Climate change and the economy

22 Oct 2019

Carbon emissions, the burning of fossil fuels and the escalation of climate change have become a common theme featured on the news. Nation leaders are growing concerned and are looking to take measurements to see their respective countries reduce the amount of emissions. However, it is immensely important to highlight the relationship between the issue of climate change and the economy. 

Recent reports have claimed that officials from the federal environment department confirmed that the only country that is using carryover climate credits is Australia. This raises concerns, especially during a time when several activists and organisations are pushing to for nations to unite in order to stop climate change. 

NASA claims that on average, the temperature rose 1 degree Celsius since 1880, marking the fastest temperature rise that our planet has ever experienced. In addition, since 1980 $1.6 trillion have been spent on extreme weather. Climate change is also driving a number of industries at risk. People within the agriculture, fishing and forestry industries are encountering new challenges that they may not have a solution to. 

Animals are moving to find new land due to flooding and drought. Reports suggest that only 67% of corn crops have been planted, against the amount in June 2018. Crops are also on the receiving end of increased heat and drought and a rising temperature may lead to a 5%-15% decline of crop production. 

Logically, as the temperature increases, ice melts. This would result in countries that usually act as popular travel destinations due to snow recreation activities see less people visiting. Furthermore, bad and unpredictable weather patterns could also hinder businesses and their transportation of goods. 

However, an opportunity has emerged from this crisis. A way to reduce emissions is by investing more in renewable sources of energy. There is a higher demand for cleaner energy and a greener lifestyle that could potentially result in more job opportunities.