to worsening climate impacts is a “false comfort”, he said: “There is no way to ‘adapt’ to temperatures beyond human tolerance … Whole cities built on flood plains cannot simply pick up and move uphill.”

At 3C of global heating, climate damage cannot be insured against, covered by governments, or adapted to, Thallinger said: “That means no more mortgages, no new real estate development, no long-term investment, no financial stability. The financial sector as we know it ceases to function. And with it, capitalism as we know it ceases to be viable.”

Shame no one was sounding the alarm bells when we still had a chance to reverse this outcome.

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[–] remington 1 points 21 hours ago (2 children)

[–] Powderhorn 2 points 19 hours ago (1 children)

Unfortunately, the climate crisis doesn't really bring the room together.

[–] remington 2 points 19 hours ago

I pee what you did there.