Tackling global warming could increase GDP per capita by 60% in developed countries

Research led by the Organisation for Economic Co-operation and Development (OECD) and the UN Development Programme argues that taking strong action to tackle the climate crisis will increase countries’ economic growth. They find that setting ambitious targets on cutting greenhouse gas emissions would result in a net gain to global GDP by the end of the next decade. By 2050, the most advanced economies would enjoy a 60% increase in GDP per capita growth, while lower-income countries would experience a 124% rise from 2025 levels.

In contrast, a new study reveals that 4°C global warming could make the average person 40% poorer, a four-fold increase on some previous estimates. The study, led by Australian scientists, suggests global GDP per person will be reduced by 16% even if warming is kept below 2°C above pre-industrial levels. The study criticizes the economic tools known as integrated assessment models (IAM) used to guide government investment in cutting greenhouse gas emissions, as they fail to capture major risks from climate change, particularly extreme weather events. The research considered the impact of 4°C global heating, seen as catastrophic for the planet, and found it would make the average person 40% poorer, compared to about 11% poorer using unenhanced models.

These two studies indicate a clear economic case for urgent climate action. While the climate crisis could lead to significant global economic losses, tackling it could actually boost economic growth and help lift millions out of poverty. However, this requires an immediate and significant reduction in greenhouse gas emissions and investment in renewable energy.

Sources: The Guardian, The Guardian

Apricot trees in Valais will benefit from an innovative frost insurance

Apricot trees in Valais, a region particularly vulnerable to weather conditions, will be insured against frost this year. This unique model in Switzerland aims to respond to climate change. The new compulsory insurance covers part of the production costs in case of significant damage. "We have had losses ranging from 40 to 70% for the last three years. We have been asking for insurance from the Confederation or the canton for a long time. Apparently, the canton was more responsive than the Confederation. We needed something to continue and sustain apricot cultivation," said Olivier Comby, an orchard farmer.

The bill for this compulsory insurance will be shared between producers, wholesalers, and the canton. In the event of significant frost damage, part of the production costs will be reimbursed. This support is intended to prevent the abandonment of this emblematic crop. "With the episodes of the last seven years, farms risk ceasing their activities due to lack of profitability," explains Olivier Borgeat, general secretary of the interprofessional association of fruits and vegetables of Valais.

However, Borgeat acknowledges that it is not possible to "produce against the climate". "We must adapt and see what is possible," he notes. Although apricots are the most fragile crop in the face of climatic hazards, the new insurance, built on the climate fund, could in the future be extended to other fruits and vegetables.

Source: RTS

As the Colorado river shrinks, southern California is embracing water recycling

Southern California is turning to water recycling due to the diminishing availability of water from the Colorado River. The Metropolitan Water District of Southern California, the nation's largest wholesale water provider, plans to launch the Pure Water Southern California project. This project aims to recycle wastewater, treat it, and generate 567,000 m³ of water daily, meeting around 10% of the agency's local water demands.

In 2022, the L.A. Department of Water and Power, along with 26 other cities and wholesale water providers dependent on the Colorado River, committed to focusing on water recycling and reuse. Las Vegas serves as a model, recycling wastewater to decrease its total Colorado River usage and increase the available water supply.

However, these water recycling initiatives come with hefty costs. The Pure Water project, for instance, carries an estimated cost of $8 billion. Despite the high price tag, proponents argue that the environmental benefits, particularly increased water security, justify the investment. They also emphasize the need for federal investment in these projects. Despite technical challenges, such as the disposal of filtered contaminants and the treatment of leftover brine, the Metropolitan Water District remains hopeful about the project and seeks funding at the federal and state level, and from Colorado River agencies in Arizona and Nevada.

Sources: Reasons to be cheerful, Los Angeles Times

Geneva has reduced its CO2 emissions by 27% since 1990

In Geneva, the carbon footprint fell by 27% in 2022 compared to 1990, to stand at 12.7 tons per capita, despite a 35% increase in population. Direct CO2 emissions, i.e. those produced in the canton, have decreased by 39% per capita.

Even though the canton has welcomed 130,000 more residents in 30 years, direct emissions from building heating have decreased by 28%. With a decrease of 3% compared to 2012, direct emissions related to mobility have stabilized for the first time since the advent of the automobile, according to the magistrate. Emissions from waste and wastewater treatment have increased by 9%.

While the balance is encouraging, the hardest part is yet to come, according to the authorities. The bulk of the work concerns the renovation of buildings, which represents 50% of the canton's direct emissions, more than mobility or the airport. The State of Geneva has set itself the goal of reducing the canton's direct emissions by at least 60% by 2030. Carbon neutrality must be achieved by 2050.

Source: RTS

Paris launches its citizens' convention to recognize rights for the river Seine

A citizens' convention is launched in April by the city of Paris to reflect on the attribution of legal personality to the Seine. After four meetings, a panel of Parisians, drawn by lot, will give their opinion to the Paris Council at the beginning of June. This is clearly not the first time the river has been honoured. Under the spotlight at the opening ceremony of the 2024 Olympics, the Seine hosted Olympic athletes in its waters, made swimmable, a few days later.

"Representative members of the diversity of Parisian residents" will have to familiarize themselves with the subject over three weekends, in order to learn more about the uses and issues related to the Seine. To do this, they will be accompanied and guided by a team of experts and scientists, such as geographer Frédéric Gob or public law doctor Marion Chapouton. Likewise, the working sessions will be organized and facilitated by "professionals trained in citizens' participation tools".

The question of the legal rights of nature is not new, but it is increasingly highlighted because of climate change and the threats now facing biodiversity. This protection lever is even already used in the world. The pioneers were Ecuador. Citizens voted, by referendum in 2008, to integrate the rights of nature into the Constitution. To a lesser extent, the Whanganui River, New Zealand's third longest river, was granted the status of a living entity in 2017. In Europe, the Mar Menor, a lagoon in southeastern Spain, obtained legal personality status in 2022.

Sources: Novethic, Le Parisien

Environmental group Milieudefensie files lawsuit against ING over alleged climate failures in financing

-          Company: ING Group

-          Sector: Banks

-          Clover rating: 4/10

In March, Dutch environmental group Friends of the Earth (Milieudefensie) filed a lawsuit against ING, alleging that the bank is failing to meet its climate obligations. The lawsuit demands that ING halve its total emissions by 2030 compared to 2019 levels and implement stricter climate policies across eight high-pollution sectors, including steel and aviation.

Milieudefensie also calls for ING to stop financing companies involved in new oil and gas projects and to require all large corporate clients to submit credible climate transition plans. The NGO argues that ING’s current approach is insufficient in addressing its climate impact, despite the bank’s claims of prioritising sustainability.

The case follows similar legal action, signalling growing pressure on major financial institutions to align their business practices with international climate goals. ING has dismissed the demands as unrealistic, maintaining that it takes climate concerns seriously.

Sources: Business & Human Rights Resource Centre, Novethic

Morgan Stanley went big on DEI, and no one is happy about it

-          Company: Morgan Stanley

-          Sector: Banks

-          Clover rating: 7/10

Since 2020, Morgan Stanley pledges to address racial injustice and increase the representation of racial minorities in its executive ranks. However, the bank now faces discrimination accusations and lawsuits from employees from any horizon. Some staff argue that the diversity, equity, and inclusion (DEI) initiatives either fell short or were unduly overbearing. A high-profile initiative to hire more employees from minorities faced criticism when it was discovered they were paid less than their counterparts. An internal review in 2023 led to salary increases and substantial bonus payments for these employees.

The DEI initiatives have reportedly contributed to a divisive culture within the bank. A Morgan Stanley spokesman disputed these claims, pointing to company-wide surveys where most employees gave the bank high scores on its commitment to diversity and inclusiveness. However, the experiences shared by various employees from minorities and executives tell a more nuanced story. Some staff members reported receiving little support after being recruited through a minority training program launched in 2021, while executives reported feeling pressured to hire candidates from minorities regardless of their experience or performance.

In response to these challenges, Morgan Stanley is now adjusting its DEI initiatives, broadening their eligibility criteria, and revising references to underrepresented groups. The bank now describes its talent development as based on "meritocracy." Despite the controversies and difficulties, Morgan Stanley's commitment to DEI remains an ongoing effort, with CEO Ted Pick affirming the bank's commitment to diversity and inclusion at a recent town hall meeting.

Source: Wall Street Journal

Tesla quarterly sales plunge as Musk backlash grows

-          Company: Tesla Inc

-          Sector: Automobiles

-          Clover rating: 5/10

Tesla's quarterly sales have dropped by 13%, marking the weakest performance in nearly three years. This decline is attributed to the backlash against CEO Elon Musk's political engagements, increased global competition, and anticipation for an update to the best-selling electric vehicle, the Model Y. Musk's political activities in the US and Europe, as well as company delays in launching new models, have significantly impacted the brand.

The repercussions of Musk's political involvement are evident worldwide. Protests outside Tesla showrooms have increased, and Tesla's cars and charging stations have become vandalism targets globally. Some Tesla owners are actively distancing themselves from Musk, with data showing many are trading in their vehicles. The company's shares have lost about 45% of their value since mid-December.

The company reported lower-than-expected sales in the first quarter in various European markets and China, despite the continued consumer preference for EVs. Tesla sold 336,681 vehicles globally in the January-March period, down from 386,810 units a year ago. This sales decrease is even steeper than the anticipated 3.7% drop to 372,410 vehicles. Analysts had been bracing for worse figures following Tesla's first-ever annual sales decline in 2024.

Sources: Reuters, Novethic

Glaciers melting threatens water supplies for two billion people, UN warns

Climate change and human activities are causing unprecedented changes to mountains and glaciers, threatening access to fresh water for over two billion people, warns a UN report. Up to 60% of the world's freshwater originates in mountain regions, which are home to 1.1 billion people and 85% of species of birds, amphibians and mammals. The report highlights a range of impacts, including reduced water for drinking and agriculture, increased risk of glacial lake outburst floods, and stress on local ecosystems.

The 2025 UN world water development report finds that receding snow and ice cover in mountain regions could have severe consequences for people and nature. It also notes the deep spiritual and cultural connections that mountain-dwelling communities around the world have with mountains and glaciers. The report showcases a range of adaptation responses that communities are already implementing, including changing farming practices, improving water storage systems, and enhancing early warning systems for floods and landslides.

Sources: Carbon Brief, UN Water