Climate inaction poses growing economic, security risks, leaders warn at Munich Security Conference

​​​​​​​By Kanyshai Butun

ISTANBUL (AA) - Political and business leaders warned that climate inaction poses mounting economic and security risks during a panel Friday at the Munich Security Conference.

Speaking at a discussion titled. “Playing With Fire: The Need for Decisive Climate Action,” California Gov. Gavin Newsom criticized US federal environmental rollbacks and urged accelerated clean energy investment.

Newsom accused US President Donald Trump of dismantling key federal climate regulations, including rules tied to the endangerment finding that underpins limits on greenhouse gas emissions.

“It is Code Red in terms of American leadership,” Newsom said, adding that the state of California is evidence that cutting emissions can coincide with economic growth.

Describing the state as the world’s fourth-largest economy if it were a country, Newsom said California ran on 100% clean electricity nine out of 10 days last year, with renewables providing about two-thirds of its power mix.

Since 2000, the state’s economy has grown 81% while greenhouse gas emissions have declined 21%, he said, adding that clean energy jobs outnumber fossil fuel jobs seven to one.

Andrew Forrest, executive chairman of Australian mining company Fortescue, framed climate action as a financial imperative. He said his company, which burns roughly 1 billion liters of diesel annually, will begin switching to a fully green energy grid next year -- a move he said will save about $1 billion annually.

“I love organic life, and where the hardcore proof that what we're seeing with climate denialism, with rolling back the clock to oil and gas only is very bad economics, and that's my only argument,” he said.

Lidia Pereira, a Portuguese member of the European Parliament, cited severe storms in her country as evidence of worsening climate effects and called for greater investment in clean technologies across Europe.

Ralph Regenvanu, Vanuatu climate minister, emphasized the role of international law, referencing a recent advisory opinion from the International Court of Justice affirming that states have obligations to address climate change.

Panelists agreed that climate change is no longer abstract, pointing to wildfires, floods and rising financial risks as evidence that faster and more coordinated global action is needed.