This year, many countries that have joined the Paris Agreement will submit new climate plans, called Nationally Determined Contributions. If done well, these plans could not only help reduce greenhouse gases but also tackle issues like poverty, health, food security, and energy access. This could lead to significant economic growth and investment opportunities.
Martin Krause, Director of the Climate Change Division at the United Nations Environment Programme (UNEP), points out that while we often focus on the losses from climate change, we should also discuss the positive changes that can come from addressing it.
Here are some key benefits of climate action:
Job Creation and Investment
Switching to clean energy is a huge business opportunity. Investments in green energy projects are expected to hit $2.1 trillion by 2024, according to Bloomberg. Achieving net-zero emissions could increase the global economy by 7% and create 14 million clean energy jobs, says the International Energy Agency.
Health Benefits
Climate change leads to extreme weather, which has caused over 2 million deaths and significant economic losses. By tackling global warming, we could prevent around 14.5 million deaths and save $12.5 trillion in costs, according to the World Economic Forum.
Energy Efficiency
Every year, businesses and households waste a lot of energy, which costs money and harms the environment. The International Energy Agency estimates that energy efficiency measures could save global households $201 billion in energy costs by 2040. Countries like Canada could save up to 15 billion CAD annually by going net-zero in energy.
Protecting Nature
Our survival depends on nature. Over half of the world’s economy relies on natural resources. However, climate change and nature loss are closely connected. Deforestation, for example, adds to greenhouse gas emissions while climate change leads to wildfires and desertification.
Sustainable management of ecosystems is crucial in combating climate change. UNEP’s Emissions Gap Report 2024 suggests that better forest management could significantly contribute to our climate goals and prevent mass species extinction.
National Security
Climate change can worsen security issues, leading to conflicts over resources and increasing migration. It is estimated that 25 million people may have to migrate due to climate impacts by 2050. By reducing emissions, we can help promote stability and protect resources.
Investing in renewable energy can also shield countries from fluctuating fossil fuel prices.
Path Forward
UNEP is actively working to meet the Paris Agreement goals. Their Sectoral Solution outlines steps to cut emissions across key areas like energy, industry, agriculture, and transport.
