Climate change refers to the long-term shift in temperatures and weather patterns. These climate changes greatly impact the environment, lifestyle, and the economy of the various countries. These climate changes increase the rise of temperature, sea level, etc.
The impact of climate change will disrupt the natural, economic, and social systems we depend upon. this disruption includes change in the precipitation cycle, a rise in global temperature, stronger and more intense Hurricanes and floods, depletion of Arctic Ice, loss of species, more health risks, and poverty & displacement. climate change has a huge impact on the economy. The climate change affects the various sectors of the economy.
The agricultural sector is most vulnerable to climate risk. Crops will be affected by less availability of water and groundwater, drought and heatwaves reduce crop yields, and flooding impacts food supply.
Extreme climate change affects human health and productivity by exacerbating mental health issues, skin diseases, waterborne and foodborne diseases, and allergies. It also affects the tourism sector.
Climate change and its impacts threaten the bottom line of business. It can damage factories, supply chain operations, and other infrastructure, and disrupt transport.
Various measures to reduce the impact of climate change on the economy as well as on the environment are as follows:-
Circular industrial economy – Policies that encourage more circular and efficient use of materials could improve global economic activity and reduce waste and pollution.
Clean energy systems – Decarbonizations of the energy system
Smarter urban developments – more compact, connected, and coordinated cities stimulate economic growth by improving access to work and housing.
Sustainable land use – Use more sustainable farming methods with strict forestry protection.
Smart water management – efficient use of water through technological improvements and investment in public infrastructure.