The main issue
The main reason, why world economy is worried about climate change, is that if we won’t do anything about it, then global temperatures will up to 3.2 degrees Celsius, then worldwide economy will lose as much as 18% of GDP(gross domestic product).
Disruption in global trade
In today’s world, world economy is already under a great pressure, because first we had Coronavirus and now we have war in Ukraine and rapid changes in climate. Global trade, obviously, suffers a lot because of climate change, as sea level rise, various floods, hurricanes and tornadoes, they all bring a lot of damage to infrustructure that is vital for transportation. The Panama Canal, which handles around 6% of global maritime commerce, has had to impose restrictions on the largest ships passing through because of falling water levels in nearby lakes. Agriculture, manufacturing and tourism are said to suffer the most, as they are the most dependent on climate.
EU measures against climate change
Nowadays, EU is the most active part of the world in the field of climate change reduction. Climate change is already affecting Europe in various forms, depending on the region. It can lead to biodiversity loss, forest fires, decreasing crop yields and higher temperatures. It can also affect people’s health. The EU was the world’s fourth biggest greenhouse gases emitter after China, the US and India in 2019. The EU’s share in the world’s greenhouse gas emissions fell from 15.2% in 1990 to 7.3% in 2019. The EU is a key player in UN climate change talks and has signed the Paris agreement. All EU countries are also signatories, but they coordinate their positions and set common emission reduction goals at the EU level. Under the Paris agreement, the EU committed in 2015 to cutting greenhouse gas emissions in the EU by at least 40% below 1990 levels by 2030. In 2021, the target was changed to at least 55% reduction by 2030 and climate neutrality by 2050. In 2008, the EU set the target to cut emissions by 20% compared to 1990 levels by 2020. Emissions had dropped 24% by 2019 and to 31% by 2020, due partly to the Covid-19 pandemic. New targets were set in 2021. In 2021, the EU made climate neutrality, the goal of zero net emissions by 2050, legally binding in the EU. It set an interim target of 55% emission reduction by 2030. This goal of zero net emissions is enshrined in the climate law. The European Green deal is the roadmap for the EU to become climate-neutral by 2050. The concrete legislation that will allow Europe to reach the Green Deal targets is laid down in the Fit for 55 package that the Commission presented in July 2021. It will include the revision of existing legislation on emissions reduction and energy, which are explained further below. The EU is also working to achieve a circular economy by 2050, create a sustainable food system and protect biodiversity and pollinators. In order to finance the Green Deal, the European Commission presented in January 2020 the Sustainable Europe Investment Plan, which aims to attract at least €1 trillion of public and private investment over the next decade. Under the investment plan, the Just Transition Fund is designed to support regions and communities that are most affected by a green transition, for instance regions that are heavily dependent on coal.
Personal opinion
To my thinking, there is no way that world economy will be unphased, as it has already suffered greatly. However, it still has a chance, and so do we, to avoid the further disasters and come back to pretty much a steady climate. Moreover, the world is already working for it, but it’s not enough. All parts of the world, all of us should work hard together towards one ultimate goal of saving our planet. This, to my mind, should be the most important task for us, as if we achieve that, everything else will get back to normal.
Sources
- https://www.lse.ac.uk/granthaminstitute/explainers/how-does-climate-change-impact-on-international-trade/
- https://www.weforum.org/agenda/2021/06/impact-climate-change-global-gdp/
- https://www.europarl.europa.eu/news/en/headlines/society/20180703STO07129/eu-measures-against-climate-change?&at_campaign=20234-Green&at_medium=Google_Ads&at_platform=Search&at_creation=RSA&at_goal=TR_G&at_audience=consequences%20of%20climate%20change&at_topic=Climate_Change&at_location=PO&gclid=CjwKCAjwysipBhBXEiwApJOcu_iWrECU4XBymB6lY-HLdNZOtl0GIsHV-lLsVA3x-4Q3JKw8G7qNhxoCc6sQAvD_BwE
- https://phys.org/news/2019-11-climate-impacts-world-trillion.html