•   
  •   

Sport Scientists warn over misuse of climate models in financial markets

18:25  11 february  2021
18:25  11 february  2021 Source:   reuters.com

Dow soars 476 points as investors cheer unwinding of day-trader choppiness

  Dow soars 476 points as investors cheer unwinding of day-trader choppiness US stocks climbed for the second consecutive session as volatility surrounding recent Reddit-fuelled rallies died down. GameStop, AMC Entertainment, and other Reddit favourites tumbled as retail investors took profits. Alphabet and Amazon will preview Wednesday's action when they reporting earnings after the close. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. US equities surged for the second straight day as day-traders dumped recent favourites and the market erased more of last week's losses.

Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. But the authors of a peer-reviewed article t.co/oVO3rI6YyT?ssr=true in Nature Climate Change warned that the drive to integrate global warming into financial decision-making had leap-frogged the models used to simulate the climate by "at least a decade".

Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. With heat waves, wildfires, massive storms and sea-level rises projected to intensify as the planet warms, companies are under growing pressure to disclose how the disruption could affect their businesses. But the authors of a peer-reviewed article in Nature Climate Change warned that the drive to integrate global warming into financial decision-making had

By Matthew Green

a plane flying in the air with smoke coming out of it: FILE PHOTO: A helicopter makes a water drop on flames as firefighters battle the wind driven Bond Fire wildfire near Lake Irvine in Orange County, California © Reuters/MIKE BLAKE FILE PHOTO: A helicopter makes a water drop on flames as firefighters battle the wind driven Bond Fire wildfire near Lake Irvine in Orange County, California

LONDON (Reuters) - Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday.

With heatwaves, wildfires, massive storms and sea-level rises projected to intensify as the planet warms, companies are under growing pressure to disclose how the disruption could affect their businesses.

Amazon rises 2% after Jeff Bezos announces plans to step down as CEO following blockbuster 4th-quarter earnings

  Amazon rises 2% after Jeff Bezos announces plans to step down as CEO following blockbuster 4th-quarter earnings Amazon rose 2% on Wednesday after Jeff Bezos announced plans to step down amid strong Q4 results. Andy Jassy, who is taking over the top spot, has been a critical driver of Amazon's growth in recent years.The company delivered a strong beat on fourth-quarter earnings as its revenue grew 44%, topping $US100 billion in a quarter for the first time.

Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. With heatwaves, wildfires, massive storms and sea-level rises projected to intensify as the planet warms, companies are under growing pressure to disclose how the disruption could affect their businesses. But the authors of a peer-reviewed article in Nature Climate Change warned that the drive to integrate global warming into financial decision-making had

LONDON - Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. With heatwaves, wildfires, massive storms and sea-level rises projected to intensify as the planet warms, companies are under growing pressure to disclose how the disruption could affect their businesses. But the authors of a peer-reviewed article http

But the authors of a peer-reviewed article http://dx.doi.org/10.1038/s41558-020-00984-6 in Nature Climate Change warned that the drive to integrate global warming into financial decision-making had leap-frogged the models used to simulate the climate by "at least a decade".

"In the same way that a Formula One Grand Prix car is not what you would use to pop to the supermarket, climate models were never developed to provide finessed information for financial risk," said Andy Pitman, a climate scientist at the University of New South Wales and a co-author of the paper.

Improper use of climate models could lead to unintended consequences, such as "greenwashing" some investments by downplaying risks, or hitting the ability of companies to raise debt by exaggerating others, the authors said.

23andMe to go public via SPAC with backing from Richard Branson in $3.5 billion deal

  23andMe to go public via SPAC with backing from Richard Branson in $3.5 billion deal 23andMe is going public by merging with Richard Branson's SPAC, VG Acquisition Corp. The deal will value the consumer genetics and research company at around $US3.5 billion. 23andMe CEO and co-founder Anne Wojcicki and Virgin Group's Richard Branson will each invest $US25 million in the deal. Sign up here for our daily newsletter, 10 Things Before the Opening Bell . 23andMe, the consumer genetics company that popularised at home DNA test kits, is going public via merger with a SPAC. The company will merge with Richard Branson's VG Acquisition Corp. in a deal that gives 23andMe an enterprise value of $US3.

LONDON: Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. But the authors of a peer-reviewed article in Nature Climate Change warned that the drive to integrate global warming into financial decision-making had leap-frogged the models used to simulate the climate by "at least a decade". "In the same way that a Formula One Grand Prix car is not what you would use to pop to the supermarket

LONDON (Reuters) – Misuse of climate models could pose a growing risk to financial markets by giving investors a false sense of certainty over how the physical impacts of climate change will play out, according to the authors of a paper published on Monday. “In the same way that a Formula One Grand Prix car is not what you would use to pop to the supermarket , climate models were never developed to provide finessed information for financial risk,” said Andy Pitman, a climate scientist at the University of New South Wales and a co-author of the paper.

The problem is that existing climate models have been developed to predict temperature changes over many decades, at global or continental scales, whereas investors generally need location-specific analysis on much shorter timeframes.

Neither are climate models designed to simulate extreme weather events, such as storms, which can cause sudden financial losses.

To bridge the gap, the authors called for the development of new forms of climate projection to support the financial sector, backed by "climate translators" qualified to help regulators, investors and companies make better use of the science.

"Businesses like using models, because the numbers give them a sense of security," said Tanya Fiedler, a lecturer at the University of Sydney and lead author of the paper. "It doesn't necessarily mean the numbers are reliable."

(Reporting by Matthew Green; Editing by Hugh Lawson)

Scientists are divided over whether climate change is fueling extreme cold events .
Is the cold wave that froze Texas this week a unique event or a sign of what’s to come?States like Texas with milder winters were caught off guard by the chill, which led to a massive spike in energy demand and a huge drop in available electricity as the infrastructure around natural gas, coal, nuclear, and wind energy froze up. Tuesday was the coldest day in North Texas in 72 years, with the Dallas-Fort Worth area reaching a record low temperature of minus 2 degrees Fahrenheit this week.

usr: 0
This is interesting!