The world is rushing toward net zero as changes in climate can be seen and felt across the globe due to the rise in greenhouse emission, especially the use of fossil fuels to generate electricity, which causes global warming.
The science shows clearly that in order to avert the worst impacts of climate change, global temperature increase needs to be limited to 1.5°C above pre-industrial levels. Due to this reason, the Paris Agreement, a legally binding international treaty on climate change, aims to reduce greenhouse gas emissions by 45% within 2030 to keep global warming temperature at the limited level. The agreement aims to reach its ultimate goal of net zero by 2050.
As nations are moving toward net zero, shocking data has been revealed that the cost of global climate crisis is around $391 million per day over the past two decades. According to research data published by Nature Communications, wildfires, heatwaves, droughts and other extreme events are the main causes for this crisis and loss.
The research noted that the biggest losses were in 2008, followed by 2003 and then 2010, in which all of them were driven by high mortality events, such as the Tropical Cyclone that struck Myanmar in 2008, claiming over 80,000 lives, while the severe heatwave in Europe claimed 70,000 lives in 2003.
More than 70 countries, including the biggest polluters – China, the United States, and the European Union – have set a net-zero target, covering about 76% of global emissions. The energy sector could see significant changes as it is the source of around three-quarters of greenhouse gas emissions today. Many are now turning to build more renewable energy projects to achieve this goal together.
