Safeguarding National Developments against Climate Change: Cost Implications on Sectors, Services and Assets

Abstract

The world has come to terms with the alarming impacts of climate change, and their costs which are both monetary, and non-monetary. Increasing emissions and their global warming bearings, have resulted in disequilibrium of the climate system, and the associated ecosystems. This makes mitigation (low carbon strategies) to be essential. With the current world being on a high carbon trajectory, there is need for transition. A move in the energy sector (away from fossil fuel intensity), building the right financial investments, transitions in the planning (e.g. transform market systems for sustainability), policies and livelihood choices that acknowledge limits to planetary provisions, and, to safeguard humanity. The planet is on an increasingly unfamiliar trajectory, hence uncertainty to support lives as before. However, COP26 and the IPCC 2021 report indicated shortfalls in mitigation ambitions, which are needed to bring the planet back on track. Emissions need to be cut, to realise the Paris Agreement objectives, as well as the Sustainable Development Goals (SDGs), as climate change has far-reaching negative impacts, due to its cross-cutting nature. There are data gaps on the costs of current climate change i.e. the mitigation and adaptation costs, at national levels. The data would enable ease of implementation, build standardisation through agreed tables and formats, for accounting and reporting, and the necessary targets. Thus national plans, policies, technologies, institutional frameworks, business sector response mechanisms, and livelihood choices need to respond, so that the planet remains sustainable. The conclusions of this overview indicate that, national plans, those of private sector and of the citizenry need to escalate sustainability to a higher level. Most impacts of climate change would add to costs of production, heighten risks, and bring more uncertainty as well as negatively disrupting services and industries. The climate action needs to prioritize costs of climate change, to inform action on the Nationally Determined Contributions (NDCs), SDGs, livelihood assets and lead to the building of right investments. These are underlined by partnerships for delivery, governance, data interventions, and inclusion, in a world which is increasingly exhibiting inequalities, and their associated vulnerabilities. All these have mitigation and adaptation costs, which need to be part of Paris Agreement compliance frameworks for Parties/nations.