Human activity, characterized by industrialization, the relentless clearing of land for agriculture, and an unabated population growth stands as the principal catalyst behind Earths pervasive and extreme climate fluctuations. This threatening arc poses a potent threat to global stability, pushing temperatures extremely close to a tipping point-rising by more than 1.5°C. The urgency of the matter is underscored by the unyielding discussions and calls for action originating from the 28th Conference of the Parties (COP28), holding on November 30 to December 12, 2023.
Climate change exerts its influence on our community through the disturbance of the inherent, economic, and communal structures upon which we rely. This disturbance will influence the provision of food, the supply chains of industries, and the stability of financial markets, leading to the deterioration of infrastructure and urban areas, and adversely affecting human well-being and global progress. The toll of climate and weather-related disasters on our healthcare system, as well as the repercussions on families and communities disrupted and displaced by escalating climate emergencies, is substantial. With the ongoing rise in temperatures, giving rise to more intense heat waves, coastal flooding exacerbated by the ascent of sea levels, and an increase in other natural calamities, it is probable that the expenses associated with climate risk will persistently escalate in the years to come.
In the relentless pursuit of progress over the last century, humanity has unwittingly incurred a profound cost. The combustion of fossil fuels, notably coal and oil, has released a surge of carbon dioxide (CO2), methane, and nitrous oxide into the atmosphere, fostering a malicious greenhouse effect and setting in motion an alarming trend of global warming. The consequences are nothing short of dire-ranging from wide scale crop and fishery failures to the heartbreaking disappearance of numerous species, and entire communities grappling with increasingly uninhabitable conditions.
As temperatures ascend, we bear witness to more intense and unpredictable weather events, such as droughts, hurricanes, earthquakes, and floods. The more frequent and severe destructive floods, droughts, wildfires, and hurricanes, combined with the rising sea levels, could potentially pose significant challenges for insurance companies, banks, and various financial intermediaries with intricate connections to a range of affected industries and assets.
The hotter, drier climate is not only wreaking havoc on ecosystems but is also fueling more destructive wildfire seasons, threatening the lives and homes of millions. The Polar Regions, notably the Arctic, bear the brunt of this climatic turmoil, experiencing a warming rate twice that of any other location on Earth. This rapid warming is accelerating the melting of glaciers and polar ice sheets, presenting a grave risk of rising sea levels.
Researchers, sounding a clarion call for immediate action, caution that without substantial measures to restrict emissions, the centurys end could witness a surge in sea levels of up to 3.61 feet. Such a catastrophic outcome would be particularly devastating for low-lying areas, including island nations and densely populated coastal cities in the world. Even at less extreme levels, the repercussions of rising sea levels are expensive and disruptive, causing widespread harm to infrastructure and the environment.
Nations in South and Southeast Asia faced the highest vulnerability to the tangible dangers linked to global warming. Those particularly affected, such as Malaysia, Thailand, India, the Philippines, and Indonesia, were frequently the ones with limited resources to effectively address and adapt to the consequences of global warming.
Agriculture, a cornerstone of human civilization, is not immune to the far-reaching effects of climate change. Shifting rainfall patterns translate into unpredictable floods and prolonged droughts, causing havoc on crops. The increased frequency and intensity of hurricanes pose a direct threat to the global food supply, with the potential to inflict severe damage on crops and push local sectors like fishing, tourism, and animal husbandry to the brink of collapse.
Yet, climate change is more than an environmental dilemma; it constitutes a challenging health challenge. Deteriorating air quality, intensified by hazardous wildfire smoke and ozone smog, poses significant risks, particularly for individuals with pre-existing conditions such as asthma or heart disease. Fatalities resulting from heat waves underscore the critical need for urgent and comprehensive action to address climate change.
In a landmark move toward confronting these pressing climate concerns, global leaders gathered in Dubai for the World Climate Action Summit, signaling the commencement of COP28. The primary focus is a resolute departure from the dependency on fossil fuels. The European Union, along with other member nations, took a praiseworthy step by committing contribution to the loss and damage fund, prioritizing assistance to the least privileged and most vulnerable nations. The agreement at the summit pivoted on accelerating the transition to cleaner energy, surmounting climate finance challenges, energy transition, food transformation, placing nature and humanity at the forefront of climate initiatives, and ensuring inclusivity in all actions.
In facing the undeniable, unprecedented, and irreversible impacts of climate change, the resounding message from COP28 is crystal clear, its a shared responsibility. Achieving a sustainable future demands a collective effort, foresight, and an unwavering dedication to surmount the challenges presented by environmental deterioration. The imperative now lies in transforming these discussions into concrete actions, forging a path toward a strong and sustainable future for our planet and generations to come.
Given that climate risk impacts all communities, businesses, and individuals, it is imperative for us to take immediate action to reduce the risks and achieve targets for net-zero emissions.
The writer is a Senior HR Manager - Uttara Crescent Hospital, Former Lecturer, Southeast University
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