By Kate Abnett
BRUSSELS (Multibagger) - The global climate is reaching unprecedented levels of warmth, with the European Union's climate change monitoring service reporting that the northern hemisphere just experienced its hottest summer since records began. This alarming trend is a clear indication of the intensifying effects of global warming.
The boreal summer of June to August this year surpassed the previous year to become the warmest on record worldwide, as stated by the Copernicus Climate Change Service (C3S) in their latest bulletin. The extreme heat seen this summer raises concerns that 2024 may surpass 2023 as the hottest year on record.
"The past three months of 2024 have seen record-breaking temperatures, including the hottest June and August, the hottest day ever recorded, and the warmest boreal summer on record," said C3S deputy director Samantha Burgess.
If countries do not take immediate action to reduce greenhouse gas emissions, the frequency and intensity of extreme weather events will only continue to escalate, warned Burgess. The primary cause of climate change is the emissions from burning fossil fuels.
This summer, the impacts of the changing climate were felt worldwide. In Sudan, heavy rains led to flooding that affected over 300,000 people and brought cholera to the country. Additionally, climate change was confirmed to be driving a severe drought in Sicily and Sardinia, while Typhoon Gaemi, intensified by climate change, caused devastation in the Philippines, Taiwan, and China.
Human-induced climate change, along with the natural weather phenomenon El Nino, have contributed to record-high temperatures earlier in the year. Copernicus noted a shift towards La Nina, the cooler counterpart of El Nino, due to below-average temperatures in the equatorial Pacific last month.
Despite the transition to La Nina, global sea surface temperatures remained unusually high in August, with average temperatures surpassing all previous years except for 2023. C3S' dataset dates back to 1940, which was cross-checked with other data to confirm that this summer was the hottest since the pre-industrial period in 1850.
Analysis: The record-breaking heat seen this summer is a clear indication of the escalating impacts of climate change. As global temperatures continue to rise, the frequency and intensity of extreme weather events are expected to increase, posing significant risks to communities, economies, and ecosystems worldwide. Investors and financial markets should take note of these trends, as climate-related events can have far-reaching implications on various sectors, from agriculture and insurance to energy and infrastructure. It is essential for individuals and businesses to consider the long-term impacts of climate change on their investments and financial decisions, as the effects of global warming are already being felt and will continue to shape our future.