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Climate change on Earth
Main article: Climate change on Earth
Natural conditions for living in Russia
Winter
Winter weather records
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January
Summer
Heat peak in summer
Fall
October
- Moscow - 5.6 ° C
- St. Petersburg - 5.7 ° C
- Kazan - 4.8 ° C
- Rostov-on-Don - 10.0 ° C
- Sochi - 15.8 ° C
Threats to businesses from climate change
2020: Bank of Russia lists main threats to insurance business posed by climate change
Insurance organizations are most susceptible to climate risks among all financial organizations due to the specifics of their business, according to a report for public consultations prepared in the summer of 2020 by the Bank of Russia on the impact of climate risks.
Firstly, Russian insurers, like any investors, may face an impairment of their investments. A company (investee) may be subject to a natural disaster caused by climate change, which will lead to an impairment of its shareholder value or a default on securities. In addition, investments in non-ecological sectors of the economy may become less profitable due to the adoption by society of measures aimed at developing alternative energy sources and combating environmental pollution.
"Secondly, the increased frequency and intensity of extreme weather events, the increase in the number of emergencies and the deterioration of epidemiological conditions due to climate change can lead to larger and more frequent payments for insured events. Also, the high frequency and severity of insured events around the world can lead to an increase in the cost of reinsurance on the international market, that is, to an increase in the cost of the product and, accordingly, to a decrease in demand and the level of insurance protection in society, "the Bank of Russia report says.
Another threat to the insurance business due to climate change could be an increase in reputational risks for a company that insures non-ecological sectors of the economy.
Climate risks can lead to changes in the needs of insurers in products offered by insurers and significant costs for organizations to minimize strategic risk and adjust business models.
In general, the impact of climate risks on Russian insurance companies depends on the frequency and scale of natural phenomena associated with climate change, and how quickly the transition to a low-carbon economy will take place both in the Russian Federation and in the rest of the world.
The report also indicates that, as a survey conducted by the European Insurance and Pension Administration showed, most European companies tend to argue that climate risk accounting should not be reflected in the requirements for the financial stability of the insurer.
History
39,280 hp: Volcanic winter from the mega-eruption of the Phlegrean fields
The earliest activity of the Flegrei Fields supervolcano in southern Italy began about 39,280 years ago and was accompanied by a powerful volcanic eruption and the release into the atmosphere of about 200 km³[1] volcanic material].
The mega-eruption coincided in time with the eruptions of the volcanoes Kazbek in the Caucasus and St. Anna in the Southern Carpathians. According to seismologists and paleoclimatologists, it became one of the reasons for the "volcanic winter."
Sulfur has increased over Europe, absorbing and scattering sunlight. In the year following the eruption, temperatures across the planet dropped by 2 degrees Celsius, with a 5-degree decline in Western Europe.
See also
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