DESCRIPTION
Climate change is already a momentous global issue, and it is only getting worse. This matter is something that will affect us down the road, so we cannot ignore it. Climate change is already happening and could affect us all significantly in the near future. Many regions in Asia and the Middle East are likely to be inhospitable to humans in just thirty to fifty years. The frequency of natural disasters has been increasing exponentially, and the leading cause is climate change. This pressing issue will end the world in the future, and nothing of substance is being done to stop it.
STAKEHOLDERS IMPACTED
Climate change is an issue that affects everybody. Not only human beings but every living creature on the planet is a stakeholder in climate change. If climate change continues at the rate it is going right now; eventually, the entire globe will be inhospitable, and nobody will be here anymore. However, some stakeholders will be affected sooner than others. Coastal cities are already feeling the impact of rising sea levels. Tidal flooding happens more often, and extreme storms occur more frequently. Farmers are also impacted. Many of the world’s greatest crop producers have dried out soil, which is dramatically affecting crop production. Soon, nothing will grow from this soil because it will be too hot. The list of stakeholders in climate change is endless. From businesses to the government to food producers, everyone is a stakeholder in climate change. With that being said, these same stakeholders are the ones that could turn the tide on climate change. Everyone can help control climate change by making little changes in our daily lives. Just changing the way you get to work or switching some things you eat could make a difference. If everyone does their part to aid climate change, it may alter the future of our planet.
INDUSTRIES IMPACTED
The first industry impacted by climate change is the insurance industry. Rising sea levels and the potential for increased flooding will likely drive up both premiums and payouts and the burden will fall on insurance companies. Certain insurance companies are starting to stop providing insurance to certain catastrophic markets because they collect less than they are paying out. Another industry impacted is agriculture. With rising temperatures, floods, and drought, producers are not growing as much. This will cause food prices to rise but it will not mean that producers will get higher profits because production in certain areas will be wiped out. The energy industry. Regulations on fossil fuels are on the incline, threatening big oil, gas, and coal industries. Lastly, wall street will be impacted. Lower Manhattan may be underwater in the future and prolonged shutdowns could lead to large losses.
OPPORTUNITIES
Direct air capture and storage, enhanced batteries, and hydrogen electrolyzers are three innovation options that can provide around 15% of the total emissions reductions between 2030 and 2050. In addition to researching and developing these technologies, efforts to promote innovation must also concentrate on the infrastructure and technologies upon which these solutions rely, such as integrated grids and battery storage. Now, there are numerous opportunities to take part in these emerging industries. Conceptually, creating solutions to climate change creates opportunities to repurpose new resources for the purposes of farming, fossil fuel alternatives, biodegradable food, clothing, and furniture, and more. For every application on this planet, there are even more to be found in space. Creating the resources, researching the technology, and building the technology and equipment. By utilizing space, we can find a more effective way for transportation, communication technologies, internet services, resource management and acquisition, energy solutions, waste management, and even population solutions.
TRENDS
Since 1880, Earth’s temperature has risen 0.08 degrees Celsius per decade. However, thirty years ago, in 1981, the rate of warming doubled to 0.18 degrees Celsius per decade. The world has constantly been warming and has not stopped. The past nine years from 2013 – 2021 are on record as the warmest years with 2021 being the sixth warmest. From 1980 – present, the Earth’s surface temperature has never been cooler-than-average as seen in this graph (blue bars indicate cooler than average years and red bars indicate warmer than average years). About 71% of Earth’s surface is covered by water, especially by its tremendous oceans. Therefore, it takes a great amount of heat and energy to raise Earth’s yearly surface temperature. However, the enormous amounts of greenhouse gases and CO2 emissions have expedited the process especially now in the 21st century. If these emissions continue to increase at a rapid rate, global temperature is projected to skyrocket to at least 3 degrees Celsius warmer than the mid-1900s average. It could even warm up to 6 degrees Celsius. This excessive heat will quickly reduce the amount of snow and ice on the surface, change ranges of habitats for animals and plants, and bring about heavy rainfall.
WEAK SIGNALS
Two important weak signals on the future of climate change are the emergence of electric cars and the United States’ involvement in the Paris Agreement. Electric cars are proven to be better for the environment since they emit less greenhouse gases than cars fueled by diesel or gasoline. Some countries such as the United Kingdom want to ban gasoline and diesel cars by 2040 especially since electric cars save an average of 1.5 million grams of CO2. It’s important to take into account that electric cars do use a lot of energy. However, they are still the greener option. With brands like Tesla rising in the market, it is clear that this is a great step towards mitigating climate change. Furthermore, the Paris Agreement sets goals to avoid climate change from reaching dangerous heights to the point where Earth might be uninhabitable. The Trump Administration pulled the United States out of the agreement. However, Biden reentered our country into the agreement only hours after being inaugurated.