England’s HSBC Issues Stark Warning:
Earth Is Running Out Of Resources To Sustain Life
original article from Forbes.com by Trevor Nace PhD, contributor to Forbes
England’s largest bank, HSBC, issued a warning that governments and businesses are not prepared for climate impacts as Earth continues to run out of resources to sustain human life.
The notice comes on the heels of “Earth Overshoot Day,” the day where humans have used the equivalent amount of resources, which calculates at what day humans have used an equivalent amount of resources the Earth can renew in a year.
Earth Overshoot Day occurred on August 1st of 2018, nearly 5 months short of the full year, a stark reminder that our resource use here on Earth cannot be sustained. In 1970, when the Global Footprint Network began this analysis, Earth Overshoot Day occurred just 2 days shy of the end of the year, on December 29th. Since then, every year the date gets pushed up earlier and earlier, now falling just 7 months into the year.
“In our view, adaptation to climate change will move further up the agenda with a growing focus on the social consequences as scientists work on attribution analysis for specific events,” noted Wai-Shin Chan, Head of Climate Change Centre for Excellence for HSBC.
While rare for a bank to chime in on climate change and environmental management, HSBC analysts believe it’s essential to include climate risks in future financial models. According to NASA, extreme weather events and natural disasters are tied to climate change and will become more severe and regular as Earth continues to warm.
See the original article at Forbes.com here