Fast-unfolding climate change crisis

Time is running out faster than was thought

‘Earth is likely to cross a critical threshold for global warming within the next decade, and nations will need to make an immediate and drastic shift away from fossil fuels to prevent the planet from overheating dangerously beyond that level, according to a major new report released recently. The report, by the Intergovernmental Panel on Climate Change, a body of experts convened by the United Nations, offers the most comprehensive understanding to date of ways in which the planet is changing. It says that global average temperatures are estimated to rise 1.5°C (2.7°F) above pre-industrial levels sometime around “the first half of the 2030s,” as humans continue to burn coal, oil and natural gas.’ – An excerpt from a recent New York Times (NYT) published article ‘Climate change is speeding toward catastrophe. The next decade is crucial, U.N. panel says.’

The United Nations Intergovernmental Panel on Climate Change (IPCC) recently released ‘The Synthesis Report’ (SYR), which according to IPCC ‘is based on the content of the three Working Groups Assessment Reports: WGI – The Physical Science Basis, WGII – Impacts, Adaptation and Vulnerability, WGIII – Mitigation of Climate Change, and the three Special Reports: Global Warming of 1.5°C, Climate Change and Land, The Ocean and Cryosphere in a Changing Climate.’ This is indeed the most up-to-date report on the status of the climate change crisis, and points towards urgent need to address the fast-unfolding climate change catastrophe.

A March 20, 2023 press release by IPCC pointed out with regard to SYR as ‘[IPCC Chair Hoesung Lee indicated] “This Synthesis Report underscores the urgency of taking more ambitious action and shows that, if we act now, we can still secure a liveable sustainable future for all.” In 2018, IPCC highlighted the unprecedented scale of the challenge required to keep warming to 1.5°C. Five years later, that challenge has become even greater due to a continued increase in greenhouse gas emissions. The pace and scale of what has been done so far, and current plans, are insufficient to tackle climate change. More than a century of burning fossil fuels as well as unequal and unsustainable energy and land use has led to global warming of 1.1°C above pre-industrial levels. This has resulted in more frequent and more intense extreme weather events that have caused increasingly dangerous impacts on nature and people in every region of the world.’

Moreover, the press release also talked about the need for climate justice, whereby it pointed out ‘“Climate justice is crucial because those who have contributed least to climate change are being disproportionately affected,” said Aditi Mukherji, one of the 93 authors of this Synthesis Report, the closing chapter of the Panel’s sixth assessment. “Almost half of the world’s population lives in regions that are highly vulnerable to climate change. In the last decade, deaths from floods, droughts and storms were 15 times higher in highly vulnerable regions,” she added.’

SYR, while it re-emphasized the already existing conclusion for some time now with regard to humans ‘unequivocally’ behind global warming, also pointed out that the window of opportunity to keep global average temperatures to below 1.5°C was fast closing. In its summary statement for policymakers, SYR pointed out ‘Human activities, principally through emissions of greenhouse gases, have unequivocally caused global warming, with global surface temperature reaching 1.1°C above 1850–1900 in 2011–2020. Global greenhouse gas emissions have continued to increase, with unequal historical and ongoing contributions arising from unsustainable energy use, land use and land-use change, lifestyles and patterns of consumption and production across regions, between and within countries, and among individuals.’

Given the fast-unfolding climate change crisis, there is an urgent need to bring finances and expertise– much better economic institutional quality– together with meaningful carbon emission rollback plans by countries. This means that neoliberalism and austerity inclination in policy of both individual countries, and multilateral institutions will have to be reversed meaningfully.

Moreover, the summary statement on SYR pointed out ‘Policies and laws addressing mitigation have consistently expanded since AR5 [Fifth Assessment Report; where, as per this summary statement ‘This Synthesis Report (SYR) of the IPCC Sixth Assessment Report (AR6) summarises the state of knowledge 4 of climate change, its widespread impacts and risks, and climate change mitigation and adaptation.’]. Global GHG emissions in 2030 implied by nationally determined contributions (NDCs) announced by October 2021 make it likely that warming will exceed 1.5°C during the 21st century and make it harder to limit warming below 2°C. There are gaps between projected emissions from implemented policies and those from NDCs and finance flows fall short of the levels needed to meet climate goals across all sectors and regions.’

Given the fast-unfolding climate change crisis, there is an urgent need to bring finances and expertise– much better economic institutional quality– together with meaningful carbon emission rollback plans by countries. This means that neoliberalism and austerity inclination in policy of both individual countries, and multilateral institutions will have to be reversed meaningfully.

Underlying the immense urgency to roll back reliance on fossil fuels, a recent MSNBC published article ‘The new UN climate report airs the dirty truth about fossil fuels’ by ‘End Climate Science’ founding director, Genevieve Guenther pointed out ‘The IPCC’s statement signals the time for playing pretend is over. No country or leader can excuse more new coal, oil or gas development with fossil fuel producers’ false promises of magically effective technologies to reduce or recapture fossil energy emissions. The world must halt new fossil fuel development and dismantle current fossil energy infrastructure in a way that is fair to workers in the industry and people in the developing world. And this must be done now, so we can give our children a livable world.’

Dr Omer Javed
Dr Omer Javed
The writer holds PhD in Economics degree from the University of Barcelona, and previously worked at International Monetary Fund.Prior to this, he did MSc. in Economics from the University of York (United Kingdom), and worked at the Ministry of Economic Affairs & Statistics (Pakistan), among other places. He is author of Springer published book (2016) ‘The economic impact of International Monetary Fund programmes: institutional quality, macroeconomic stabilization and economic growth’.He tweets @omerjaved7

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