The Economic Turning Point. Are we there yet? Take a look at what Deloitte just said!
- May 28, 2022 4:36 pm GMT
The Turning Point: The new study of the Deloitte Center for Sustainable Progress models the impacts of an increase of 3 ° C of global average temperatures compared to pre-industrial levels, which is consistent with the current world trajectory.
Yes, but there will be a period of time, which can last a few decades, where the initial costs of the clean energy transition will prevail over the advantages, notes the report. (A similar tone was set in a McKinsey report last year.)
The issues could be the highest in the Asia-Pacific region, according to the report, because a 3 ° C scenario would affect GDP. This is partly due to the vulnerability of the region to extreme weather phenomena. But still, North America is impacted seriously and soon. All regions of the globe need to act as soon as possible.
A peak linked to climate change in the gravity and frequency of overwhelming heat episodes, large forest fires, and strong precipitation is already happening around the world. These disasters have considerable effects, as the heatwave in India and Pakistan started in March and led the Indian government to stop wheat exports due to a drop in production.
These tendencies occur while the planet has only warned about 1.1 ° C (1.98 ° F) since the start of the industrial revolution.
While the globe is currently on the right track for warming at least 3 ° C by 2100, unless rapid and steep reductions in greenhouse gas emissions, much greater impacts are practically guaranteed.
The authors of the Pradeep Philip and Claire Ibrahim report have outlined the key item here:
"A lack of action to mitigate climate change is a political choice that can be made. But this insufficient action is a choice that has a high cost.
Ultimately, every company knows that the investment takes time to generate feedback, but without investment, you cannot grow. It is the same thing for the way we should think of the path to net-zero for our economy. "
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