DNB chief warns Paris 1.5C climate goal is almost out of reach

The Paris climate goal of limiting global warming to 1.5C is “almost out of reach”, De Nederlandsche Bank president Olaf Sleijpen warned on Monday, saying the remaining carbon budget for that target is nearly exhausted. [1]

Speaking at the Green Swan conference in Manila, Sleijpen said a substantial overshoot of 1.5C within the next decade was “very likely”. He was speaking as chair of the Network for Greening the Financial System, a group through which central banks and financial regulators share experience on climate risks to financial institutions. [1]

Sleijpen also pointed to rising economic damage from climate change. He said governments could still limit its effects, but that the nearly 200 countries around the world would need to act quickly. [1]