Climate change: The ignored crisis

The pandemic of COVID-19 has created an unexpected Health emergency and an economic crisis. The negative economic and social consequences of a pandemic have led to the lapse in climate commitment. At the beginning coronavirus may have seemed like a climate miracle, doing wonders not seen in ages. The rapid and surprising changes was a result of a reduction in emission greenhouse gases due to imposed shutdown around the globe. But the climate is not healing, the change due to halt in economic activity will go back to as it was once the situation returns back to normal. Not only has the virus overshadowed the climate crisis, but it has also led to the shift of resources allocated for it. As the countries are opting for more protective policies, the multilateral trade, as well as the cooperation, suffers leading to disruption of supply chains of clean technologies. And with the crashing market, the companies willingness to reduce their carbon footprint as well as investment in clean technology is also suffering. Moreover, the pandemic has given the opportunity to the countries to excuse from their climate commitment and their responsibility towards the underdeveloped nations.

Climate change- the latent threat

The Global Climate Risk Index 2020, by Germanwatch, presented during COP25 in 2019 ranked India as 5th most vulnerable country is experiencing extreme weather. The same report stated that India recorded the highest death due to climate catastrophe across thee world with 2081 deaths and witnessed the second highest economic loss of more than $37,000 million. In last 27 years, 25000 Indians died due to heatwaves alone. Heatwaves, floods, drought and cyclones due to climate change causes severe damage every year.
In 2020, we have already faced 2 cyclone and locust attacks as a result of climate change. The unusual weather conditions in Arabian peninsula has caused a rare outbreak of locust swarm. And the rapid warning of temperature in the bay of Bengal resulted in Amphan becoming a super cyclone, killing more than 84 people. Adding to this is the record rising of temperature over 45℃ in North, West and Central India. If proper steps are not taken to control climate change, we may end up in a worse situation.

Paris Agreement

Paris Agreement is an international pact between 189 countries to fight climate change. It aims to reduce the emission of greenhouse gases to restrict the average global temperature rise to 2℃ from the benchmark set before the industrial revolution. This accord allows each participating country to design their own plan to reduce global warming and give regular reports on their contributions.
The enforcement of the 2015 Paris agreement was to take place in 2020, it necessitated the nation to present their roadmap to becoming carbon neutral by 2050. India has an important place in this agreement as it is one of the most populated countries and the fourth-largest emitter of Greenhouse gases after China, USA and the European Union. India committed to 40% non-fuel share in overall power generation capacity by 2030 which was to be achieved by producing 175GW of Renewable energy by 2022. However, India’s mission to achieve 175 GW clean energy target is hit due to disruption on production and transportation of solar panels components imported from China.
Moreover, the ongoing clean energy project has come to a halt, which was to produce about 5GW of renewable energy. The reason for this occurrence is the blockages on imports from China, from where 80% of the solar cell and modules are imported and migration of construction workers to their native place. Also, the fall in electricity consumption due to lockdown has had an adverse impact on the already distressed electricity distribution company. In the current scenario the target of keeping the temperature below 2℃ seems improbable.

The not so sustainable package

The stimulus injected to revive the economy may adversely affect the environment , it is going to have a long-term impact on climate change, biodiversity and pollution. As per the report of Vivid Economics released on June 5, 2020, which compared stimulus package of 17 countries, India’s Aatmanirbhar Budget is the fifth worse performer on the “Green Stimulus Index” after South Africa, Mexico, China and USA. This is because the package supports a carbon-intensive sector such as manufacturing and extraction of fossil fuels and their use in power generation.
Although there is a proposal for the creation of jobs in plantation projects for the vulnerable tribal groups which was allocated with ₹ 6000 crore funds but this slight investment in green was superseded by the larger iinvestments in coal-based power generation and investment in other climate adverse sectors. Also, the leniency in control and monitoring of environmentally harmful projects may further, worsen the situation.
However, some changes can still make the situation better. The government can still invest in sustainable and nature-based agricultural solutions. It can also use economic disincentive, like levying taxes and tariffs on environmentally harmful projects. Financial infusion for the development of green and clean technology can go to support other methods for the long run. The fight against coronavirus cannot be fought by ignoring the climate crisis, though COVID19 is an immediate threat, a climate emergency is just as big as a threat, the luxury of ignoring the crisis will only lead to a greater problem. This situation can be used as an opportunity to address the much-needed cause of climate change.

(Writer is a Student of Faculty of Commerce BHU and a member of Finance and Economics Think Council)

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