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2024: The Hottest Year In Human History – A Turning Point For The Planet

For the first time in recorded history, global warming breached the critical 1.5°C threshold in 2024, marking an alarming new chapter in the climate crisis. According to data from the European Earth Observation Programme Copernicus, the average surface temperature last year soared to 1.6°C above pre-industrial levels, making 2024 the warmest year ever documented.

This milestone also marked a grim first: average temperatures exceeded the targets outlined in the 2015 Paris Agreement, which aimed to cap warming at “well below” 2°C and ideally limit it to 1.5°C above pre-industrial levels. Over the past decade, from 2015 to 2024, each year has ranked among the ten hottest on record. Notably, every continental region experienced record-breaking heat in 2024—except Antarctica and Australasia.

Carlo Buontempo, director of the Copernicus program, explained to the Financial Times that last year’s unprecedented wave of climate disasters—from severe floods to scorching heatwaves—was no statistical fluke. Instead, these events were direct consequences of human-driven climate change, exacerbated by rising levels of carbon dioxide and methane.

“Reaching the 1.5°C threshold is like toppling the first domino in a catastrophic chain reaction. We’re toying with forces we can barely control. Every fraction of a degree pushes us closer to more violent storms, prolonged droughts, and increasingly lethal heatwaves,” warned Patrick McGuire, a climate expert from the University of Reading, in an interview with the FT.

While human activity remains the primary driver of these changes, the now-concluded El Niño cycle also played a role in last year’s extreme temperatures. With El Niño officially ending in June 2025 is expected to be slightly cooler, though the underlying trend of rising temperatures remains unbroken.

Adding to the urgency, 2024’s record heat coincided with a worrying global shift in climate priorities. Some businesses scaled back their sustainability initiatives, and political rhetoric in the United States under President-elect Donald Trump signaled a potential retreat from the Paris Agreement.

As the world grapples with these realities, 2024 stands as a stark reminder: the climate crisis is no longer a distant threat but a present-day emergency demanding immediate and unified global action.

Eurobank Launches First UPI Cross-Border Payment From Greece To India

Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.

The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.

A Strategic Bet On India’s Digital Payments Ecosystem

According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.

UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.

“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”

He added: “Innovation creates value when it delivers a genuine benefit for the customer.”

Building A Financial Bridge Between Europe And India

The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.

Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.

Mumbai Office Serves As A Regional Business Hub

Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.

For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.

Aiming To Strengthen The India-Europe Corridor

Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.

“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.

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