The climate crisis, as well as persistently high inequalities, and rising levels of food insecurity and undernourishment, is affecting the quality of life in many societies and fuelling discontent, the UN warned on Thursday, on the publication of the 2020 World Economic Situation Report (WESP).
The UN economic experts behind the report are unequivocal in their call for massive adjustments to the energy sector, which is currently responsible for around three-quarters of global greenhouse gas emissions.
If the world continues to rely on fossil fuels over the next few years, and emissions in developing countries rise to the level of those in richer nations, global carbon emissions would increase by more than 250 per cent, with potentially catastrophic results.
The report’s authors insist that the world’s energy needs must be met by renewable or low-carbon energy sources, which will lead to environmental and health benefits, such as lower air pollution, and new economic opportunities for many countries.
However, the 2020 WESP finds that the urgent need to switch to clean energy continues to be underestimated, noting that countries are continuing to invest in oil and gas exploration, and coal-fired power generation (read our story on the the move away from coal here).
This reliance on fossil fuels is described as short-sighted, leaving investors and governments exposed to sudden losses, as the price of oil and gas fluctuates, as well as contributing to deteriorating climatic conditions, such as global warming.
Risk associated with the climate crisis are becoming an ever-greater challenge, concludes the report, and climate action must be an integral part of any policy mix.
Strategies and technology for a transition to a clean economy that delivers accessible to reliable and decarbonized energy already exist, continues the report, but will require political will and public support. Failure to act will significantly increase the ultimate costs.
United Nations