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industry & Government news

health, water stress, migration and the
ECONOMISTS WARN CLIMATE CRISIS survival of other species on Earth.
IS THREAT TO HUMAN RACE outcomes where human life as we know
“We cannot rule out catastrophic
it is threatened,” notes the paper, dated
14 January.
Drawing on extensive academic
literature and forecasts by the
International Monetary Fund and the
UN Intergovernmental Panel on Climate
Change (IPCC), the paper notes that
global heating is on course to hit 3.5°C
above pre-industrial levels by the end
of the century. It says most estimates
of the likely economic and health
costs are far too small because they
fail to account for the loss of wealth,
the discount rate and the possibility of
increased natural disasters.
The authors say policymakers
need to change direction because
THE REPORT SAYS THE EFFECTS OF CLIMATE a business-as-usual climate policy
CHANGE HAVE BEEN UNDERESTIMATED “would likely push the earth to a place
that we haven’t seen for many millions
THE WORLD’S LARGEST financier of major Wall Street institutions about of years”, with outcomes that might be
fossil fuels has warned clients that the the financial and reputational risks of impossible to reverse.
climate crisis threatens the survival of continued funding of carbon-intensive “Although precise predictions are not
humanity and that the planet is on an industries, such as oil and gas. possible, it is clear that the Earth is on
unsustainable trajectory, according to a JP Morgan has provided $75 billion an unsustainable trajectory. Something
leaked document. (£61 billion) in financial services to the will have to change at some point if the
The JP Morgan report on the companies most aggressively expanding human race is going to survive.”
economic risks of human-caused in sectors such as fracking and Arctic The authors say it is “likely the
global heating said climate policy oil and gas exploration since the Paris [climate] situation will continue to
had to change or else the world faced agreement, according to analysis deteriorate, possibly more so than in
irreversible consequences, according to compiled for The Guardian last year. any of the IPCC’s scenarios”.
The Guardian. The research by JP Morgan A spokesman for JP Morgan said its
The study implicitly condemns the economists David Mackie and Jessica analysts expressed an independent
US bank’s own investment strategy and Murray says the climate crisis will view and their report did not represent
highlights growing concerns among impact the world economy, human the bank’s official position.

BRITISH GAS SCRAPS RISE IN MINIMUM METER TOP-UPS AFTER PUBLIC OUTCRY

between eating and heating. More supplier added that rivals at Ovo
than 90,000 people signed a petition Energy and Bulb Energy have set a £5
calling for the UK’s biggest energy limit to keep costs low.
supplier to reverse their decision to Sarwjit Sambhi, head of British
raise the minimum top-up amount Gas, said “customers are always at
from £1 to £5 which was put in place the heart of the decisions we make”
on 1 January this year. and the “aim of this move was to keep
Activist group 38 degrees, which our costs down in order to offer our
helped to spearhead the campaign, said customers the best value”.
the hike meant homes that rely on small “But I am happy to change this
top-ups to ration their heating costs decision whilst we continue to look
between pay days were forced to choose at ways that we can help our most
MANY HOMES RELY ON SMALL TOP-UPS between staying warm and buying food, vulnerable customers,” he said.
reports The Guardian. About 91,000 members of the public
BRITISH GAS HAS SCRAPPED an British Gas, which recently revealed signed a petition set up by Preet
increase in the minimum top-up its worst ever full-year profits for 2019, Kaur Gill, the MP for Birmingham
amount for its pre-pay energy meters justified the hike by pointing out that Edgbaston, which called on British Gas
after a public outcry over the move only a small number of its pre-pay to reverse their decision. Hundreds of
which opponents argued forced customers would regularly top-up their people also contacted the supplier to
some vulnerable families to choose meter with less than £5 at a time. The share how they were affected.

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