Climate Risk & ESG Risk

Global Warming Solutions with The Economic Benefits

Sunny Samanta

17th Aug'22

“The show, global warming, is on and everyone has a ticket to either watch it take over the world or to put in their five-star efforts to save the world.”

Did you enjoy the heavy rainfall this autumn? Oh wait, you come from a place where it rarely rains throughout. Instead, it’s either autumn or summer the whole year. So, let me rephrase my question, especially for you - did you experience more cold in the autumn or the summer blessed your place with its unbearable heat?

You may wonder why I am asking such questions or think I have lost my  mind here. And it is completely acceptable and understandable. However, cannot be taken as acceptable is the answer to the questions I just have asked. I mean, we are no strangers to the effects of global warming. The numerous data on the climate conditions have made it extensively clear how the earth is now facing the dire problem, i.e., global warming. And unless you want to act Ostrich, I suggest you continue reading this article.

 

Global Warming Solutions with The Economic Benefits

 

Global Warming - The Threat

Global warming needs no introduction. It is human creation that can potentially lead to the complete annihilation of the planet we call home. The gradual melting of the glaciers in the Arctic and steep rise in temperature with every passing year, alongside the ultimately, climate change in terms of weather conditions point toward one critical question. A question the world can no longer run from or hide. A question that demands an answer. And the question is “Will global warming lead to the earth’s demise?

People, nowadays, discuss turning mars into a land of habitat. A backup to a pertainable inevitable end of life forms on earth. It's Plan B. But my question is, should we really have a plan B? Especially, when there is only one earth. The answer lies in your interpretation. But I do hope, your answer leans on saving the only earth we currently live on. Our present depends on it, our future depends on it. Besides, we owe it to the coming generation. And for this reason alone, we must start talking and more importantly, act on the global warming solutions.

 

Global Warming Solutions

 

Global Warming: Need for Solutions with Economic Benefits

One of the characteristics of our kind is that we are greedy species. Somewhere, somehow, greed has become instrumental in our evolution and progress. And most of us must know it by another name - The great greedy Midas. A man whose story coined the everlasting term - The Midas touch. If you do not know the fabled story of the “Greedy Midas” I strongly recommend you give it a read. And if you do know about it, I am sure you remember how the story ended.

Our kind is suffering from the similar so-called “Greedy Midas Syndrome.” We somehow have lost the ability to decide when to stop. And our constant tryst with an advanced lifestyle can lead to a similar uneventful and sorrowful ending. Hence, despite the available solution to combat global warming, we struggle with the adverse effects of it because we are more greedy than we can become selfless for once. Therefore, we need to look for global warming solutions with economic benefits. And fortunately, we have three.

 

Global Warming

 

Global Warming Solutions With Economic Benefits

A widespread year of research has culminated in developing three viable global warming solutions that carry economic benefits. These three types of global warming solutions with economic benefits are:

 

  • Coping Solution

  • Stop Emitting Greenhouse Gases

  • Reduce Existing Greenhouse Gases

 

All three types of global warming solutions serve a different but essential role in combating its harmful effects. But as you may have guessed, more information is required to understand them. Therefore, let’s start one by one with the Coping Solution.

 

Coping Solution

Coping solution is the most prominent, widely discussed global warming solution. After all, the method was developed to deal with the immediate global warming crises caused by the rising sea water level and flooding effects.

Besides the sea level rise and floods, the coping solution also helps in combating other natural disasters such as hurricanes, tornadoes, and wildfires. Governments can use coping strategies to highlight the consequences of extreme weather events such as droughts, floods, heat waves, and rising sea levels. Many countries and states have adopted coping solutions to contain the impacts of global warming.

For example, to combat the flood issues China launched the Sponge City Initiative in 2015. Its government has allocated $12 billion to water reuse projects. It aims to have 80% of China's cities reusing nearly three-quarters of their rainwater by 2020. The project will help to mitigate both flood damage and drought.

Likewise, as global warming disrupts the growing cycle, weakening plants and making them more vulnerable to pests, Colombia has started to breed new coffee plants. These coffee plants will have resistance to withheld fungus, pests, and other harmful agents that depletes the plant growths.

 

Stop Emitting Greenhouse Gases

While the coping solution did serve amazingly to combat some global warming issues, it isn’t enough. The coping solution completely struggles to address the root cause of global warming, i.e., the rise in the emission of harmful greenhouse gases. As a result, the second type of global warming solution was found to reduce the emission of greenhouse gases. We can term it, “Stop emitting greenhouse gases" which can help in reducing digital carbon footprint.

The solution primarily works on the basis of reducing the future greenhouse gases into the atmosphere. It works by replacing the requirement of greenhouse gases by switching from fossil fuels to clean and natural alternatives such as solar and geothermal energy resources. To implement this solution the first biggest initiative was the Paris Climate Agreement.

The Paris Climate Agreement served as the major comprehensive initiator to combat the extreme greenhouse gas emissions. Its efforts led to 196 countries agreeing to limit global warming to 2 degrees Celsius above pre-industrial levels on December 18, 2015. Many experts believe the agreement became the tipping point. Beyond that, climate change's consequences become unstoppable. To meet that target, global emissions must be zero by 2050.

 

Reduce Existing Greenhouse Gases

The initiative to stop the emission of greenhouse gases led by the Paris Climate Agreement did show its impact in fighting greenhouse gases. However, there remained one major problem to amplify its impact to the desired effect. As a result, another global warming solution with economic benefits became conceptualised, i.e., reducing the existing greenhouse gases.

It started after NASA reported that the carbon dioxide concentration has become greater than 400 parts per million. It means that even if we stop all future emissions, there will remain enough harmful greenhouse gases to raise the Earth's temperature by 4 degrees Celsius. And it will bring the melting of the Arctic ice leading to 66 feet higher sea level.

It is important to avoid further warming of the earth's atmosphere. Beside, the current CO2 level must get reduced from 400 parts per million to the preindustrial maximum of 300 parts per million. Furthermore,  to accomplish it, we must remove and store 30 years' worth of CO2 from the atmosphere over the next three decades.

 

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A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.

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