News - News Releases 2020


Human impact of climate change: CBM’s specialists at the forefront of European research

The Central Bank of Malta, mindful of the potential impact of climate change on the national and global economies, is actively involved at the forefront global warming research.

Dr Simone Russo is a senior researcher in the Strategic Management Advisory & Research Team (SMART) in the Office of the Governor at the Central Bank of Malta.

Simone Russo

He is one of seven authors of a report on Global warming and human impacts of heat and cold extremes in the EU, just published by the Joint Research Centre (JRC), the European Commission’s science and knowledge service. The other researchers (Nauman G., Ibarreta D., Forzieri G., Girardello M., and Feyen L.) are from the JRC and from the Università di Trento (Formetta G.).

One of the report’s findings indicates that if temperatures were to rise by 1.5°C,  the number of people in the EU and the UK exposed to extreme heatwaves would increase from 9.6 million to 105 million, and heatwave fatalities could rise from the present 2,750 to 30,000. The rise in human exposure to and fatalities from extreme heat is most pronounced in southern European countries.

Climate change research

Source: European Commission/Joint Research Centre

Dr Russo specialises in the development of indicators of global heatwave risk associated with global warming for future pathways of societal development. He was a  co-author – with colleagues from  Italy, Norway, Portugal and the US – of a report entitled “Half a degree and rapid socioeconomic development matter for heatwave risk” published in Nature Communications 10, 136 (2019).

Dr Russo is also part of a team commissioned by the Network for Greening the Financial Sector (NGFS), an international initiative by 65 central banks and financial services supervisors launched in 2017 – of which the Central Bank of Malta is a member – to assess the economic impact of climate change.

The full European Commission report is attached.

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