Climate change: What G7 nations can do?
The Alliance of CEO Climate Leaders in the world including the CEO from Infosys and Mahindra Group has put out an open letter calling out the G7 to make bold, credible, net zero climate commitments.
The Alliance of CEO Climate Leaders in the world including the CEO from Infosys and Mahindra Group has put out an open letter calling out the G7 to make bold, credible, net zero climate commitments.
The letter asked governments to ask leaders to commit to net zero by 2050 to support developing countries to adapt to climate change and establish decarbonisation targets and emission norms across all scopes.
This throws light on an interesting report by Swiss Re and Oxfam who spoke about the impact of climate change to G7 countries, the world and individual regions as well.
The G7 economies contracted about 4.2 percent due to the economic impact of COVID-19 and they could contract twice as much as they did during COVID-19 by 2030 due to temperature rise because of climate change. That number could be 8.5 percent.
It also suggests that the world economy could be 14 percent smaller if the 2050 net zero emissions and Parris Agreement targets on climate change are not met. Asian region will be the most impacted according to the report.
If the temperature rises by 2.6 degrees in the next 30 years, UK will see a 6.5 percent contraction, North America will see a 7.4 percent contraction, the US will see 7.2 percent and a bigger impact will be on the Asian region, a contraction of 20 percent is expected – the majority of which will come from India, Indonesia and Singapore.
Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.
(Edited by : Anshul)
First Published: Jun 21, 2021 4:35 PM IST
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