Global Temperature Records In 2024 Demand Action

Global Temperature Records In 2024 Demand Action

2024 was a year of records broken: a cat in China skateboarded 10 metres in a record-setting 12.85 seconds; the largest collection of origami dolphins was displayed in London; and – more soberingly – the year was the warmest on record. 2024 was the first year to cross the symbolic 1.5°C temperature threshold. A single year this warm does not mean that the world has failed to reach the goals of the Paris Agreement – which refers to the long-term global average temperature – but it is worrying nonetheless, and could be a sign that we are headed in the wrong direction.

Warming in 2024, which broke the previous record set in 2023 by about 0.1°C, raises the possibility that climate change is progressing faster than expected. If this is the case, impacts will materialize sooner, and the need to invest in adaptation becomes more urgent. Even if the recent rise in temperature is not part of a rapid acceleration – but is instead a blip in the long-term warming trend that is expected given the GHGs that have been emitted – 2024 is a wake-up call. The world is not on track to limit long-term warming to 1.5°C, and impacts will be devastating.

However, this is not a reason to give up. Even if we temporarily exceed 1.5°C, rapid decarbonization and CO₂ removal could bring temperatures back below this threshold by the end of the century. Every fraction of a degree matters – regardless of which side of 1.5°C we’re on.

Aggressive climate mitigation is only part of the solution. Organizations need to adapt to the changes that are already occurring and prepare for the impacts that we expect in the future. Recent Verdantix research benchmarked 19 climate risk software vendors on their short- and long-term risk analysis capabilities, as well as their ability to support adaptation and resilience planning. For example, many software solutions incorporate cost-benefit analyses to assess trade-offs between adaptation actions, while some offer functionality to help incorporate climate risk into decision-making processes. This is the type of work that will be critical moving forward.

Carbon accounting, risk assessments and disclosures are important, but should be undertaken with the goal of operationalizing climate action. As they say, “You can’t manage what you don’t measure,” – but waiting for more data is not a reason to delay action. We need tools that prioritize decarbonization and risk reduction, and we need organizations to implement these solutions.

To learn more about how climate risk management is evolving, check out our upcoming report on the Future Of Climate Risk Management.