The same disasters claimed at least 3,500 lives and displaced more than 13.5 million people.
From Australia’s out-of-control wildfires in January to a record number of Atlantic hurricanes through November, the true cost of the year’s climate-enhanced calamities was in fact far higher because most losses were uninsured.
Not surprisingly, the burden fell disproportionately on poor nations, according to the annual tally from global NGO Christian Aid, entitled “Count the cost of 2020: a year of climate breakdown”.
Only four per cent of economic losses from climate-impacted extreme events in low-income countries were insured, compared with 60 per cent in high-income economies, the report said, citing a study last month in The Lancet.
Paradoxically, the foundations of modern finance know their origins to a religious order that promoted a rigorous and evangelical poverty.
Franciscans, from the second half of the 13th century, were almost the only ones to express, on the doctrinal level, an economic theology. They sought to help the needy gain access to credit and combat usury by setting up montes pietatis. These were initially funded by donations from wealthy Christians. Borrowers would provide the montes with small items of value as a form of security for the loan’s repayment.
Inspired by the love of St Francis and his ideal of an integral ecology, Pope Francis invited youths to take part in a meeting called The Economy of Francesco. Young economists, entrepreneurs and researchers, of different beliefs and nationalities, were to meet in Assisi last May. The aim was to explore, discuss and propose more sustainable ways of living that promote the common good.
Oxford viewed from St Mary the Virgin Church. England.
Oxford City Council has announced the city had hit its target of 40 per cent reduction in carbon emissions. The council s aim was to reduce in emissions by 40 per cent by 2020 on a 2005 baseline. It has now set the date for a Zero Carbon Oxford summit which it says will set a vision for reaching Net Zero faster than the Government’s legal deadline of 2050. The summit will be held on February 4, bringing together leaders from the city’s universities, institutions and large businesses to consider the actions required to accelerate carbon reduction across the city and how early it could be possible to achieve Net Zero.