The goal of achieving global net-zero emissions as outlined in the Paris Agreement will involve significant changes to industries and economies, resulting in job losses as carbon-emitting industries are reduced. These measures will impact different social groups and regions differently, highlighting the importance of a fair transition to a green economy.
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A 2018 report from the International Labour Organization predicted that reducing resource-heavy industries would result in 6 million job cuts. However, the growth of Eco-friendly sectors, such as green buildings and electric vehicles, could generate 24 million jobs through the adoption of sustainable practices and fair transition policies.
The transition to a net-zero economy requires substantial investment in new infrastructure and technologies. This presents a major challenge in emerging and developing countries, as they have the highest financing needs for net-zero initiatives and climate action. However, limited access to affordable capital can hinder their progress in this transition.
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There are going to be some challenges in dealing with climate change and transiting to net-zero economy, like industries not being too keen on switching to a low-carbon economy because of the costs involved, a lack of political motivation, and some people not having enough money or knowledge to make the necessary changes. But, if we really want to make a difference, big economies like India, the US, and China need to step up and meet their global climate commitments.
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India should use its G20 presidency to bring the North and South together on climate change issues. It won’t be a walk in the park though, as we’ve seen from past COP summits. The idea of a “just” energy transition means different things to different people, especially in the East and the West. Plus, funding falls short and promises often go unfulfilled.
Reference- Business Insider, National Geographic, BBC, The Guardian, Mercom India, www.syedmunirkhasru.org