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    Sea ice melts on the Franklin Strait along the Northwest Passage in the Canadian Arctic Archipelago, Saturday, July 22, 2017. Because of climate change, more sea ice is being lost each summer than is being replenished in winters. Less sea ice coverage also means that less sunlight will be reflected off the surface of the ocean in a process known as the albedo effect. The oceans will absorb more heat, further fueling global warming.

    Paris Deal Commitments Harm 11 Global Industries With $2.2 Trl in Debt - Moody's

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    MOSCOW (Sputnik) - Governments around the globe are tightening environmental regulations under the Paris Agreement on climate change, measures which are significantly affecting 11 industries with a total rated debt of about $2.2 trillion, a fresh report by the Moody's Investors Service said.

    "As governments seek to fulfill their Paris Agreement commitments, the tightening of regulatory regimes governing CO2 emissions is having a tangible – and, in some cases, disruptive – impact on the most exposed industrial sectors globally… Our heat map identifies 11 sectors, totaling roughly $2.2 trillion in rated debt, with elevated credit exposure to environmental risks," the report said.

    The most affected sectors include oil and gas refining, transportation and logistics, the steel industry, mining, and chemicals production, the report indicated.

    "Again, this represents a 10% increase in rated debt from 2015. These sectors have clear exposure to environmental risks that are either already material to credit quality or could be over the next three to five years," the report added.

    READ MORE: More Than Half of French People Don't Trust the US, Opinion Poll Says

    The Paris Agreement, signed by more than 190 parties, was adopted within the United Nations Framework Convention on Climate Change in December 2015 and came into force in November 2016.

    The main goal of the accord is to tackle climate change by keeping the rise in global temperature below 2 degrees Celsius above pre-industrial levels. The signatories are to develop and execute their own plans to reduce the effect of global warming.


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