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With millions of people across five continents experiencing scorching heat last month, the European Union's (EU) climate agency, Copernicus <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">Climate Change</keyword> Service (C3S), confirmed on Monday that June was the warmest on record. It also marked the 12th consecutive month of <keyword id="20524196" type="General" weightage="20" keywordseo="global-temperatures" source="keywords">global temperatures</keyword> reaching <keyword id="22325521" type="General" weightage="20" keywordseo="1-5-degrees-Celsius" source="keywords">1.5 degrees Celsius</keyword> above the pre-industrial average. According to scientists at C3S, every month since June last year has been the warmest such month on record. In January, the world completed an entire year with the mean surface air temperature exceeding the 1.5-degree Celsius threshold. June was the 12th consecutive month with monthly average temperatures above the 1850-1900 pre-industrial average. At the 2015 UN climate talks in Paris, world leaders committed to limiting the global average temperature rise to 1.5 degrees Celsius above the pre-industrial period to avoid the worst impacts of climate change. However, a permanent breach of the 1.5-degree Celsius limit specified in the <keyword id="20104670" type="General" weightage="20" keywordseo="Paris-Agreement" source="keywords">Paris Agreement</keyword> refers to long-term warming over a 20 or 30-year period. Earth's global surface temperature has already increased by around 1.2 degrees Celsius compared to the average in 1850-1900 due to the rapidly-increasing concentration of <keyword id="20649149" type="General" weightage="20" keywordseo="greenhouse-gases" source="keywords">greenhouse gases</keyword> -- primarily carbon dioxide and methane -- in the atmosphere. This warming is considered to be the reason behind record droughts, wildfires and floods worldwide. According to new data, June 2024 was the warmest on record, with an average surface air temperature of 16.66 degrees Celsius, 0.67 degrees Celsius above the 1991-2020 average for the month and 0.14 degrees Celsius above the previous high set in June 2023. "The month was 1.5 degrees Celsius above the estimated June average for 1850-1900, the designated pre-industrial reference period, making it the 12th consecutive month to reach or break the 1.5-degree threshold," C3S said in a statement. It was also the 13th consecutive month of <keyword id="21477127" type="General" weightage="20" keywordseo="record-high-temperatures" source="keywords">record-high temperatures</keyword>, a result of the combined effect of the 2023-24 El Nino event and human-caused climate change. While unusual, a similar streak of monthly global temperature records happened previously in 2015-16. "This is more than a statistical oddity and highlights a large and continuing shift in our climate. Even if this specific streak of extremes ends at some point, we are bound to see new records being broken as the climate continues to warm. This is inevitable, unless we stop adding greenhouse gases into the atmosphere and the oceans," said Carlo Buontempo, the director of C3S. The European climate agency said the global average temperature for the last 12 months (July 2023-June 2024) is the highest on record, at 0.76 degrees Celsius above the 1991-2020 average and 1.64 degrees Celsius above the 1850-1900 pre-industrial average. The world's sea surface in June was also the highest ever recorded for the month. Several countries experienced record-breaking heat and devastating floods and storms in June. According to an analysis by Climate Central, an independent group of scientists and communicators based in the United States, more than 60 per cent of the world population faced extreme heat that was made at least three times more likely by climate change during June 16-24. Climate Central said the blistering heat in June impacted 619 million (61.9 crore) people in India, 579 million (57.9 crore) in China, 231 million (23.1 crore) in Indonesia, 206 million (20.6 crore) in Nigeria, 176 million (17.6 crore) in Brazil, 171 million (17.1 crore) in Bangladesh, 165 million (16.5 crore) in the US, 152 million (15.2 crore) in Europe, 123 million (12.3 crore) in Mexico, 121 million (12.1 crore) in Ethiopia and 103 million (10.3 crore) in Egypt. According to the India Meteorological Department (IMD), northwest India recorded its warmest June since 1901. India, which experienced one of its hottest and longest heatwaves, recorded more than 40,000 suspected heatstroke cases and over 100 heat-related deaths. The intense heat overwhelmed the water supply system and power grids, with Delhi grappling with a severe water crisis. According to the IMD, 11 states recorded 20 to 38 heatwave days -- up to four times the usual number of such days -- during the April-to-June period. The mercury breached 50 degrees Celsius in parts of Rajasthan, with night temperatures hovering around 35 degrees Celsius in many places. Temperatures were most above average over eastern Canada, the western United States and Mexico, Brazil, northern Siberia, the Middle East, northern Africa, and western Antarctica. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-mukesh-ambani-led-telco-might-be-gearing-up-for-indias-biggest-ipo/articleshow/111519009.cms">Reliance Jio IPO – Mukesh Ambani-led telco might be gearing up for India’s biggest IPO</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-vs-vi-prepaid-plans-comparison-plan-benefits-and-price-comparison-after-tariff-hike/articleshow/111512587.cms">Jio vs Airtel vs Vi recharge plans comparison – plan benefits and price comparison after tariff hike</a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

June warmest on record; every month since July 2023 breached 1.5 deg C threshold

<ul class="summary-list"><li>President-elect Donald Trump has questioned the reality of the climate crisis.</li><li>He's expected to withdraw the US from the Paris Agreement, which he also did in his first term.</li></ul>President-elect Donald Trump has long questioned the reality of the climate crisis, describing it as a "scam" and accusing policies to tackle the crisis of destroying US jobs.Many expect him to withdraw the US from the Paris Agreement to limit emissions upon taking power in January, as he did in his first term.But his hostility to green policies conflicts with another of his priorities — challenging the rise of China."A second US withdrawal from the Paris Agreement would present a significant opportunity for China to expand its leadership role in multilateral climate issues," Herbert Crowther, an analyst with the Eurasia Group in New York told Business Insider.Trump's victory is overshadowing this week's UN climate summit in Baku, Azerbaijan, where pledges from Biden administration officials are tempered by the fact they won't be around for long.And China is already positioning itself to fill the power vacuum and build its global influence."In the week since the election, we're already seeing China try to claim the mantle of global climate leadership and portray itself as the more "responsible" actor in this space," Lily McElwee, fellow in the Freeman Chair in China Studies at the Center for Strategic and International Studies in Washington, DC, told Business Insider."Beijing is out in force at COP29 calling for the United States under Trump to engage in 'constructive dialogue' and highlighting China's contributions to decarbonization through major investments in electric vehicles and other greentech industries."<div type="image" title="Chinese solar power station" height="576" width="1024" msid="115335201" hostid="261" sizebytes="137800"></div><h2 id="f89b9ca3-aa4a-4bb2-a5bf-27324f610f4d">The green tech superpower</h2>China has a curious position as both the world's largest polluter, and a powerhouse of green technology.It tops the <a target="_blank" class="" href="https://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#">rankings for greenhouse emissions</a>, which helped power its huge economic growth in recent decades. In 2020, President Xi Jinping pledged that China would become <a target="_blank" class="" href="https://chinaeucn.com/carbon-neutrality-china/#:~:text=In%20September%202020%2C%20president%20Xi,carbon%20neutrality%20to%20the%20world.">carbon neutral by 2060,</a> and it's on track this year to record its first drop in greenhouse <a target="_blank" class="" href="https://www.businessinsider.com/china-meeting-us-climate-solar-panels-coal-power-energy-security-2024-5">emissions since 2016.</a>At the same time, China has pushed harder to produce its own green technology — and sell it to the rest of the world.It is the world's largest producer of electric vehicles and solar panels, and the percentage of its energy coming from renewable sources <a target="_blank" class="" href="https://www.iea.org/reports/renewables-2023/executive-summary#">is rapidly growing.</a>That work brings practical and economic benefits. Analysts also point to other motives for Beijing's green push: influence and power."Where the Trump administration sees renewable energy as a threat to jobs, China is leveraging clean energy as part of a long-term strategic gambit," wrote <a target="_blank" class="" href="https://www.brookings.edu/articles/chinas-belt-and-road-initiative-is-poised-to-transform-the-clean-energy-industry/">Daniel Araya of the Brookings Institute in Washington, DC, in 2018.</a>China, as part of its "Belt and Road" initiative to grow its global influence, has provided developing countries with renewable energy technologies, including wind farms."Green tech plays a critical role in Xi's economic vision. While China has spent a decade trying to catch up to the United States and other advanced economies in existing tech (like semiconductors), it is increasingly focused on securing leadership in emerging industries like cleantech," said McElwee.The strategy is paying off, with global demand for renewable energy production technologies predicted to surge, and China set to account for 60% of installed global renewable energy capacity by 2030, according to an <a target="_blank" class="" href="https://www.iea.org/news/massive-global-growth-of-renewables-to-2030-is-set-to-match-entire-power-capacity-of-major-economies-today-moving-world-closer-to-tripling-goal">October report by the International Energy Agency.</a>The US lags China as a clean tech economic power.Trump has been explicit about his plans to repeal and otherwise roll back climate policies from the Biden administration.That included <a target="_blank" class="" href="https://www.politico.com/news/2024/09/05/trump-inflation-reduction-act-00177493">a pledge</a> just before the election to "rescind all unspent funds" from President Joe Biden's Inflation Reduction Act, which provided billions in funding for clean tech.<h2 id="d064aeb1-2497-4d9c-b893-7e2c1b98241d">Will China step up? </h2>There are also doubts over how much China is willing to take an international leadership role on climate issues.It's been wary of international agreements to tackle climate change in the past, and last year was accused by European officials of <a target="_blank" class="" href="https://www.reuters.com/business/environment/china-denies-reports-it-obstructed-g20-climate-discussions-2023-08-02/#:~:text=China%20denies%20reports%20it%20obstructed%20G20%20climate%20discussions%20%7C%20Reuters">obstructing G20 efforts </a>to tackle the climate crisis, Reuters reported. Assuming a leadership role would likely require China to send money to other countries, said Crowther. "The key question for officials in Beijing will now turn to whether China wants to deepen its financial commitments to helping other countries—particularly emerging markets—accelerate their own energy transitions," he said.Crowther said the run up to next year's COP30 summit in Brazil would provide clues of China's intentions. Ultimately, Xi may be more interested in cementing China's economic advantages than in concrete diplomatic pledges. "Although Beijing will try to boost its image as a global leader on climate change, I don't know how much substance will follow," said McElwee.

Trump called the climate crisis a scam. It could prove a gift to China.

<ul class="summary-list"><li>Climate change has become one of the more polarizing issues dividing Americans in recent years.</li><li>Biden and Trump have starkly different approaches in their handling of climate issues.</li></ul>For millions of Americans, there's nothing more important than the well-being of the environment.From the protection of lakes and streams to the battle to curb greenhouse gas emissions, many voters in the upcoming US presidential election want to see the federal government play an active role in climate issues.But some voters also oppose stronger federal oversight of the environment, arguing that the economic benefits of increased oil drilling is paramount — while also dismissing global agreements on climate change as detrimental to the country's autonomy.One thing is clear though: the lion's share of voters believe that climate change is real.The latest quarterly survey from the Yale Program on Climate Change Communication revealed that <a target="_blank" href="https://climatecommunication.yale.edu/wp-content/uploads/2024/01/climate-change-american-mind-beliefs-attitudes-fall-2023.pdf">72% of Americans believed that climate change was occurring</a>, while only 15% disagreed. That same survey showed that 58% of Americans felt global warming was caused by humans, while 29% believed it was a natural occurrence.And the divergence in views on the cause of climate change has hardened political divides in recent years, with Democrats largely pushing for more protections while the GOP has been more receptive to energy interests who have largely opposed such rules.Here's a look at President Joe Biden and former President Donald Trump's positions on climate — which is <a target="_blank" href="https://www.businessinsider.com/biden-climate-change-young-voters-environment-greenhouse-emissions-ev-2024-5">poised to be a defining issue for Gen Z and millennial voters</a> this fall.<h2 class="premium" id="24b5896f-83f5-4b23-b6a1-42591ce94e58">Where Joe Biden stands on climate</h2>Biden has sought to position himself as one of the most pro-environment presidents in US history, following in the footsteps of his onetime boss, President Barack Obama.Under Obama, the US joined the Paris Agreement, an international treaty which was <a target="_blank" href="https://www.businessinsider.com/what-did-us-agree-to-paris-climate-deal-2017-5">crafted to significantly reduce the level of greenhouse emissions</a>. But President Donald Trump withdrew from the plan while in office, blasting it as detrimental to the US economy.On the same day as his January 2021 inauguration, <a target="_blank" rel="" href="https://www.businessinsider.com/biden-rejoins-paris-climate-accord-and-who-revokes-muslim-ban-2021-1">Biden rejoined the Paris climate accord</a>, putting the country back in line with nearly 200 countries that pledged to cut greenhouse gas emissions.That same day, Biden also revoked a key presidential permit for the Keystone XL oil pipeline, a project championed by Trump but opposed by many Democrats, environmental groups, and an array of Native American communities.In September 2023, <a target="_blank" href="https://alaskabeacon.com/2023/09/06/biden-administration-cancels-last-leases-in-alaskas-arctic-national-wildlife-refuge/">Biden canceled seven Trump-era oil and gas leases in the Alaska National Wildlife Refuge</a> (ANWR), which contains some of the most pristine lands in the country.Biden has also pushed through new Environmental Protection Agency (EPA) rules that will limit tailpipe emissions from future trucks and passenger vehicles and strengthen the reporting requirements of methane emissions from oil and natural gas operations.<h2 class="premium" id="f1ae9709-788e-4028-b531-939bd28ae611">Where Donald Trump stands on climate</h2>Trump's staunch opposition to the Paris Agreement is well-known.During his first term in office, he rolled back key environmental protections, opening up lands to logging and even <a target="_blank" href="https://www.washingtonpost.com/climate-environment/2022/01/09/energy-efficiency-climate-change-biden/">weakening efficiency standards for dishwashers and lightbulbs</a>.In April 2024, Trump suggested to a group of wealthy oil executives assembled at Mar-a-Lago that <a target="_blank" href="https://www.washingtonpost.com/politics/2024/05/09/trump-oil-industry-campaign-money/">they should collectively raise $1 billion to help him win a second term</a> in order to dismantle regulations that they oppose, according to The Washington Post. Per the newspaper, Trump then stated that such a sum would amount to a "deal," as the executives would avoid more stringent rules with him in the Oval Office.Trump has also railed against Biden's strong support of electric vehicles, arguing that their ramped-up production will hurt the economy. The ex-president hopes that such a message will gain steam in places like Michigan — the Midwestern battleground state where he hopes to upset the incumbent in November.The <a target="_blank" href="https://www.project2025.org/policy/">Project 2025 proposal</a>, which outlines what Trump would do early in a second term, spells out the approach that his administration would likely take regarding oil and gas production — which the former president strongly advocated for while in office.Two of goals for a Trump-run Department of Energy: "Unleash private-sector energy innovation by ending government interference in energy decisions" and "Stop the war on oil and natural gas."

Is the climate your top issue? Here's a guide to each candidate's stance.

<ul class="summary-list"><li>Scientists want $60 million to try trapping carbon dioxide in the sea floor off the coast of Canada.</li><li>They say reactive basalt rock across the planet could turn CO2 into rock at the bottom of the ocean.</li></ul>A major solution to the climate crisis may lie at the <a target="_blank" href="https://www.businessinsider.com/scientists-crack-mystery-of-huge-gravity-hole-in-the-indian-ocean-2023-6">bottom of the ocean</a>.Across the planet, basalt rock deposits on the sea floor have the potential to trap carbon dioxide, <a target="_blank" href="https://www.businessinsider.com/sargassum-turning-smelly-seaweed-into-a-carbon-removal-opportunity-2023-5">removing the heat-trapping gas from our atmosphere</a>.That's why a team of scientists wants to build floating rigs at strategic offshore locations. Rather than extracting oil from the ocean floor — as offshore rigs currently do — these futuristic platforms would be injecting CO2 into it.Powered by their own wind turbines, the floating stations would <a target="_blank" href="https://www.businessinsider.com/carbon-capture-storage-expensive-climate-change-2021-9">suck carbon dioxide out of the sky</a> (or even out of seawater) and pump it into holes in the sea bed.The scientists call their project Solid Carbon because, if it works as they expect, the CO2 they inject will forever be rock at the bottom of the ocean.<div type="image" title="bottom of the ocean sandy rock formation in dark waters" height="1500" width="2958" msid="111293862" hostid="261" sizebytes="72820"></div>"That makes carbon storage very durable and very safe," Martin Scherwath, a geophysicist working on the project and a staff scientist at Ocean Networks Canada, told Business Insider.Unlike other storage techniques, we wouldn't have to worry about carbon returning to the atmosphere and <a target="_blank" href="https://www.businessinsider.com/heat-waves-are-dominating-summer-and-its-not-abnormal-anymore-2022-7">raising global temperatures</a>.It's not yet certain whether these oceanic carbon-removal factories would work as expected. First, the scientists need about $60 million to test a prototype at sea.<h2 id="53f09086-6783-45c9-a518-2850153add7d">How the bottom of the ocean could remove carbon from the sky</h2>The scientists estimate that, worldwide, basalt rock could permanently store more carbon than all of Earth's fossil fuels can emit. Just look at this map of potential sites across the planet, marked in yellow.<div type="image" title="world map with vast yellow patches snaking through all the oceans and some big splotches within each continent" height="769" width="1023" msid="111293863" hostid="261" sizebytes="76958"></div>That doesn't mean it's safe to keep burning fossil fuels indiscriminately. This strategy is unlikely to be technologically, politically, and economically feasible in every location on the map. It will also be slow and expensive to scale up.Still, the scientists say just a few rigs could make a big difference. In the Cascadia Basin off Canada's west coast, near Vancouver Island, there's room for about 20 years' worth of global carbon emissions, according to Scherwath. That's where they hope to conduct a field test."The reason that that location is so appealing, is that it's probably the spot on the globe where we know the most, have the most data, the most scientific expeditions, the most studies about the nature of the ocean crust," David Goldberg, a geophysicist and professor of climate science and carbon management at Columbia University, who's been developing this idea since 1997, told BI.<div type="image" title="map shows vancouver island canada above Washington USA with a star marking the proposed injection site for solid carbon far offshore in the ocean" height="941" width="2000" msid="111293856" hostid="261" sizebytes="47484"></div>The plan rests on a chemical reaction that already occurs naturally. Basalt rock is highly reactive, full of metals that readily grab CO2 and chemically combine with it to form carbonate minerals.The basalt also tends to be broken up and porous, leaving plenty of room for new carbonates to fill in.In Iceland, a project called CarbFix has proven a small-scale version of this process, dissolving CO2 in water (yes, that's sparkling water) and injecting it into underground basalt.Within two years, the CO2 gas mineralizes, becoming rock deep underground.<h2 id="988d2238-1182-4b6d-8b5d-82fc9c3778ca">The final stretch of reversing climate change</h2>These oceanic carbon-storing factories would be a giant and costly undertaking — exactly the kind of mega-project we may eventually have to resort to if we want to cool the planet back to pre-industrial temperatures."We have to come up with the money. I don't think there's a way around it," Scherwath said.That said, Solid Carbon is no substitute for the basic, immediate measures that climate experts worldwide are calling for, including swapping fossil fuels for renewable energy and <a target="_blank" href="https://www.businessinsider.com/food-system-role-in-climate-crisis-possible-solutions-2019-8">reducing the carbon emissions of our food systems</a>.Rather, Scherwath says this is one of our later carbon-capture options, decades from now, to shave off the last few tenths of a degree of global warming. To have the option, though, we need to start developing it now.According to one <a target="_blank" href="https://nap.nationalacademies.org/catalog/25259/negative-emissions-technologies-and-reliable-sequestration-a-research-agenda">report</a> from the National Academies of Science, Engineering, and Medicine, the world may need to draw down 10 billion tons of CO2 each year in order to reach net zero emissions by 2050 and have any chance of restricting global warming to the targets set forth in the Paris Agreement.To reach that goal, "you're gonna need every last drop," Goldberg said.That can include restoring ecosystems that naturally store carbon, like forests and wetlands, as well as capturing CO2 straight from the atmosphere and storing the gas underground in depleted oil and gas reservoirs.<div type="image" title="Seattle Shell Arctic offshore drilling" height="2865" width="4909" msid="111293861" hostid="261" sizebytes="1262212"></div>The trouble with those methods is the carbon could escape, via forest fires or seeping up through abandoned oil wells.Solid Carbon scientists say carbon rock is stuck on the sea floor for thousands of years. They also argue that in the ocean, there's plenty of room to scale up and little risk of <a target="_blank" href="https://www.businessinsider.com/america-build-infrastructure-transportation-housing-regulation-environment-2023-11">disgruntled neighbors fighting the project</a>."This is a good compliment to the other methods, but it's also the most expensive one," Scherwath said.<h2 id="ea90e680-4951-4f9c-bb5f-c9980aae11ac">Seeking $60 million</h2>The Solid Carbon demo would send out a ship with pre-captured CO2, drill a hole in the sea floor, and inject it there. They would use an existing cable network to monitor the site and check for any escaping gas.The trouble is funding. The group has applied for federal grants in the US and Canada, as well as foundations, according to Goldberg. So far they've been unable to secure the $60 million they need to run the pilot.Goldberg suspects that's partly because there's no clear way to make money from capturing carbon and shooting it into the bottom of the sea."I mean, climate change is so expensive," Scherwath said. "The way to think about it might be similar to sewage treatment in cities, like it has to be done."If they had the money, Goldberg thinks they could start running the pilot in a year or two.

Scientists want to pump carbon into a hole at the bottom of the ocean in a $60 million pilot project to help stop climate change

<ul class="summary-list"><li>If elected, Donald Trump has promised to maintain the dollar as the world's reserve currency.</li><li>But his policies risk deteriorating faith in the greenback, according to one think tank.</li></ul>The Republican National Committee unveiled Donald Trump's presidential platform this week, a <a target="_blank" href="https://www.donaldjtrump.com/news/c0155701-c251-456c-b69a-db3b33061f88">20-point list</a> of principles that will guide the party.At number 13, the former president pledged to keep the US dollar in place as the world's main reserve currency.But a second Trump term might actually erode greenback's dominant role, wrote Mark Sobel, US chair of the Official Monetary and Financial Institutions Forum.If a threat were to materialize, its source would not be foreign, he wrote in a paper last February. Instead, the likely risk would stem from "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-dominance-us-debt-economy-brics-rival-currency-2024-2">severe deterioration</a>" in the US's economic and financial conditions, as fiscal soundness under Trump would be unlikely, Sobel said."While dollar dominance remains entrenched, both the platform and Trump policies would mean less confidence and trust in American leadership, weakened macroeconomic management and enormous burdens on markets to finance a large supply of Treasuries," the former Treasury economist summarized.Take fiscal policy, for instance. Sobel writes that the US needs to abandon its "mammoth deficits" if it wants to keep US debt levels manageable over the coming decades, and yet Trump's pledges <a target="_blank" href="https://www.businessinsider.com/donald-trump-tax-cuts-ceos-tim-cook-jamie-dimon-wall-street-2024-6">large tax cuts</a> and <a target="_blank" href="https://www.businessinsider.com/trump-platform-social-security-medicare-retirement-age-end-inflation-2024-7">no decrease to Social Security</a> or Medicare.Trump has also promised implementing a universal tariff of 10%, which most economists agree would be inflationary. Meanwhile, plans for mass immigration are expected to slow US growth, Sobel cited.Together, these would weigh on dollar's stability, although stop short of giving another currency an opening to dethrone it, he said.Sobel has previously noted that dollar reserves would slip if the geopolitical environment keeps fragmenting. This too looks likely under a Trump administration.During his first term, Trump threatened to leave NATO and took the US out of key agreements, such as the Iran nuclear deal, Paris Climate Accord and Trans-Pacific Partnership, Sobel wrote."Despite the platform's assertion that alliances will be strengthened, will the US remain a trusted partner? Can its strong ties persist?" he asked.And Trump more frequently deployed sanctions than president Biden has — the practice is often cited as a key reason other countries are look to de-dollarize their reserves.Sobel doesn't expect the greenback's dominance to slip in any meaningful form over the next four years, even if these conditions do deteriorate. But Trump's own policies get in the way of his platform, he said."Policy and actions speak louder than slogans," he wrote.

How a Trump 2.0 presidency could threaten dollar dominance, according to a think tank

<ul class="summary-list"><li>A dearth of key <keyword id="11895968" type="UNKNOWN" weightage="60" keywordseo="metals" source="Orion">metals</keyword> important for future technologies will prevent countries from meeting the Net Zero global <keyword id="12152918" type="UNKNOWN" weightage="60" keywordseo="emissions" source="Orion">emissions</keyword> target by 2050, says Bank of America. </li><li>The bank has identified 27 so-called MIFTs including lithium, cobalt and copper. </li></ul>Global climate ambitions set in the landmark <keyword id="14091082" type="UNKNOWN" weightage="60" keywordseo="paris-accord" source="Orion">Paris Accord</keyword> will be knocked off course if shortages of key raw materials persist and the mining industry doesn't ramp up investment, Bank of America said Wednesday. The agreement reached in 2015 between nearly 200 countries to drastically cut down greenhouse-gas emissions had a target to limit global warming to 1.5 degrees Celsius by 2050 in the pursuit of Net-Zero emissions. "Mined raw materials are key to the energy transition but a dearth of many metals important for future technologies (MIFTs) is putting Net Zero at risk. The world is only slowly waking up to this threat," Michael Widmer, head of metals research at Bank of America, said in a note from the bank's <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> research team. The bank identified 27 MIFTs — including lithium, cobalt, manganese, iridium, molybdenum and copper, and nickel and aluminum — with uses ranging from energy storage to powering electric vehicles and wind applications. A global warming limit level of 1.7 to 1.8 degrees Celsius looks likely based on current resource endowment and market balances. "One solution to resolving shortages and constraints, as ever, lies in investment." The mining industry may need to nearly double capital expenditures to $160 billion a year for the world to hit the Net Zero goal by 2050. Global mining capex averaged around $99.5 billion per year in the past decade, it said. "This may sound expensive, but from a financial standpoint, boosting investment in MIFTs could be highly rewarding," said Widmer, noting the United Nations estimates adaption expenses of $140 billion to $300 billion per year by 2030 in developing countries alone. "Based on the mining CAPEX required to achieve Net Zero, although this may simplify it a bit, the return on that investment could be somewhere between +94-317%. So, moving towards Net Zero would require investment in mining, but this would potentially save on adaptation costs." BofA said China stands out as the largest producer of many critical resources, raising some concerns over supply risks. The country is the largest producer of cadmium, gallium, graphite, iridium, and other metals. <div type="image" title="A Bank of America chart shows figures for global mining capital expeditures." height="1130" width="2208" msid="91948528" hostid="261"></div>

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June warmest on record; every month since July 2023 breached 1.5 deg C threshold

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Trump called the climate crisis a scam. It could prove a gift to China.

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Is the climate your top issue? Here's a guide to each candidate's stance.

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Scientists want to pump carbon into a hole at the bottom of the ocean in a $60 million pilot project to help stop climate change

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How a Trump 2.0 presidency could threaten dollar dominance, according to a think tank

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Global emissions goals won't be met by 2050 if metal shortages aren't addressed and mining firms don't ramp up investment, Bank of America says

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