Hot Planet Update: Trump Tariffs, Scientist SOS, Insurer Reports Grave Risk, Renewables Surge in Africa, Central Asian Heatwave Supercharged 18°F by Climate Change, & More
A roundup of what happened, why it matters, and key context for climate change news during the week of March 30-April 5.
Welcome to “Hot Planet Update,” a series on Reality Studies that recaps the biggest news in climate from the last week. Using a “smart brevity” format, Last Week in Climate recaps are designed to keep you up-to-date on the latest news and provide key context.
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1. Allianz (Insurer): Climate crisis threatens capitalism
👉 One of the world’s biggest insurers warns that unchecked global warming could destabilize financial markets and even civilization itself.
Allianz SE board member Günther Thallinger cautioned that the climate crisis is “on track to destroy capitalism,” as the rising costs of extreme weather could leave the finance sector unable to operate.
Thallinger noted the world is fast approaching temperature levels (around 3°C above pre-industrial) where insurers will no longer offer coverage for many disasters, making mortgages and investments unviable. Some companies have already stopped insuring homes in high-risk areas like California and Florida.
Global carbon emissions are still increasing, and with present policies the planet is headed for 2.2-3.4°C of warming. Damage at 3°C would be so great that governments couldn’t provide financial bailouts, and it would be “impossible to adapt” to many impacts.
Why it matters: A dire warning from a major insurer underscores that climate change isn’t just an environmental problem—it’s a systemic financial threat. When insurers start saying the climate crisis could upend the economy, it signals urgent risks to global stability.
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2. Wall Street banks bet on a 3°C world
👉 Leading U.S. financial institutions are effectively writing off the Paris climate goals—forecasting disastrous warming and even eyeing profits from the fallout.
Analysts at Morgan Stanley, JPMorgan Chase and the Institute of International Finance now believe “the Paris climate agreement…is effectively dead,” and the world is on track for about 3°C of global heating. Investors are being told to plan accordingly for a hotter, more volatile planet.
The banks’ reports outline expectations of “catastrophic” heatwaves, floods, economic strife and other upheavals in a 3°C scenario. In other words, they foresee climate impacts so severe they could disrupt economies and supply chains on a regular basis.
At least one sector could benefit: air conditioning. Wall Street forecasts a windfall for A/C manufacturers as demand soars in hotter years. The global AC market could grow 41% to $331 billion by 2030 thanks to more frequent extreme heat. (Adaptation tech like cooling is seen as a growth industry, even as the broader outlook is grim.)
Why it matters: If big banks are preparing for climate failure, that’s a stark vote of no-confidence in global climate action. This could become a self-fulfilling prophecy if financial leaders stop pushing for emissions cuts and instead plan to ride out a 3-degree world and focus exclusively on adaptation (vs. mitigation).
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3. 1,900 scientists send “SOS” to Trump on science cuts
👉 In an unprecedented move, nearly two thousand of America’s top scientists have signed an open letter warning that the Trump administration’s attacks on climate science put the nation in danger.
The Guardian reports that more than 1,900 members of the U.S. National Academies of Sciences, Engineering and Medicine co-signed a letter sounding the alarm about the White House “blocking research on topics it finds objectionable, such as climate change.” The scientists describe the situation as a “danger” to America.
The letter decries widespread cuts and interference in federal science. For example, the administration has created a special email for fossil fuel companies to seek exemptions from pollution rules, and it moved to shut down the EPA’s climate and environmental justice museum. Such actions are erasing data and hindering research on climate solutions.
Signatories warn that undermining science will hurt U.S. competitiveness and public safety; not only are climate initiatives at risk, but innovations in health, technology, and agriculture could stall. They urge the public and Congress to reject political censorship of science and support evidence-based policymaking.
Why it matters: It’s extraordinarily rare for nearly 2,000 scientists to speak in one voice—this “SOS” shows how extreme they view the current situation. The integrity of climate research and policy is at stake. If the U.S. government sidelines science on climate change, efforts to understand and combat the crisis could be set back by years, with global repercussions.
4. Climate change supercharged a Central Asia heatwave
👉 In a troubling glimpse of our hotter future, scientists found that a March heatwave in Central Asia was up to 10°C (18°F) hotter because of climate change—an almost unimaginable jump, pointing to how global warming is turbocharging extremes.
In March, parts of Central Asia (including Kazakhstan and Uzbekistan) were scorching under an exceptional heatwave for that time of year. Now, a World Weather Attribution analysis concludes the event was “made up to 10°C hotter by human-caused climate change”
In other words, climate change didn’t just make it a bit warmer—it raised the heatwave’s peak temperatures by as much as 18°F. Such temperatures in March are extraordinarily rare historically. Places that should have been enjoying mild spring weather saw summer-like heat, shattering records. Without global warming, this heatwave would have been virtually impossible; with it, these extremes are now plausible.
The study is an example of how climate change is stacking the decks in favor of extreme heat. Across the world, record heatwaves are occurring with greater frequency and severity, often much earlier or later in the season than usual. Central Asia’s 10°C anomaly underscores that impacts are not incremental—they can be staggeringly large shifts from the norm.
Why it matters: This kind of analysis links specific extreme events to climate change, reinforcing that we’re already living the effects. A 10°C boost to a heatwave can be the difference between manageable heat and life-threatening conditions. It puts strain on agriculture (crop failures), power grids (AC demand), and human health. The finding sends a clear message: even 1.2-1.3°C of global warming (today’s level) is enough to drive extreme events off the charts.
5. Renewables surge in Global South
👉 Fresh data shows clean energy is growing beyond the Global North. From Africa’s uptick in solar and wind to China’s huge solar exports, the Global South is starting to close the clean energy gap.
Africa increased its renewable energy capacity by 6.7% in 2024 (adding about 4.2 GW of clean power). Countries like Egypt, Ethiopia, and South Africa led the charge in installing new solar farms and wind projects. While the continent’s total capacity is still relatively small, this growth rate is a positive sign of momentum.
China’s exports of solar panels to developing nations have doubled in the past two years, now overtaking its solar exports to developed countries. In 2024, for the first time since 2018, more Chinese panels went to the Global South than the Global North. (Top importers included countries like Saudi Arabia and Pakistan).
Investment in renewables is picking up in emerging economies thanks to falling technology costs and international climate finance. From Southeast Asia to Latin America, more utility-scale green projects are coming online, and some developing nations are adopting innovative models (e.g., Kenya’s leapfrog to geothermal and solar, or Morocco’s big wind and solar farms).
Why it matters: The world can’t meet climate goals unless clean energy spreads everywhere, not just in Europe or the U.S. These trends show that renewables are becoming more accessible in poorer regions—which means potentially avoiding a huge surge in emissions as those economies grow. It’s a hopeful counterpoint: even as some rich countries debate climate rollbacks, many developing countries are charging forward with cleaner energy sources.
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6. Trump's Tariffs Spark Global Energy Market Turmoil
👉 President Trump's sweeping tariffs, including a 10% levy on imports from the EU and China, are causing significant disruptions in global energy markets.
Despite energy sector exemptions, U.S. crude oil prices have fallen over 6%, reflecting fears of reduced global economic growth and energy demand.
Industries like wind, solar, and electric vehicles, which rely on global supply chains, face increased costs and uncertainty due to the broad scope of the tariffs.
The EU, China, and Canada are preparing countermeasures, potentially escalating into a broader trade conflict.
Why It Matters: These tariffs could hinder the transition to clean energy by increasing costs and creating policy instability, affecting both the economy and climate initiatives.
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