Record-breaking temperatures: In the hot seat

Source: The post is based on the article “Record-breaking temperatures: In the hot seat” published in the Indian Express on 20th June 2023

Syllabus: GS 3 – Environment and Bio-diversity Conservation.

Relevance: About 1.5 degree Celsius mark.

News: Earlier, the World Meteorological Organisation warned that temperatures in at least one of the next four years would be higher than the pre-industrial era average by 1.5 degree Celsius. Now, the EU’s Earth Observation Arm, Copernicus, has reported that this threshold was breached in the first week of June. This is the first time that global mean temperatures have exceeded the 1.5 degree Celsius figure during a summer month.

What is the Copernicus programme?

What will be the impact of breaching the 1.5 degree Celsius mark?

The Paris Agreement refers to global mean temperatures over a 20- or 30-year period. But crossing the 1.5-degree mark frequently will make the cumulative effect of these increases a serious issue. For instance,

-A long-term breach of the 1.5 degree threshold could aggravate climate impacts, including heatwaves, floods and droughts.

-Living with such weather vagaries would require paradigm shifts, especially in the areas such as agriculture, urban planning, and disaster warning and mitigation systems,

What are the challenges in mitigation and adaptation financing at present?

Inadequate finances: The last IPCC report underlined, “finances for adapting to climate change have been particularly low”. The UNEP estimates that $340 billion will be needed every year for climate adaptation, but less than $30 billion gets allocated for the purpose.

Improper method of financing: An OECD assessment shows that 70% of public climate finance is provided through loans where the funder expects a financial return.

Investments provide no immediate return: Interventions such as disaster warning systems or building flood defences do not generate immediate revenue.

Disproportionate impacts: For instance, Pakistan contributes barely 1% of the world’s GHG emissions, but last year’s floods alone cost more than $30 billion for them.

Overall, the current financing structure does not address the challenges of a large majority of climate-vulnerable countries, they are also amongst the most resource-strapped.

What should be done?

France will soon hold an international summit “aimed at taking stock of the ways and means of increasing financial solidarity with the Global South.” The decisions taken at the meeting are likely to feed into the agenda of COP 28 in Dubai. So, the delegates should consider the recent rise in temperatures seriously.