Slashdot: Climate Crisis On Track To Destroy Capitalism, Warns Top Insurer

Climate Crisis On Track To Destroy Capitalism, Warns Top Insurer
Published on April 03, 2025 at 11:50PM
The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate. From a report: The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said GÃ¼nther Thallinger, on the board of Allianz SE, one of the world's biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments. Global carbon emissions are still rising and current policies will result in a rise in global temperature between 2.2C and 3.4C above pre-industrial levels. The damage at 3C will be so great that governments will be unable to provide financial bailouts and it will be impossible to adapt to many climate impacts, said Thallinger, who is also the chair of the German company's investment board and was previously CEO of Allianz Investment Management. The core business of the insurance industry is risk management and it has long taken the dangers of global heating very seriously. In recent reports, Aviva said extreme weather damages for the decade to 2023 hit $2tn, while GallagherRE said the figure was $400bn in 2024. Zurich said it was "essential" to hit net zero by 2050.

Comments

Slashdot: US Plans $825 Million Investment For New York Semiconductor R&D Facility

US Plans $825 Million Investment For New York Semiconductor R&D Facility Published on November 02, 2024 at 03:00AM The Biden administration is investing $825 million in a new semiconductor research and development facility in Albany, New York. Reuters reports: The New York facility will be expected to drive innovation in EUV technology, a complex process necessary to make semiconductors, the U.S. Department of Commerce and Natcast, operator of the National Semiconductor Technology Center (NTSC) said. The launch of the facility "represents a key milestone in ensuring the United States remains a global leader in innovation and semiconductor research and development," Commerce Secretary Gina Raimondo said. From the U.S. Department of Commerce press release: EUV Lithography is essential for manufacturing smaller, faster, and more efficient microchips. As the semiconductor industry pushes the limits of Moore's Law, EUV lithography has emerged as a critical technology to ...

Slashdot: AT&T, T-Mobile Prep First RedCap 5G IoT Devices

AT&T, T-Mobile Prep First RedCap 5G IoT Devices Published on October 15, 2024 at 03:20AM The first 5G Internet of Things (IoT) devices are launching soon. According to Fierce Wireless, T-Mobile plans to launch its first RedCap devices by the end of the year, while AT&T's devices are expected sometime in 2025. From the report: All of this should pave the way for higher performance 5G gadgets to make an impact in the world of IoT. RedCap, which stands for reduced capabilities, was introduced as part of the 3GPP's Release 17 5G standard, which was completed -- or frozen in 3GPP terms -- in mid-2022. The specification, which is also called NR-Light, is the first 5G-specific spec for IoT. RedCap promises to offer data transfer speeds of between 30 Mbps to 80 Mbps. The RedCap spec greatly reduces the bandwidth needed for 5G, allowing the signal to run in a 20 MHz channel rather than the 100 MHz channel required for full scale 5G communications. Read more of this story at...

Slashdot: Texas A&M University Tops Nation in Engineering Research Expenditures

Texas A&M University Tops Nation in Engineering Research Expenditures Published on June 19, 2024 at 12:50AM An anonymous reader shares a report: Texas A&M University held the largest engineering research portfolio of any academic institution in the country last year, nearing half a billion dollars and surpassing Massachusetts Institute of Technology for the top spot, according to U.S. News & World Report. The state flagship's College of Engineering recorded $444.7 million in research expenditures in the 2023 fiscal year, university officials said. A mix of federal, state and private grants funds those efforts, so more expenditures means more partnerships and a larger engineering footprint than ever, Texas A&M University System Chancellor John Sharp said. "An awful lot of people in Washington, a lot of people in Austin, a lot of people in the private sector now rely on Texas A&M to do their engineering research," Sharp said. "Of all the places in...

Shameless Plug

Search This Blog