Climate change challenge - Business Standard
Climate change challenge | Editorial Comment - Business Standard
The increasing frequency of extreme weather events and the intensity of heat waves in much of India is a reminder of rapid shifts in climate and its potential consequences for a country like India. While India is investing to increase the share of renewable energy in its energy mix, the problem of climate change cannot be addressed by individual developing countries. Notably, developed countries have committed themselves to providing financial support to developing ones. In this context, a new report by the Organisation for Economic Co-operation and Development highlights that after years of failing to meet climate-finance commitments, developed countries
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”