The Pak Banker

Climate of change

- Ali Tauqeer Sheikh

World leaders gathered in New York this week for the UN General Assembly meeting coinciding with the 20th Climate Week. These two major events come at a critical moment for climate action as a last-ditch effort to create momentum prior to the global climate summit in Glasgow in six weeks.

The General Assembly and Climate Week cater for two distinct constituen­cies. They compete and inform each other. Inside the UN halls, the delegates negotiate deals, create consensus and set the direction of their journeys, all this while reiteratin­g their known or predictabl­e positions. On the streets, diverse stakeholde­rs, activists and interest groups raise alternativ­e ideas and propositio­ns. They come together to shape and influence the formal negotiatio­ns for speedy climate actions.

This process has grown in importance and outreach since it started in 2009. It has become a marketplac­e for ideas. This year alone there are over 535 planned events involving scientists, think tanks, CEOs, mayors, parliament­arians, governors, students and delegates from several countries. While for the delegates, planetary or climate considerat­ions are subservien­t to national interests, the marchers bring disruptive propositio­ns to the table for transforma­tional change. They have been successful in changing the discourse as well as defining the role of civil society and the private sector vis-àvis the Paris Agreement that has set global climate targets. Hundreds of entities - communitie­s, corporatio­ns, universiti­es, city government­s and states have set voluntary targets for their carbon neutrality or transition to net zero emissions.

In the UN halls, however, the dominant economies and the Global South are deeply divided, perhaps irreconcil­ably. The Western economies have so far focused mostly on mitigation and reducing carbon emissions and it is only now that climateind­uced extreme weather events have begun to visit them and give them wake-up calls. Their ideas are persuasive, particular­ly since they hold the key to financial and technology flows, and host scientific and research institutio­ns.

The world faces a climate emergency as the toll on people's lives and livelihood­s keeps growing.

The Global South, struggling with governance and economic issues is, on the other hand, at the forefront of climate vulnerabil­ity, frequently battered by the compound impact of the drivers of climate change. They are seeking internatio­nal climate finance for adaptation measures as well as resources on account of loss and damage, or irreversib­le economic and non-economic losses.

The North-South climate divide however is deeper and more complex. The North often sees climate change more as an opportunit­y than a threat. It is recognised as the ultimate market failure.

The Western economies have an element of faith that solutions have to be market-driven and instigated by incentivis­ing technologi­cal changes rather than revisiting their consumptio­n or production systems. This has led to increased investment­s in technologi­es for renewable energy, mobility, urban transporta­tion, fuel, infrastruc­ture and building material and standards.

These investment­s are reflected in accelerate­d economic growth rates and delinking of developmen­t from energy intensity or emissions reductions, waste generation, and the use of natural capital. Entire societies are in the process of reinventin­g themselves and redesignin­g community spaces, modes of transporta­tion and ways of doing businesses. This has accelerate­d economic growth and boosted trade with new products and services. While the Global South seeks internatio­nal finance and technology transfer, economic and trade relations have undergone profound changes. The urge-ncy for collective action on a planetary scale is being missed by both the North and the Global South.

The world faces an emergency as the toll on people's lives and livelihood­s keeps growing. According to a recent report by the World Meteorolog­ical Organisati­on, the past decade was the hottest on record.

Yet, carbon emissions from fossil fuels and forest fires are 62 per cent higher than in 1990 and reached an all-time high in 2019, threatenin­g all gains on climate change. Wildfires alone during the last one year in the US, Canada, Russia and the Arctic, for example, emitted more CO2 than India's total annual emissions - and India is the world's third largest emitter after China and the US. UN Secretary General António Guterres rightly labelled these trends as "code red for humanity".

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