• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Shale Oil Fiasco
  • 10 mins Everything you think you know about economics is WRONG!
  • 45 mins Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 10 hours USA v China. Which is 'best'?
  • 9 hours Global Debt Worries. How Will This End?
  • 1 day My interview on PDVSA Petrocaribe and corruption
  • 9 hours Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 2 days Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 17 hours Quotes from the Widowmaker
  • 2 days Petroleum Industry Domain Names
  • 17 hours Tesla Launches Faster Third Generation Supercharger
  • 10 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 9 hours Winter Storms Hitting Continental US
Alt Text

There’s No Quick Fix To Global Emissions Growth

The International Energy Agency is…

Alt Text

Is This The Only Way To Curb Global Warming?

Unless greenhouse gas emissions fall…

Daniel J. Graeber

Daniel J. Graeber

Daniel Graeber is a writer and political analyst based in Michigan. His work on matters related to the geopolitical aspects of the global energy sector,…

More Info

Premium Content

World Bank: Leaders are Running out of Time on Climate Change

A report released from the World Bank warns that the consequences of warmer temperature trends are expected to grow severe even if governments stand by current emissions targets. A late October hurricane in the United States was attributed by some organizations to warmer ocean temperatures. The summer heat wave, meanwhile, brought criticism of renewable fuel mandates enforced by the U.S. Environmental Protection Agency. But if things continue as they have, the World Bank finds, the fallout from warmer temperature trends will affect "everything we do."

The World Bank, in a 104-page report, warns that global average temperatures are on pace to climb by 4°C by the end of the century "even if countries fulfil current emissions-reduction pledges."

In late October, the Union of Concerned Scientists stated that Hurricane Sandy, a Category 1 storm, tracked over an Atlantic Ocean that was about 5°C warmer than the seasonal average. The USC said higher temperatures mean the world's oceans are absorbing more heat, which may cause hurricanes to store more power as the atmosphere holds more precipitation. While the group said it wasn't clear if storms like Sandy may occur more frequently if warming trend continue, it was clear that "human-caused climate change is delivering a one-two punch."

Related Article: Homeless In New Jersey

Meanwhile, the World Bank report said sea levels have been rising faster than ever, in part because the ice coverage in Greenland and Antarctica is melting. Arctic sea ice levels, meanwhile, reached their lowest recorded level this September. For the agriculture sector, this warming trend left about 80 percent of the cropland in the United States affected by some degree of drought this year. The World Bank report warned that climate zones like the contiguous United States are likely to see their summer temperatures increase by more than 6°C.

For the U.S. agricultural sector, the drought left the corn harvest for the year at its lowest level in six years. With more than 40 percent of the annual harvest designated for ethanol, growers complained that a renewable fuels standard could cause them economic harm. The Environmental Protection Agency disagreed, however, saying the standard would "have little, if any, impact."

Former U.S. Vice President Al Gore, in a statement on the World Bank's report, said it was clear that world leaders were running out of time. Despite the fallout for ethanol, he said, the international community needs "a renewable energy revolution" to offset warming trends.

Related Article: China Energy Outlook: China's Energy Strategy for the Future

Outside the United States, meanwhile, the World Bank said a warmer climate is a major blow to underdeveloped countries that lack the economic power to take major steps to tackle the issue on their own. World Bank President Jim Yong Kim warned that doing nothing means younger generations may inherit a problem more severe and more damaging than their parents' generation.

"This report reinforces the reality that today’s climate volatility affects everything we do," said Rachel Kyte, the Bank’s vice president for sustainable development, in a statement.

By. Daniel J. Graeber of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • MJ on November 20 2012 said:
    When we see the Chief "PROFIT"-eer of the enviro movement ALGORE riding a bicycle or taking a bus, to reduce HIS carbon foot print this global warming scare may then have some credibility. (how about doing a piece on how much fuel ALGORE uses jetting around with his camp followers or burns up in electricity lighting up his Taj Mahal Palace)
    But until then put your efforts into something more constructive than promoting this religion of global warming (or is it "climate change" this week?).
  • Randy on November 21 2012 said:
    "A report released from the World Bank warns that the consequences of warmer temperature trends are expected to grow severe even if governments stand by current emissions targets. A late October hurricane in the United States was attributed by some organizations to warmer ocean temperatures."

    Since when did the World Bank become experts in climatology? This is insanity. A 'late October hurricane' is now the result of global warming? Sez who? Where's the data on that? The World Bank dug~up the numbers, did they? Where are they? Complete insanity.
  • evodevo on November 22 2012 said:
    Ah, yes, the two denialists are out in force. Ad hominem instead of facts. Typical.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play