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Overall losses from natural disasters in 2023: US$ 250bn; more than 74,000 fatalities Insured global losses of US$ 95bn close to five-year average (US$ 105bn) and above the ten-year average (US$ 90bn) Earthquake in Turkey and Syria was the year’s most devastating humanitarian disaster Thunderstorms in North America and Europe more destructive than ever before: overall losses of US$ 76bn; insured losses US$ 58bn 2023 was the hottest year ever, with a large number of regional records broken

Waves of severe thunderstorms in the U.S. during the first half of this year led to $34 billion in insured losses, an unprecedented level of financial damage in such a short time as climate change contributes to the frequency and severity of violent meteorological events. The reinsurer Swiss Re Group said Wednesday that damages from convective storms in the U.S., which can come with hail, lightning, heavy rain and high winds, accounted for nearly 70% of the $50 billion in global catastrophic damages so far this year. The storms in the U.S. were so severe, there were 10 that resulted in damages of $1 billion or more, almost double the average over the last decade.

Higher rates slow the renewable energy transition and shield oil and gas producers from competition by low-carbon producers

A liquified natural gas (LNG) crisis is brewing for European countries dealing with energy insecurity in the wake of Russia’s invasion of Ukraine, as demand will outstrip supply by the end of this year, Rystad Energy research shows. Although soaring demand has spurred the greatest rush of new LNG projects worldwide in more than a decade, construction timelines mean material relief is unlikely only after 2024. Global LNG demand is expected to hit 436 million tonnes in 2022, outpacing the available supply of just 410 million tonnes. A perfect winter storm may be forming for Europe as the continent seeks to limit Russian gas flows. The supply imbalance and high prices will set the scene for the most bullish environment for LNG projects in more than a decade, although supply from these projects will only arrive and provide relief from after 2024 The European Union’s REPowerEU plan has set an ambitious target to reduce dependence on Russian gas by 66% within this year – an aim that will clash with the EU’s goal of

What else is new? Hotspots are getting hotter. The major hotspot in April stretched from Iraq to India and Pakistan, and toward the northeast through Russia (Fig. 1). Temperature exceeded 45°C (113°F) in late April in at least nine Indian cities,[1] on its way to 50°C (122°F) in Pakistan in May,[2] where a laborer says “It’s like fire burning all around” and a meteorologist describing growing heatwaves since 2015 says “The intensity is increasing, and the duration is increasing, and the frequency is increasing.” Halfway around the world, Canada and north-central United States were cooler than their long-term average, but people in British Columbia and northwest United States remember being under their own record-breaking hotspot last summer.