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Climate change: a very serious threat

Climate change: a very serious threat

Earth is the most beautiful planet in in the universe; known as our home planet which is the only planet to host life. Earth is the fifth largest planet of solar system with a radius of 3,959 with a massive mountains rage of 40,000 miles. The bodies of water are consisting of 97 per cent volcanoes. Almost 70 per cent of the earth is covered by oceans of 2.5 miles deepness on average while among them only 3 per cent is fresh liquid water.

The Earth’s atmosphere also contains many natural gases; among them 78 per cent is nitrogen, 21 per cent oxygen and one per cent other gases like carbon dioxide, water vapor and argon. However, the Earth’s surface temperature is about 57 degree Fahrenheit, due to the greenhouse gases which absorbs and retains heat.

Since last century the Earth’s temperature has raised 1.8 degree Fahrenheit on average because of human encouragement towards greenhouse gases. This rise altered Earth’s weather patterns in many ways. The atmosphere does not only nourishes life on it, but also look after it: it is dense enough that many meteorites burn up before frictional impact, and its gases, such as ozone, block DNA-damaging ultraviolet radiation from reaching the surface. But for all that our atmosphere does, it is remarkably thin. Ninety per cent of the Earth’s atmosphere is only 10 miles from the planet’s surface.

In last few years, the world became conscious about climate effects due to the rapid changes in climate like; prolong of summers, uncertain rainfall, melting of glaciers which are not only dangerous for human life but will harm the ecosystem and wildlife too. Where such effects are alarming tough challenges for human life in future like; food security and dangerous diseases as cancer and pandemics like COVID 19. In the same way, climate chance turned to a macro level problem and for resolving that the entire world is needed to contribute individually and collectively.

Investment way forward

The global technology company building a carbon-neutral data centre to the publicly traded company with investors focused on environmental, social and governance (ESG) goals, around the globe many industries are considering alternatives to traditional fuel and energy sources to power their production and reduce the greenhouse gas emission.

As they make every effort to attain environmental and business sustainability, despite the fact; to maintain the highest level of performance and productivity by adapting environmental friendly (renewable energy) sources like; solar, wind, geothermal, hydropower and water.

On the other hand, a healthy supply of renewable energy components and raw materials are essential. More common access to all main components and materials, from the minerals needed to produce wind turbines and power grids to electric vehicles. Significant international coordination will be needed to expand and vary manufacturing capacity globally.

In addition, increased investments are needed to ensure a rapid shift, including in individual training, research and innovation, and efforts to build supply chains through sustainable practices that protect environments, societies and cultures.

Renewable energy support

Even though, global cooperation and coordination is critical, national policy frameworks need to be immediately reformed to enhance and speed up renewable energy projects and encourage private sector investment. Individual countries climate action plans to reduce emissions and to adapt climate impacts, should set renewable energy objectives associated with 1.5 Celsius, and the share of renewables in electricity generation global must increase from the current 29 per cent to 60 per cent by 2030.

At least $4 trillion a year needs to be invested in renewable energy through 2030 — including investments in technology and infrastructure — to get us to net-zero emissions by 2050. Not as high as annual fossil fuel subsidies, this investment will pay off. Reducing pollution and climate impact alone could save the world up to $4.2 trillion per year by 2030.

In developing countries, about half of public resources spent to support fossil fuel consumption benefit the richest 20 per cent of the population, according to the IMF. Fossil fuels subsidies are one of the biggest financial barriers hold back the world’s shift to renewable energy.

Around $5.9 trillion was spent in 2020 alone to subsidise the fossil fuel industry, including through explicit subsidies, tax breaks, and harmful to health and the environment approximately $11 billion on average daily, which are not included in the cost of fossil fuels.

To conclude, climate change is a collective global problem where we all are needed to commitment and accountability from the global financial systems, including the bilateral development banks and other public and private financial institutions, which must arrange in a line their finance portfolios with immediate transition to renewable energy.

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