How do we adapt to a warming world?

The Energy Gang

Wood Mackenzie

Alternative Energy, Tech News, 958784, Environment, Technology, Renewable Energy, Energy, Business, Sustainability, Wind Energy, Climate Change, Cleantech, News, Solar Energy, Innovation, News Commentary

4.6 • 1.3K Ratings

🗓️ 18 June 2025

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

The world is experiencing a new reality: infrastructure, agriculture, and supply chains were built for a historical climate that no longer exists. Last year the average global surface temperature was about 1.47° C warmer than in the late 19th century, according to NASA. On current trends we are on course for perhaps 2.7° C of warming by the end of the current century: far in excess of the Paris Agreement goal of 1.5° C.

As it becomes increasingly likely that the world is not going to cut greenhouse gas emissions enough to meet that Paris goal, it becomes more and more important for us to learn how to adapt and become more resilient in a warming world.

It’s an issue that has been a focus for Dr Sarah Kapnick, the Global Head of Climate Advisory at the bank JP Morgan. She is a former Chief Scientist at NOAA, the National Oceanic and Atmospheric Administration, and she knows the worlds of climate science and climate finance inside out.

She returns to the show to talk to host Ed Crooks and regular Amy Myers-Jaffe about what the world’s failure to get on track for meeting the Paris goals means for finance, investment and our futures. Together they unpack what global warming means for economies, energy systems and vulnerable communities.

One critical point where climate damages and risks are emerging as an urgent issue is in insurance costs. Some areas are becoming uninsurable as threats of flooding or wildfires mount. The impacts are worst for low-income communities and countries. Without support to adapt and build resilience, many nations could face a climate-induced debt spiral.

So what can we do to be prepared for a warming world? How are energy companies investing to stay ahead of the risks? And can there be a profitable business in climate adaptation?

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Transcript

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0:00.0	There was an expectation for a very long time that you just need to mitigate climate change and stop climate change from happening at the highest source in terms of additional emissions into the atmosphere and that if we did that we wouldn't need to adapt.
0:13.0	Really only the last 10 years have we been able to understand the changes in statistics, particularly of extreme events, and how they are linked
0:22.0	to climate change. The results were quite shocking. The number of low-income people who live in
0:28.6	counties in the United States that are at the highest risk for future flooding is almost universal.
0:33.8	When you start looking into climate change and its impacts, touches on so many
0:39.9	other areas. The structure of our society, the structure of our economy, you start pulling on
0:44.7	one thread, and there's a whole massive tapestry connected to it.
1:01.8	Hello, Andrew. Hello and welcome to The Energy Gang, a discussion show from Wood McKenzie about the fast-changing world of energy. I'm at Crooks. And on today's show, we're going to be discussing
1:06.5	the question of, if the world isn't on course to meet the goals of the Paris Climate Agreement,
1:11.7	what does that mean for energy? And for all of us. To discuss that, I'm joined by Amy Myers-Jaffey.
1:16.8	Amy is the director of the Energy, Climate Justice and Sustainability Lab at New York University.
1:21.2	Hi, Amy. How are you? Great, Ed. Great to see you.
1:23.5	Yeah, great to see you, as always. And it's also a great pleasure to welcome back after an absence.
1:28.6	I think it's about a couple of years, hasn't it? Dr. Sarah Kattnick, who is the global head of climate advisory at the bank, J.P. Morgan.
1:35.7	Hi, Sarah. How are you? Thanks a lot for joining us. Thank you very much for having me again. Now, as I was saying, you were last on the energy gang a couple of years ago when you were in a
1:44.7	different job. You were chief scientist at NOAA at the time, the National Oceanic and Atmospheric
1:50.1	Administration. Since then, you've left government, gone to work in banking at JP Morgan,
1:54.7	as I was saying. An interesting move, I guess you could say. I know it's not so radical for you.
1:59.5	You've done various things
2:01.0	between the world of science and the world of finance in your career so far. You were at
2:06.3	JP Morgan, I think, before and Goldman Sachs early on in your career. But to talk a little bit about
2:11.5	what you've been doing then. Why did you make that jump from science to finance? And what are you
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