New research has shown limiting global warming to 1.5C is bottom of the list for global businesses' desired outcomes at this year's Cop28. Scientists have warned that going beyond 1.5C will likely lead to irreversible tipping points on our planet.
'This year's Cop28 organisers would be wise to bring them to the table, not only to boost confidence in the process, but also to harness the immense resources and innovation that the private sector can bring to the fight against climate change.
A report, published by Price Waterhouse Coopers , found that FTSE 350 companies publicly reported voluntary carbon offset purchases totalling £38million in 2022. It also found that prices were expected to continue to rise until 2050, with the cost of the same volume of offsets peaking at £356million as businesses raced to meet net-zero targets.
'At 1.5C, we have five big tipping point systems that are likely to be crossed. One is the West Antarctic ice sheet. The other one is the Greenland ice sheet. The third one is all the tropical coral reef systems."The fourth one is abrupt thawing of permafrost in the boreal zone and the fifth one is the sea ice in the Bering Sea. These are likely to be crossed at 1.5C, but we don't know how many years can we stay beyond 1.5C before that tipping point is permanently occurring.
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