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Below code will create the filename ".tmp" files with the required changes.
for i in ~/Library/Calendars/*.calendar/Events/*.ics
do
awk 'BEGIN{FS = OFS = "T"} {if($0 ~ /^DTSTART/ || $0 ~...

The code is for BSD sed which is used on OSX. You can use it without .bak, but this is what the man page says:

-i extension
Edit files in-place, saving backups with the...

Which OS and version of sed do you use?

You could try this:
find . -type f -iname *.ics -exec sed -i '/^DT\(START\|END\)/s/[0-9][0-9]$/00/;s/\r//' {} \;

Also test this out first and try:
for file in ~/Library/Calendars/*.calendar/Events/*.ics
do
[ -f "$file" ] || continue
sed -i ".bak" -e '/^DTSTART/ba' -e'/^DTEND/ba' -e 'p;d' -e :a -e...

Try this as a complete replacement for your script:
#!/bin/bash
##### Begin
DATE=$(date +'%Y%d%m')

##### Fetching weather data, adding specific calendar data, and cleaning up
(if curl...