On climate change, wealthy nations must show the way

Source- The post is based on the article “On climate change, wealthy nations must show the way” published in “The Indian Express” on 19th June 2023.

Syllabus: GS 3 – Environment – Climate Change

News– The article explains the need for urgent action on climate change in current times.

Why is action on climate change urgently needed in present times?

Climate change is creating variability in our weather systems. Floods, droughts, extreme rains and subsequent crop damage and health impacts are big challenges for the planet.

The WMO’s recent report on global temperatures touching 1.5 degrees Celsius is a warning about a climate emergency.

As per IPCC’s 2023 Climate Change Synthesis Report, governments are just not doing enough to tackle the crisis.

As per this report, the current pace of climate actions will lead to a rise of global average temperature by 2.7 degrees Celsius over pre-industrial levels by 2100. All the international net-zero targets together would still warm the planet by 2.2 degrees Celsius.

An estimated two million people lost their lives between 1970 and 2019 to extreme weather and the economic loss hovers around $6.5 trillion.

Many believe that climate impacts in 2100 will not be severe, and the current adaptation measures will be adequate. But Covid-19 has revealed the under-preparedness of most countries. Climate change is likely to pose a much more severe challenge.

What is the importance of rich countries in tackling climate change?

A mere 10% of the world’s richest countries emit 50% of the greenhouse gases, while the poorest account for 12%. Delaying climate action to 2030 is likely to push temperatures beyond 1.5 degrees Celsius.

If the major economies of the world want to lead, they will have to do so by making a long-term commitment to reducing emissions.

The quantum of climate finance has grown only slightly over the past decade, reaching about $ 579 billion in 2017-18. This is about 10 times less than the estimated $ 6.3 trillion needed every year by 2030 to stay aligned with the Paris Agreement.

Why is current timing suitable for climate related actions?

The solutions that exist for climate change can be scaled up faster with political will. Solar is now the cheapest source of power in the major economies. A new solar plant is three times cheaper than its equivalent in coal.

In 2022, 90% of the world’s power sector growth came from renewables. Twenty-four nations have reported a drop in emissions by expanding their renewables portfolio.

The switch to clean energy need not spell doom for the oil and gas sector. Professionals can migrate to renewables with expertise in energy technology and finance.

By investing their subsidies in de-centralised solar, wind, geothermal and tidal power, the corporations could make themselves the primary energy provider for the developing world.