With the global economy in danger of crashing, we need better leaders - South China Morning Post
With the global economy in danger of crashing, the world needs better leadership | South China Morning Post
Chinese President Xi Jinping meets his US counterpart Joe Biden on the sidelines of the G20 summit in Nusa Dua, Bali, on November 14, 2022. Western nations that seek to decouple from China are setting the global economy on a path to disaster. Photo: AFP
Chinese President Xi Jinping meets his US counterpart Joe Biden on the sidelines of the G20 summit in Nusa Dua, Bali, on November 14, 2022. Western nations that seek to decouple from China are setting the global economy on a path to disaster. Photo: AFP
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Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”