This year is on track to be the hottest on record, surpassing a critical climate threshold aimed at protecting the planet from severe overheating, according to the Copernicus Climate Change Service. The European climate monitor confirmed that 2024 will exceed previous temperature records, marking the first year with global temperatures 1.5°C above pre-industrial levels, a threshold linked to catastrophic climate impacts.
This year has already witnessed an unprecedented stretch of extreme heat, contributing to climate-related disasters worldwide, which scientists attribute to human-driven warming. In total, these disasters have resulted in $310 billion in economic losses, with devastating effects on both wealthy and developing nations. Copernicus scientist Julien Nicolas projected that 2025 will begin with global temperatures near record levels, likely continuing for several months.
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The 1.5°C threshold is critical because sustained warming beyond it could severely impact ecosystems and human societies. While exceeding this level in a single year doesn’t breach the Paris Climate Agreement, it underscores the urgent need for more ambitious global climate action. According to Samantha Burgess, the deputy director of Copernicus, it highlights the risks of continued warming and the importance of limiting the rise to 1.5°C over the coming decades.
Despite global pledges to phase out fossil fuels, emissions from coal, oil, and gas remain high, exacerbating climate change. The UN has warned that without stronger action, the world could face a catastrophic 3.1°C rise by the end of the century.
In terms of economic and social impact, developing nations remain especially vulnerable. Swiss Re, a global insurance company, estimates that the economic losses from climate-related disasters in 2024 have reached $310 billion. At the UN climate talks in November, there was a push for greater funding for energy transitions and climate adaptation, but the commitments from major polluters remain insufficient compared to the need. Developing nations would require $1.3 trillion annually by 2035 for these efforts, but the agreed target of $300 billion per year falls far short of the necessary funds.
