brief Q&A with Michael Staudinger, Executive Director at ZAMG
| Taking into account the current pace of the low-carbon transition, what kind of climate-related threats and risks will be most relevant in Europe, and how will it affect investors at sector level?
All sectors will be affected, albeit on different scales. Agriculture with increased droughts in southern parts of Europe is obvious, but transport industry and supply chains as a whole by the already increasing number of extreme events like floods, forest fires and storms in the northern parts of Europe will also see long term effects.
| Against the backdrop of discussions on climate-related data reporting reliability, as well as the respective regulatory and commercial solution suggestions, what aspects are relevant to tackle these challenges from the scientific viewpoint?
Mitigation and adaptation are the key words. Mitigation of all climate relevant emissions also offers chances for technological leadership for European companies with the possibility of worldwide exports. Adaptation to a fundamentally changed climate is necessary and will require infrastructure investments, but will prevent further damages which would be much costlier than the adaptation costs.
| Plenty of asset owners are still skeptical about the EU’s and UK’s regulatory changes on sustainable finance presenting different counterarguments. How would you assess the respective developments knowing the scientific scenario background and expected implications?
The present scenarios depend on the emissions of the future and thereby on our global mitigation abilities.
Europe going alone in mitigation efforts would only solve parts of the problem. Import restrictions for goods from countries not complying to mitigation efforts (e.g. carbon taxes) would on one hand create a level playing field and on the other incentivise mitigation efforts on a company level in Europe.
| about ZAMG
Dr. Michael Staudinger is the Executive Director at ZAMG.
Zentralanstalt für Meteorologie und Geodynamik (ZAMG)
- offers a broad range of services, from weather forecasts to climate and earthquake monitoring as well as the constant analysis and prediction of atmospheric pollutants;
- collaborates with universities and research institutions around the globe to maintain our high-quality measurement facilities and services;
- provides state-of the-art in-house supercomputer facilities and powerful databases containing quality-controlled meteorological measurements to calibrate our models and perform ongoing climate change assessments.
- represents Austria in major international organizations such as the World Meteorological Organization (WMO) and EUMETNET, a cooperative network of 26 European weather services. Source: www.zamg.ac.at