Energy in Demand News, January 12, 2025

The devastation from the wildfires in the Los Angeles area is a human tragedy beyond belief. It only adds to those who are suffering  globally from droughts, floods and other climate-related disasters. An article on the Financial Times (behind a paywall) counts the cost from catastrophes in 2024. “Hurricanes, fires and other disasters caused $320bn in losses in 2024, or about a third more than the year before, highlighting the toll taken by climate change and property development in areas hit by extreme weather,” the world’s largest reinsurance group Munich Re said. “About $140bn of these losses were covered by insurance . . . making last year the most expensive for the industry since 2017 when the hurricane trio of Harvey, Irma and Maria struck the US.” About two-thirds of the global losses last year occurred in North America.

Focusing on the on-going wildfires in the Los Angeles area, the New York Times (behind a paywall) estimates that the damages so far come to US$57 billion. The Financial Times reported Friday that insurers are bracing for losses of as much as US$20 billion from the wildfires. They report that JPMorgan doubled its expectations for insured losses from only the day before. There are surely losses to public infrastructure that are not included in these estimates. What will the total losses end up being whenever these wildfires end?

These are happening when it is reported this week that globally the average temperature in 2024 was 1.6C above preindustrial levels, already beyond our long-term Paris Agreement target of 1.5C. Mitigation efforts are failing. We are seeing these catastrophes daily. When are we going to recognise this as a crisis that requires unprecedented action?

As we get ready to see what the Trump administration will do to our climate and energy efforts, check out this cartoon from the archives.

In planning travel over the upcoming weeks, here is some useful ideas to help you along:

Yuval Noah Harari (b. 1976), an Israeli medievalist, military historian, public intellectual, and popular science writer, provides us with another thought-provoking message from his recent book, NEXUS:  “History isn’t the study of the past; it is the study of change. History teaches us what remains the same, what changes, and how things change.”

EiD welcomes your views about this week’s selection of posts on the zero-carbon energy transition:

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