Abstract: Alongside Robert Costanza and colleagues’ plea to abandon gross domestic product as a measure of national success (see Nature 505, 283–285; 2014), we believe that there is an urgent need to change the way currencies are valued — by using a new ‘carbon standard’ that links economy to ecology. This would work in a similar way to the old gold-exchange standard, except that a country’s currency value would instead be determined by its saved and standing stocks of fossil and non-fossil carbon. Governments would need to decide whether to risk devaluing their currency by depleting carbon stocks — while still honouring a commitment to keep fossil-carbon stocks at 80% as a safeguard against extreme climate change. After the Second World War, huge investments radically altered the economies of the United States, the Soviet Union and the United Kingdom. In the face of climate change, it is now the global energy system that needs reinvention.

Abstract: Understanding the drivers of yield levels under climate change is required to support adaptation planning and respond to changing production risks. This study uses an ensemble of crop models applied on a spatial grid to quantify the contributions of various climatic drivers to past yield variability in grain maize and winter wheat of European cropping systems (1984-2009) and drivers of climate change impacts to 2050. Results reveal that for the current genotypes and mix of irrigated and rainfed production, climate change would lead to yield losses for grain maize and gains for winter wheat. Across Europe, on average heat stress does not increase for either crop in rainfed systems, while drought stress intensifies for maize only. In low-yielding years, drought stress persists as the main driver of losses for both crops, with elevated CO2 offering no yield benefit in these years.