Climate Risk Monthly — June 2025

Welcome back to Climate Risk Monthly! The beginning of summer in the northern hemisphere brought several notable heatwaves, including in some places not typically known for warm temperatures. We'll be talking more about that below, along with developments in global funding for nuclear energy and a new UN treaty to protect marine biodiversity. Read on to learn more!

The Climate Risk Mini-Quiz

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This month’s mini quiz focuses on the science of climate change. Good luck and let us know how you do in the comments below!

Recent GARP Content

Climate Risk Webcast | June 24

Climate Risk Podcast | June 19

Risk Institute Article | June 12

June 2025 News Digest

High Seas Protection Treaty Set to Take Effect in January | Reuters  

An international treaty to protect the world’s oceans is set to take effect on January 1, 2026, French President Emmanuel Macron announced at the UN Ocean Conference in Nice. The High Seas Treaty, adopted in 2023, will create the first legally binding global framework to conserve marine biodiversity in international waters, which cover nearly two-thirds of the world’s oceans. With 55 countries having ratified the treaty and more expected by year’s end, the required threshold of 60 ratifications is on track to be met.  

UN Secretary-General António Guterres warned that illegal fishing, pollution, and climate change are pushing marine ecosystems to the brink of collapse. While the U.S. has not joined the treaty, ocean advocates say implementation must begin regardless. Alongside the treaty, EUR 8.7 billion has been pledged to support a sustainable ocean economy, with a global ocean finance facility planned for 2028 to help restore ocean health.  

The development comes as the World Meteorological Organization reveals that a marine heatwave in 2024 affected 40-million square kilometres of ocean — an area five times the size of Australia — causing the fifth mass coral bleaching event in the Great Barrier Reef. Similarly, new research found that two-thirds of the world’s deep ocean has reached an unsafe acidity threshold, with severe impacts for marine life. The rising acidity also reduces the ability of our oceans to produce oxygen, which currently provide 50% of the Earth’s oxygen.  

Key Points:  

• The High Seas Treaty is expected to enter into force on January 1, 2026, once 60 countries complete ratification.  
• It creates the first legally binding framework to protect marine biodiversity in international waters.  
• The U.N. and ocean advocates are calling for accelerated investment and action, despite the U.S. not joining the agreement.  

Click here to read the full article, here for more on the marine heatwave, and here for more on deep ocean acidity.  

World Bank Ends Its Ban on Funding Nuclear Power Projects | The New York Times  

In a major policy shift, the World Bank has ended its decades-long ban on funding nuclear power projects, opening the door for developing nations to access clean energy without relying on fossil fuels. The move comes amid rising global support for nuclear power as a climate solution and may signal the world’s leading development bank’s intention to directly finance nuclear energy projects for the first time since 1959. 

The ban was formally introduced in 2013, though resistance to nuclear energy projects from some of the World Bank’s funders had kept it from engaging in nuclear projects for decades. However, recent geopolitical shifts and climate imperatives have altered the landscape. The new German government — once strongly opposed to nuclear energy following the 2011 Fukushima disaster — now supports next-generation reactors, and in 2023 over 20 countries pledged to triple nuclear capacity by 2050. In May 2025, US President Donald Trump signed a series of executive orders aiming to quadruple US nuclear capacity.  

The decision, announced by World Bank President Ajay Banga, was strongly encouraged by the United States — the bank’s largest shareholder — which sees nuclear development as a way to counter Russian and Chinese dominance in reactor technology. Many developing nations, including Ghana and Vietnam, have expressed interest in pursuing nuclear power to industrialize and phase out coal, but historically have lacked access to financing.  

Proponents say World Bank funding could help unlock markets for small modular reactors (SMRs), a new wave of nuclear technology still in development. Critics remain cautious, especially as the bank weighs whether to revisit its 2017 ban on oil and gas drilling support.  

Key Points:  

• The World Bank has ended its 60+ year suspension on financing nuclear power, citing its role in clean energy and development.  
• The shift may aid countries like Ghana and Vietnam in moving away from coal without relying solely on Russian or Chinese nuclear deals.  
• The move boosts U.S. efforts to expand its nuclear footprint, especially in next-generation small reactor technology.  

Click here to read the full article. 

Part of Alaska Is Under a Heat Advisory. That’s a First. | The Washington Post 

An increasing prevalence of high temperatures in Alaska has prompted the National Weather Service to begin issuing heat advisories in the state for the first time. Previously, cases of extreme heat were addressed through ‘special weather statements’. However, it’s expected that many more hot days may be in the state’s future, and high temperatures can be especially dangerous in areas not used to them, as few houses may be equipped with air conditioning, and buildings may be designed to trap heat rather than ventilate it. Alaska’s first ever heat advisory was issued in mid-June, covering the city of Fairbanks and surrounding areas.  

In terms of human cost, heat waves are potentially the most destructive weather phenomenon associated with climate change — even before considering second-order effects, such as wildfires. According to a January report from the World Economic Forum, almost 500,000 lives are lost each year to extreme heat — more than the numbers from floods, hurricanes, and earthquakes combined. And, as the Earth’s climate continues to warm, heat waves are manifesting more frequently in locations unused to extreme temperatures, underlining the criticality of global adaptation efforts. 

Key Points: 

• The National Weather Service in Alaska, which is warming 2-3 times faster than the global rate, has changed its practices and will begin issuing heat advisories in the state. 
• The first heat advisory in Alaska was issued in mid-June and covered the city of Fairbanks as well as surrounding areas in the state’s interior. 
• Heat waves are an especially dangerous consequence of climate change to humanity, with almost 500,000 lives currently lost to extreme heat each year and estimates that almost half the world’s population will face at least one month of dangerous heat each year by 2050. 

Click here to read The Washington Post article, here to read the report from the World Economic Forum, and here for a Scientific American article on important adaptation measures that can be taken in response to heat waves. 

Other Noteworthy Articles

• Scientists have created a model of how the collapse of the Atlantic Meridional Overturning Circulation (AMOC) current would impact global weather patterns. You can explore some of the impacts in this article (CNN).
• The Basel Committee for Banking Supervision published their framework for climate-related risk disclosures; however, it's adoption will be voluntary (Reuters).
• The collapse of a Swiss glacier partially buried the village of Blatten (BBC).

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Thanks for reading — see you next month!