Global warming is believed to be responsible for many of the ills that plague the world. The 2015 Paris Accord on climate change highlighted the need to reduce carbon emissions in order to control the rise in temperatures. Countries that participated in the meetings agreed to take measures by cutting down on fossil fuels and embracing alternate sources of energy.
The Guardian UK reports that recent research has revealed that if the targets set in the Paris Accord are met, it will mean savings of trillions that usually go towards rebuilding damaged infrastructure caused by climatic disturbances.
These lead to the loss of lives, displacement of people and destruction of individual properties as well.
Who will benefit?
The economic analysis published in the journal Nature indicates that the whole world can enjoy the benefits that will accrue if the targets laid down in the Paris Accord are met. The world must give some serious thought to prevent carbon emission that occurs from fossil fuels. The benefits will not only be the poor nations but also the US, China, and Japan. The biggest winners will be Middle East nations because they have to withstand intense heatwaves that can cross the limits of human endurance.
The research is one of the first to delve into different aspects of global warming including its effect on the economy.
They accessed data from the last 50 years to correlate temperature rise with GDP, and the cascading effect on interlinked factors like labor productivity, agricultural output, and health.
The bottom line
In the opinion of Marshall Burke, assistant professor at Stanford University in the US who led the research, if the targets of the Paris Accord are met, the world will be richer by nearly three percent by the end of the century.
The cost of meeting the targets will be negligible when compared to the benefits. This contradicts the claim of US President Donald Trump who had said that action to check climate change will be a costly affair.
Global warming leads to wildfires, droughts, hurricanes and sea level rise. It is not easy to quantify the losses due to such incidents.
The amount of benefit will depend on various factors like the introduction of new technologies that will help mankind to adapt itself to global warming, and tackle sea level rise.
The world has realized that the health of the planet is in danger and carbon emissions must be eliminated to keep climatic disorders in check. When a hurricane strikes, it leaves behind a trail of destruction and recovery is a time-consuming and costly affair. It is, therefore, necessary to take preventive action and encourage Renewable Energy.
