On climate change wealthy nations must show the way
Present circumstances:
- Indians have heard conflicting reports about the southwest monsoon; while some analysts claim it was below average, the IMD predicts ordinary precipitation this year.
- Unusual rains have a greater impact on the economy and market confidence than insufficient or delayed monsoons.
- This demonstrates the growing impact that climate change, through increased variability, is causing to our weather systems.
- A new set of difficulties are presented by floods, droughts, and excessive rains, together with the ensuing agricultural loss and health problems.
Recent studies and articles that have brought up the subject of temperature increases that go beyond the limit include:
- In addition to an estimated $6.5 trillion in economic damages, it is anticipated that two million people died as a result of extreme weather between 1970 and 2019.
- A climate emergency is on the rise, according to the most recent information from the World Meteorological Organisation, which reported that the global temperature topped 1.5 degrees Celsius in early June.
- The IPCC’s 2023 Climate Change Synthesis Report concludes that our governments are just not doing enough to solve the issue.
- Even if all UN net-zero goals were met by 2100, the average global temperature would still have risen by 2.7 degrees Celsius above pre-industrial levels at the current rate of corrective action.
Survival threats are a result of climate change:
- The risks posed by climate change in terms of how we produce food, energy, and other goods and services would worsen if people lost their jobs.
The timing is right to fight climate change while accepting the responsibilities of wealthy nations:
- At this uncharted moment in time, the reality of this essential imperative must take primacy.
- Only 12% of the world’s poorest countries and 10% of the world’s richest countries each contribute 50% of the world’s greenhouse gas emissions.
- If climate action is postponed, temperatures are predicted to climb by more than 1.5 degrees Celsius even in 2030.
- If the world’s top economies are to lead, they must make a long-term commitment to reducing emissions. The amount of climate finance has only slightly increased over the past ten years, reaching roughly $ 579 billion in 2017–18.
- This is almost 10 times less than the estimated $6.3 trillion in yearly spending needed to uphold compliance with the Paris Agreement by 2030.
Getting to know the Covid-19 pandemic:
- The Covid-19 catastrophe showed how unprepared certain countries were for a major disaster. Despite being extremely lethal, the outbreak only lasted three years. Climate change poses a considerably greater hazard, in my opinion.
What comes next is:
- The answers we now have can be scaled up far more quickly if there is political will.
- Utility-scale solar is currently the least expensive energy source in the major nations, and a new solar plant is three times less expensive than its coal-based equivalent.
- 90% of the growth in the global power sector in 2022 came from renewable energy sources, while capacity rose astonishingly by 45% annually.
- 24 countries have lowered their emissions by increasing the share of renewable energy in their energy mix, and the lower cost of solar and wind energy has forced even US coal-belt utilities to make the switch.
- The switch to sustainable energy does not always mean the end of the oil and gas industry. Given their background in energy technology and finance, professionals would find the learning curve for making the switch to renewable energy sources to be considerably less scary.
- The world’s offshore wind capacity and the industry’s offshore capabilities are perfectly suited, so it makes sense for them to offer clean energy to the battery electric vehicle ecosystem, which is quickly developing.
- .By investing their grant money in decentralised sources of solar, wind, geothermal, and tidal energy, the enterprises might end up serving as the primary energy provider for the developing globe.
Conclusion:
- Governments must view this as a once-in-a-lifetime opportunity to reduce our dependency on fossil fuels and develop more cheap, self-sufficient energy systems.
- The race to 2050 must prioritise zero life cycle emissions rather than just net-zero or carbon neutrality since it is an issue of survival.
