The researchers argue that a vicious cycle whereby systemic factors, like insurers pulling out of insurance markets, undermine climate action could derail the world from a trajectory for emissions reductions that keeps temperatures below the 2°C target set in the 2015 Paris Agreement. The researchers say this “derailment risk” is dangerously overlooked. The report highlights the 2024 floods in Spanish region of Valencia, where a year’s worth of rain fell in eight hours, leading to the deaths of