By Yi Wang, Head of Global Development Program at ANBOUND
The month of August showed a hectic diplomatic schedule for both the American, the Britain and China. In the last week of this month, the U.S. Secretary of Commerce Gina Raimondo and British Foreign Secretary James Cleverly were visiting China for high-level talks. Climate change is one of crucial issues in the interest of all parties and requires their cooperation with the Chinese government.
Gina Raimondo’s trip to China followed the July’s visits from the U.S. special envoy for climate John Kerry, U.S. Treasury Secretary Janet Yellen and U.S. Secretary of State Antony Blinken, while former U.S. Secretary of State Henry Kissinger undertook his own trip to the country. Additionally, Frans Timmermans, the Executive Vice-President of the European Commission, embarked on a visit for the Fourth China-EU High-Level Environment and Climate Dialogue. Fatih Birol, the Director of the International Energy Agency (IEA), also journeyed to China in July. Despite the scorching heat, these significant individuals gathered from distant corners of the world, showcasing not only their physical resilience but also their shared determination to collaborate in order to enhance the well-being of people globally, when it comes to the issue of climate change.
Starting from the 1990s, the effects of global warming-induced heat waves have led to trillions of dollars in losses across the globe. The International Labour Organization (ILO) predicts that by 2030, extreme heat will reduce global working hours by over 2%, equivalent to the loss of 80 million full-time jobs and costs of USD 2.4 trillion.
While the effects of climate change on economic activities are readily apparent, its impact on social systems is considerably more severe. Precisely gauging the direct and indirect social costs of the climate crisis remains challenging.
The influence of weather on human emotions is a subject of interest to researchers and scientists. One prominent theory is seasonal affective disorder (SAD), which suggests that changes in meteorological conditions not only impact our physical well-being but also significantly influence our psychological state. These psychological well-being concerns underscore the heightened susceptibility of individuals exposed to severe weather conditions. This not only serves as a prompt for national public health authorities to remain attentive but also underscores the necessity for bolstered assistance in disaster prevention and mitigation within the domain of social welfare.
World widely, the state governors have been aware of hardness tackling with significant challenges from young unemployment to social isolation caused by social media. Climate crisis makes anxiety sentiment exacerbated. Given the upheaval that climate changes bring to human society, if left unaddressed, it will yield not just physical afflictions and psychological distress on an individual level but also breed communal unease, psychological ailments, and widespread social unrest. Consequently, the strain on healthcare, education, and social support systems will escalate substantially, profoundly disrupting the customary operation of social foundations.
On November 30 – December 12, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) is set to convene in the United Arab Emirates. This pivotal gathering will center on four pivotal themes: expediting the worldwide shift towards renewable energy sources, navigating the complexities of climate financing, elevating the safeguarding of human lives and sustenance, and fostering a spirit of inclusivity. Notably, existing disparities in climate action between the developed countries (Global North) and developing countries (Global South) have engendered persisting debates over the mobilization of resources and the allocation of funding.
I believe that to enhance efficiency, climate policies and action plans should underscore the subsequent fundamental aspects. By prioritizing these factors, all stakeholders can delve into viable innovative strategies and expedite the establishment of mutually advantageous multilateral accords. A collaborative approach to combat climate change is presented for actions.
1. Climate risks transcend conventional geographic boundaries and possess the potential to swiftly escalate on a global scale, giving rise to interconnected worldwide crises.
In formulating financial risk regulation policies, it is crucial to bolster the exchange of climate information among entities of both the public and private sectors. This helps to improve market transparency, uphold financial stability, and adequately address the escalating requirement for climate-related investments.
Effectively preventing and managing climate risks relies heavily on the transparent sharing of information, and this should be above any geopolitical rivalry. A lack of awareness among the general population about these risks could hinder the implementation of proactive preventive measures. Therefore, it is crucial to promote the widespread dissemination of climate-related information and encourage increased cooperation among various stakeholders. This encompasses a wide array of aspects, including data on risk exposure, carbon assets, methodologies for stress testing, and practical experience in scenario analysis. All these components should be easily accessible. Through the collaborative exchange of information and the exploration of best practices, stakeholders can enhance their problem-solving capabilities, ultimately contributing to both localized and global financial stability.
2. Promoting collaborative efforts among climate technology-oriented enterprises to establish a “Climate Joint Fund” stands as an important step in advancing scientific development and fostering global innovation.
Global tech firms and investors share a collective responsibility to actively support worldwide initiatives addressing climate risks through diverse funding avenues. This proactive approach not only secures long-term financial gains but also underscores commitment to corporate social responsibility. The investor spectrum for the “Climate Joint Fund” encompasses enterprises, business leaders across nations, international banks, investment funds, insurance companies, and philanthropic organizations. In the asset allocation process, a collaborative partnership between the fund, professional bodies, industry associations, and societal partners can provide policymakers with invaluable insights for advancing climate technology. Examples encompass efficient waste systems, smart grids, electric vehicle charging, energy-efficient buildings, and lighting technology.
3. The Global North and Global South should actively foster comprehensive exchanges focused on climate change education. This includes expanding the global pool of talents and skills and enhancing the capacity for the implementation of climate projects.
Climate change affects every single person on the globe, thereby demanding adaptations within national economic frameworks. This challenge transcends environmental considerations, entailing a multidimensional complexity spanning interdisciplinary expertise and technologies. These encompass climate science, economics, sociology, public policy, international relations, journalism, and beyond. Augmenting collaboration among international academic and research institutions is pivotal for a more nuanced grasp of both domestic and international advancements in climate-focused research. This interaction facilitates a clearer comprehension of the unique hurdles encountered during climate negotiations.
To secure societal consensus on climate change goals and strategies, substantial backing from the general public and local communities is of utmost importance. This need is evident across nations of the world, where limited awareness prevails regarding the societal implications of climate change. This gap impedes proactive involvement. Promoting climate-focused education from early schooling to vocational training is crucial. Enabling community-based environmental and mental health support, along with fostering international urban connections, is vital. Nurturing the next generations with comprehensive perspectives and enhanced capacities to address climate change will collectively drive sustainable environmental progress and methodical economic transition, and this is an effort that requires international cooperation where no country should be left out.
The progression of human civilization relies on our ability to consistently reflect on our experiences and learn from them. It is crucial for every individual, as well as every nation, to adopt an environmentally conscious perspective and partake in endeavors aimed at combating the effect of climate change.
