NASA\u2019s Goddard Institute for Space Studies (GISS) and the Copernicus Climate Change Service confirmed that 2024 was the warmest year on record, with global temperatures surpassing 1.55\u00b0C above pre-industrial levels. This milestone marked the culmination of a 13-month streak of record-breaking monthly temperatures, posing significant challenges to the Paris Agreement\u2019s goals and signalling escalating risks to ecosystems and humankind. Ocean temperatures also reached unprecedented levels, with surface temperature records broken in the Atlantic, Pacific, and Indian Oceans, exacerbating global warming and intensifying extreme weather patterns. The Mediterranean emerged as one of the fastest-warming regions globally, with Spain experiencing severe climate extremes, including record-breaking heatwaves and a devastating Depresi\u00f3n Aislada en Niveles Altos<\/em> (DANA). The DANA, which struck Valencia in October, brought torrential rainfall of up to 772 litters per square meter in 24 hours, causing catastrophic flooding, significant loss of life, and widespread damage to infrastructure and agriculture. While it is elusive to point a causality from climate change to one specific phenomenon, natural disasters will be more frequent with that change.<\/p>\n While Spain recorded a significant decline in wildfire activity compared to previous years, with 47,319 hectares burned\u2014one of the lowest figures in the past decade\u2014the Mediterranean remains highly prone to wildfires due to persistent heat and drought conditions. Irregular precipitation patterns, such as the extreme rainfall of March and the dry spells of April and May, further highlighted the increasing unpredictability of climate impacts.<\/p>\n The rise in global temperatures observed in 2024 reflects a complex interplay of natural variability and long-term trends. The El Ni\u00f1o<\/em> phenomenon, now in its second consecutive year, has temporarily amplified global temperatures, consistent with previous observations. This natural climatic phase, however, operates against the backdrop of persistent warming trends shaped by decades of greenhouse gas accumulation.<\/p>\n Recent scientific research[1]<\/a> noted that anthropogenic activities\u2014including fossil fuel combustion, deforestation, and land-use changes\u2014continue to play a significant role in altering atmospheric composition and the Earth’s energy balance. These factors are further compounded by emissions of potent greenhouse gases such as methane and nitrous oxide from industrial and agricultural activities. While causality is intricate and multifaceted, the cumulative effects of these drivers have shaped current climate patterns.<\/p>\n Rethinking Climate Strategies<\/em><\/p>\n The events of 2024 demand a re-evaluation of global climate strategies. Before COP21, projections indicated a 16% increase in global emissions by 2030, whereas, thanks to commitments made in the following years, this increase is now expected to be only 3%. However, even with these advancements, the current commitments are still insufficient. Despite some improvements, the temperature projections for the end of the century still point to a global increase of between 2.1\u00b0C and 3.2\u00b0C, representing a significant risk to the planet’s future (Climate Action Tracker).<\/p>\n Current mitigation efforts, while essential, operate on long timescales, with tangible impacts on temperature reductions taking decades to manifest. To address the immediate crisis, accelerated emissions reductions are imperative. Key priorities include the transition to renewable energy, enhanced energy efficiency, and the development of sustainable transportation systems. Equally crucial are adaptation measures tailored to the needs of vulnerable regions, such as the Mediterranean, to strengthen resilience against climate extremes.<\/p>\n Global engagement must also shift toward more inclusive and transparent communication, grounded in scientific evidence. The recognition of climate risks by policymakers and the global community can act as a catalyst for collective action. However, assumptions about public perception should be substantiated through rigorous data and empirical studies to inform policy decisions.<\/p>\n One can only ask what the consequences from decisions of big financial institutions on leaving Net-Zero Alliances will be in their operations and those of their clients. This month we witnessed the cases of Citi and Bank getting off Net-Zero Banking Alliance[2]<\/a>, and BlackRock moving out of Net-Zero Asset Managers[3]<\/a>.<\/p>\n The record-breaking climatic conditions of 2024 underscore the urgency of intensified and sustained global action. Incremental progress is no longer sufficient; a paradigm shift is required to align policy and action with the realities of the climate crisis. Only through an unwavering commitment to decarbonization and comprehensive adaptation can we navigate the multifaceted challenges posed by a rapidly warming planet. The legacy of 2024 is a stark warning: without transformative efforts, the thresholds crossed this year may become the baseline for future decades, further destabilizing ecosystems, economies, and human livelihoods. Not to mention the increasingly difficulty of achieving the objectives on temperature at the Paris Agreement within the COP21, a commitment of most countries.<\/a><\/p>\n [1]<\/a> Mark Lynas et al. (2021, Environmental Research Letters<\/em>, 16, 114005).<\/p>\n [2]<\/a> Gandel, S. “Citi and BofA exit UN-backed global climate alliance for banks.” Financial Times<\/em>. (January 1, 2025, link<\/a>)<\/p>\n [3]<\/a> Masters, B. & Temple-West, P. \u201cBlackRock quits climate change group in latest green climbdown.\u201d Financial Times<\/em>. (January 09, 2025, link<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":" The year 2024 has conclusively underscored the accelerating pace of global warming, with unprecedented climatic events and disturbing data emphasizing the urgent need to reassess global strategies and commitments. While reducing global temperatures is a long-term process that will take decades or even centuries, immediate efforts must focus on decarbonization and emissions reduction to create […]<\/p>\n","protected":false},"author":827,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[419,781],"tags":[],"coauthors":[121300,121164],"class_list":["post-134","post","type-post","status-publish","format-standard","hentry","category-climate-change","category-global-warming","megacategoria-mc-sustainability"],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/posts\/134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/users\/827"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/comments?post=134"}],"version-history":[{"count":3,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/posts\/134\/revisions"}],"predecessor-version":[{"id":137,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/posts\/134\/revisions\/137"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/media?parent=134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/categories?post=134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/tags?post=134"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blog.iese.edu\/finance-and-nature\/wp-json\/wp\/v2\/coauthors?post=134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/blog.iese.edu\/finance-and-nature\/files\/2025\/01\/lightbulb-3619720_1280-300x200.jpg\")
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